The St. Regis Residences is making its Texas debut in the Bayou City.
Satya, a local real estate consulting firm, will partner with Marriott International to develop the luxury condominiums.
“Having been an owner in Marriott’s Sunny Isles Beach Miami residences, I’m thrilled to introduce the legendary St. Regis lifestyle to fellow Texans,” said Sunny Bathija, Satya’s CEO.
The new St. Regis Residences location will be in the heart of River Oaks on Asbury Place adjacent to Buffalo Bayou. It will be the state’s first and the country’s 12th St. Regis Residences. Condos at other St. Regis residential projects across the country range from $2 million to upwards of $30 million, according to a review of listings in South Florida, Chicago, New York City and San Francisco.
The luxury tower is expected to climb 35 stories on a four-acre lot. Amenities will include butler services, a cognac room, a golf simulator and a boardroom, among others. Construction isn’t set to begin until 2025, with an estimated completion date scheduled for 2027, according to a press release.
Douglas Elliman Development Marketing will handle sales at the project. Meanwhile, Marriott International will run management. Satya has tapped architecture firms Pickard Chilton and Kirksey to spearhead design development.
St. Regis Residences isn’t the first luxury condos Satya has spearheaded in the city. The firm also developed Giorgetti Houston, a mid-rise condo building at 2710 Steel Street in Upper Kirby, according to its website. It also built Westmore condominiums in Upper Kirby, located at 2323 West Main Street.
Condominiums have seen depressed interest in the Bayou City in recent years. As of October, sales volume for townhouses and condos had fallen for 17 consecutive months, according to the Houston Association of Realtors. In just the last year, volume is down over 16 percent.
However, while the general market is down, the luxury market is growing. In October, luxury home sales were up 21 percent year-over-year, one of the only price ranges to not experience a decline in sales.
Hospitality-branded luxury condos are on the rise in the Bayou City. Earlier this fall, Howard Hughes announced plans to bring the state’s first standalone Ritz-Carlton Residences to the Woodlands. No information regarding when the project is expected to begin construction has been released. The trend of branded condos has trickled beyond Houston into the Austin and DFW areas. The Four Seasons Private Residences Lake Austin and Rosewood Residences Turtle Creek in Dallas were also announced earlier this year.
Condo developer Randall Davis is also bringing his luxury development, River View, to the area. It will be located near Rice Military Village on 8 Asbury Place Lane and is expected to cost $65 million, span 426,000 square feet and start construction in January.
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