Grand Park will bring three office condo communities to the Houston area as buildings allowing ownership grow in popularity among small-business owners in need of a permanent address and tired of renting.
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Milton Allen and Bobby Ferguson, the developers behind Grand Park, will exclusively focus on the building and development of commercial complexes geared toward those looking to own their office spaces, according to a news release.
“By owning instead of leasing, business owners are better able to invest into their futures,” Allen said in the release. “The business communities we are creating will offer a better choice for these independent business owners.”
Two of the communities will be located in Richmond: Grand Park Pro at 7103 South Peek Road and Grand Park West, at 21611 FM 1093, both set near the Grand Parkway and the Westpark Tollway. Together, they will offer about 84K SF of Class-A office space.
The third community’s name and location have not been announced.
The developments will have standalone 4.5K to 6.5K SF buildings that can be finished into one, two or four separately owned spaces. The condos under construction can be finished based on prospective owners’ needs, according to the news release.
Grand Park’s website shows that three of the 20 buildings have already been sold.
Commercial condominiums are a growing trend nationwide, according to Ted Smith, partner at Vorys law firm in Columbus, Ohio. Smith previously told Bisnow it's easier for business owners to own a portion of a building rather than build or buy their own. He’s seen the asset class boom in Ohio over the past two decades, he said.
Meanwhile, the Houston area is also gaining other opportunities to own part of a building. Katy-based Julie Rivers Development in February announced plans to build 23 one-story professional or medical office buildings as part of an office condo development at the intersection of Jordan Ranch and Kingsland boulevards.
XSpace, set to deliver at 7022 Old Katy Road in Q1 2024, is similar to a coworking space, and it offers drive-up access to office units available for purchase and a community lounge. The units can be used for virtually anything but living, founder Byron Smith told Bisnow.
Owners in Grand Park become voting members of its property owners association and contributors to the management of the condos, according to its website.
