Trendy Ritz-Carlton Residences to cost $290 million

The Ritz-Carlton Residences coming to Houston’s Uptown area will cost $290 million to build out.

That’s according to documents its developer, Houston-based Deiso Moss, filed with the Texas Department of Licensing and Regulation, mapping out costs, plans and specs for the condo and hotel project at 2120 Post Oak Road. The filings are subject to change over time as projects expand, contract or hit snags.

The Ritz-Carlton Residences Houston is expected to cost at least $290 million and span 979,800 square feet and 45 stories, according to the Houston Business Journal. Plans for the project include a 156-key Ritz-Carlton hotel along with 112 luxury residences. The construction cost equates to about $296 per square foot.

Significant chunks of the financing are already offset by the building’s historically strong pre-sale momentum, which began before a shovel hit dirt. A future tenant already purchased the jewel penthouse of the building for $30 million, the largest single-penthouse sale in Texas state history, according to the outlet. Deiso Moss claimed they saw an additional $53 million in sales over 30 days across May and April, and 80 percent of the purchases were from the Greater Houston area, according to the developer. In the middle of May, the pre-sales for residences topped $203 million in total.

“We’ve always been an extraordinarily wealthy city, and there hasn’t historically been residential product that’s matched the expectations of our buyers, and we’ve recognized that,” said Taylor Moss, partner and co-founder of Deiso Moss.

The new Uptown Houston fixture isn’t just driving interest from Houston tenants, it’s bringing key figures back into the fold. Redeavor Group, who is managing sales for the building, hired Tommy Kanarellis, who was working in Aspen, according to the publication. Kanarellis was a top-ranked condo sales agent in 2021, when he worked for Compass.

According to Deiso Moss, the new building hits the sweet spot for prospective tenants that are downsizing from mansions or upgrading from older condos. Those tenants will have to wait around three years: Shovels are expected to hit dirt this summer, and the targeted date is in 2029.
— Hunter Cooke