Allen Brothers Houston Real Estate

East End To Get Luxury Townhome Project

An area east of Downtown will soon have 73 townhomes planned by a Houston-based builder that will be on two blocks of land just south of Buffalo Bayou on Kennedy Street. The property is owned by Padua Realty, and it is a few blocks north of a festive section of Navigation Boulevard where the original Ninfa's and a new Tiempo Cantina are located.

It isn't far from Guadalupe Park, and there are plenty of hiking and biking trails along the bayou. Padua Realty will be the land developers, selling the individual lots to Perry Homes. According to Tony Padua, his firm has established a plan with the local tax increment reinvestment zone to assist with much needed upgrades to the surrounding area. In this deal, Padua's company can pay the first upgrade costs and then receive compensation when taxes go up as a consequence of the improvements.

Padua says that this will truly empower them to upgrade all the roads and other utilities needed to have such a caliber of construction in the area. Several other similar high end projects are also in the works in the vicinity, say many people who know about the area. The area is just north of an already-thriving district directly to the east of Downtown Houston often called by the nickname ‘EaDo.’

A lot of people have their attention fixed on what will happen with a 136-acre piece of land to the north of Buffalo Bayou purchased over a year ago by William Harrison of Cathexis. The company has not revealed any plans for the site; Cathexis has many interests in oil and gas. The more settled single-family neighborhood just south and east of this section of town has been bringing in younger home buyers who seek the proximity of downtown and all the ease it affords them, along with many proposed future rail projects in the area, but the Heights and Montrose are out of their budget. Top agents note that bungalows in this area look very similar to the ones that were in West University 30 years ago and the Heights 20 years ago. An agent said a renovated house in the area even sold for 98% of its asking price.

Perry Homes should begin construction on the townhomes on Houston’s east side during the first quarter of 2015. They will be three and four stories tall. They will be between 1,700 and 2.400 square feet and most will have three bedrooms. Mainly the company builds in the suburbs, but has also done projects in Midtown and other central areas. Several years back it did a project east of downtown on Runnels near South Jensen. The company asserts that the work it is doing in the East End to modernize the area is part of a publicized attempt to make the area more friendly to pedestrians and mixed use in general. It has not come to a market price for the units as of this time.

Padua says the construction company plans to build the townhomes with top quality design standards with back-loaded garages and surfaces built only with stone, stucco or brick. They will all be regulated by their architectural designs to a consistent degree of quality. He sees enormous development possibilities in the area, which he calls the Bayou District. The new project is referred to as East End on the Bayou.

He points out that the bayou area to the north with three miles of hiking and biking trails is an especially wide part of the bayou, and quite similar to a jungle in its current state, with many native species, including birds and beavers.

Posted by AllenBrothers Realtors on December 2nd, 2014 8:55 PM

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