Posted Jul 26, 2016, 5:36 AM
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Join Date: Jan 2009
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Exclusive: Houston’s first major micro-unit condo project shifts direction
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The developer is now redesigning the project into one of the first condo hotels in Houston, Tsai said. Condo hotels, or a contel, is a condo building that is operated as a hotel. When the buyers aren’t using their condos, it is rented out to visitors.
“The micro-condo concept works, but we had to tweak our project a little bit, trying to create something more favorable to investors,” Tsai said. “Investors want an investment vehicle. We project between a 7 percent and 9 percent return.”
The condo hotel idea is still in the conceptual stages, and more firm details like unit counts are still being worked out, Tsai said. However, the project could include a co-working office and retail components, he said.
Novel Creative Development hopes to relaunch the redesigned project after Labor Day, Tsai said.
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Exclusive: 'Serious discussions' underway for Shell's TMC land
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The 21.3-acre tract in the Texas Medical Center that Cushman & Wakefield is marketing for Shell Oil Co. is getting attention from mixed-use developers, investors and more, a broker for the land told the Houston Business Journal.
"We have five offers in, and we’re in serious discussions with a few of those," said Jeff Peden with Cushman & Wakefield, who's marketing the site at 1500 Old Spanish Trail alongside David Cook, Tim Relyea and Joseph Peddie. The site is the largest contiguous redevelopment site in the Texas Medical Center area, according to a statement from Cushman & Wakefield.
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