As One Luxury Montrose Condo Project Stalls, Another Starts Back Up
Last week, news broke that 3615 Montrose had been put on hold due to lack of construction financing. Now, Topaz Villas, another luxury condo project just blocks away, has restarted after stalling due to trouble securing financing. The six-story, 15-unit upscale project sits on a half-acre site at 4520 Yoakum, reports the Houston Business Journal.
The project was first announced in June 2014 but was quickly shelved after many investors pulled out of Houston. After finishing projects elsewhere in the country, the developer, Lozoff, is back to finish what it started, arranging commitments from local banks for a construction loan.
Once completed Topaz Villas will offer 3k SF units with three bedrooms from $1.2M to $1.4M. [HBJ]