Houston, a sprawling metropolis known for its love of single-family homes, is seeing a shift towards vertical living. Pelican Builders, a pioneer in this movement, is leading the charge with luxurious high-rise condos.
Pelican's Pioneering Role:
The company built Houston's first-ever residential highrise, The Woodway, in 1974. Over five decades, they've established themselves as a multifamily housing leader, developing thousands of condo units, townhomes, and apartments.
The Hawthorne: Bringing Luxury Living to Tanglewood:
Pelican recently unveiled the Hawthorne, a 17-story condo building with 67 units in Tanglewood, just a stone's throw from The Woodway. These upscale residences cater to those seeking a vibrant city lifestyle, with prices ranging from $1.5 million to $3 million.
A Market on the Rise:
Houston's condo market is still in its early stages, with sales dipping slightly in 2023. However, Pelican is confident, leveraging unsold units at The Hawthorne to refinance existing debt and projecting 75% occupancy by June.
Suburbanites Seeking City Life:
Pelican sees a growing trend of suburban residents looking to downsize from large homes and embrace the cultural offerings of Houston's inner core. These individuals are drawn to the convenience and access to arts, restaurants, and museums that high-rise living provides.
Shifting Landscape: From Patios to Penthouses:
Traditionally, downsizing Houstonians opted for "patio homes" with minimal yard maintenance. However, rising land costs make these developments less feasible for builders. High-rise condos, accommodating more residents on a smaller footprint, offer a more attractive proposition.
Houston's Future Takes Flight:
Houston is gradually evolving into a vertical city. A positive outlook for the condo market, especially considering the strong performance in the latter half of 2023.
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