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On the Market — Condo Life: Construction under way at Giorgetti

Houston Chronicle | May 27, 2018
By Valerie Sweeten, Condo Life Correspondent

Giorgetti Houston

The Upper Kirby area is soon to be home to Giorgetti Houston, the first totally branded real estate project for Giorgetti, the 120-year-old Italian furniture maker.

With construction officially under way after the groundbreaking ceremony on May 15, this boutique midrise will be located at 2701 Steel St. amongst mature oak trees.

This new real estate project is a collaboration between the Mirador Group, Sudhoff Companies and Georgia-based Stolz Partners.

The seven-story boutique midrise will feature 32 flats ranging from 2,700 to 6,800 square feet, with four penthouse options. Ceilings will range from 10 to 12 feet, with balconies offering from 500 to 2,000 square feet. Giorgetti will create a complete residential environment from the kitchen and outdoor cabinetry to paneling, lighting, carpets, closets, woodwork and furnishings.

The boutique condominium will feature outdoor kitchens, al fresco dining, pet-living amenities, a gym and concierge service.

“The building will be representative of the Giorgetti Italian lifestyle, a harmonious fusion of innovative design, architecture, form and function that truly distinguishes the pioneering brand. Each of the flats will be timeless works of art,” Sudhoff said.

The appeal lies in the Giorgetti brand and what it stands for, Sudhoff said.

“Last summer, we hosted a group in Meda, Italy, to tour the factory while experiencing the highest artisanship and woodworking tradition firsthand,” Sudhoff said. “It was an incredibly immersive experience. I know future residents are eager to replicate that immersion in Houston.”

It was Giorgetti’s unusual furniture shapes that served as a design impetus for the project, especially their Origami cabinet, which spurred the vision of the external facade of the building.

Giovanni del Vecchio, managing director of Giorgetti, said beauty is the first source of inspiration for the contribution it makes to improving the quality of life where you live.

“With our partners, we share the same passion, vision, and love for the brand and lifestyle. The result is very special,” said del Vecchio.

Giorgetti Houston is already 50 percent sold, with occupancy slated for winter 2019. Prices begin at $1.4 million.

Jerry Hooker, principal of Mirador Group who is leading the design and planning of the building, said everything from the building’s location to its fixtures and finishes create a unique, refined setting. Between the history, craftsmanship and art, the expected result is a sophisticated environment and classic building for generations to come, Hooker said.

The Giorgetti Houston Sales Center is at 2992 Kirby Drive. For more information, visit Giorgettihouston.com or call 713-600-5062.

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Houston's Multifamily Market May Be Oversupplied, But Condos Are Not

Bisnow Houston | Kyle Hagerty

Thanks to Hurricane Harvey, Houston's multifamily market avoided much of the pain from years of overbuilding during an oil downturn. With the positive effects fading, adding new supply is still hard to rationalize. But new condos? That is another story.

stolz multifamily meeting

Bisnow/Kyle Hagerty

Alliance Residential Managing Director Cyrus Bahrami, Stolz Partners founder Will Stolz, STG Design Principal Warren Johnson and Arch-Con Corp. Senior Vice President Michael Vaughn at Bisnow's Houston multifamily event 2018







This year, Houston's multifamily sector will add roughly 7,000 units, compared to 21,191 in 2016 and 13,719 in 2017. The slowdown is a welcome change of pace.

"My hope is we that we don't have the level of units being developed in the past," Alliance Residential Managing Director Cyrus Bahrami said. "I think investors learned during the last few years. We don't need 50,000 units over a four-year period."

Despite the high levels of supply, Bahrami is still betting on Houston. With several projects in the works and others still leasing up, the summer months, when apartment leasing is at its peak, will be yet another shot in the arm for Houston's multifamily sector.

Bahrami spoke at Bisnow's Multifamily Revival event Thursday morning at The Westin Galleria, where over 300 multifamily sector professionals gathered to hear the latest developments in the Houston market.

Houston's condo sales also jumped after Hurricane Harvey as Houstonians looked for alternative housing. Between projects like Arabella and Astoria, high-profile condo developments are all over Houston and more are on the way.

"You see the amount of condo inventory compared to other major metros, it's a shame we don't have as many as other major cities," DC Partners Chief Operating Officer Acho Azuike said. "In a city our size there can be a lot more."

Stolz Partners, behind Giorgetti Houston and The Sophie, looks for signs of a vibrant urban core, which is exactly what Houston has been developing recently, according to Stolz Partners founder Will Stolz.

"The other piece we have to have is a buyer that can afford the product, it has to be an area of affluence. The list of cities you can build in gets much shorter when you look at it that way," Stolz said. "For all its ups and downs, Houston is a very affluent city."

Houston's condos are selling in the $600 to $900/SF range, Stolz said. While that is a lot locally, compared to other major metros with robust condo markets, it is relatively low.

Houston's biggest problems are land and construction prices. Houston's land prices have not gone down and construction prices have risen in the wake of Hurricane Harvey as construction workers and subcontractors work to complete residential projects. The result is construction costs on par with other major metros, but lower sale prices.

"Harvey's effect on the construction industry has lingered, but I think we're getting past that now,"Arch-Con Corp. Senior Vice President Michael Vaughn said. "Only about 15-20% of damaged homes still need work."

Bahrami said investors are beginning to lower their expectations on returns in Houston. When combined with the increasing push to go vertical, deals are still able to be penciled out in the right areas.

"There's a growing belief from investors that Houston has great downside protection. If you buy it right, develop it right, it's a good investment opportunity."

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D.R. Horton begins 335-acre Gwinnett project, one of region's largest in more than a decade

www.bizjournals.com  |  Douglas Sams

stolz jan 2018

Homebuilder D.R. Horton is starting one of Atlanta's largest master-planned communities in more than a decade, with 760 residential lots.

Homebuilder D.R. Horton Inc. is starting one of metro Atlanta’s largest master planned residential projects in more than a decade.

An affiliate of Forestar Group, which was officially acquired by D.R. Horton (NYSE: DHI) earlier this month, bought 335 acres for the massive development near Highway 20 and Ozora Road in the Grayson area.

The transaction closed Oct. 17 for $15.3 million. Stolz Partners was the seller.

D.R. Horton will develop 760 residential lots, with two miles of walking trails connecting to Bay Creek Park and Grayson High School.

Construction is already starting, said Brent Story, with Avalon Real Estate Partners, the real estate firm that brokered the land sale.

“I don’t know of any master-planned communities started in the Grayson area, or any part of metro Atlanta for that matter, that are this large since well before the Recession,” Story said. “I think it speaks to just how strong the market is for entry-level and move-up buyers in this area.”

The entire project, known as “Independence,” will exceed 400 acres, including land along Highway 20 for 450,000 square feet of stores, restaurants and some office space.

RankCompanyNumber of homes closed in 2016
1 D.R. Horton Inc. 3,070
2 Century Communities of Georgia 1,265
3 PulteGroup Inc. 758
View This List
 



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Luxury condo project in Upper Kirby approaches presale finish line

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Announced condo project will carry Italian luxury brand

The Giorgetti Houston 600Plans announced this week for a new condominium project would carry a 118-year-old Italian furniture maker's name and will emulate the look of art galleries, boutiques and restaurants abroad that carry the luxury brand.

Giorgetti, a renowned furniture maker that has worked on hotels, yachts and royal palaces around the world with its unique shapes and maple, oak and marble accents, is lending its century-old brand to the project by Stolz Parnters, Mirador Group and Sudhoff Companies.

"Art and architecture are coming together," said Jacob Sudhoff, of Sudhoff Co.

The 7-story mid-rise site will be in Upper Kirby's Steel Street, known for its canopy of oak trees down the quiet road, where an older apartment complex was razed. A long-time Houston family previously owned the land.

The project will have 32 residences ranges from 2,400 square feet to 4,500 square feet. Ceilings will range in height from 10 to 12 feet, with balconies from 500 to 2,000 square feet. Giorgetti touches will be apparent throughout the design from the kitchen and outdoor cabinetry to paneling, lighting, carpets, closets, woodwork and furnishings.

Pre-sales for the condominiums are scheduled to begin in September. Construction is set to begin with 50 percent of the homes are pre-sold with an expected start date in the third quarter next year.

This mid-rise condominium project is being announced at a time when the outlook is increasingly uncertain for the multimillion condos and high-end market in Houston. Several mid-rise condo projects that were announced during the real estate boom have scuttled or shelved plans.

Meanwhile, construction is ongoing for a number of high-rise condo projects around the city, also marketing a new kind of lifestyle for Houston.

Giorgetti designs have been featured in $24 million penthouse at New York's Plaza Hotel, the Shangri-La Hotel in Toronto, Fontainebleau Chateau Suites in Miami, Four Seasons Residences in Austin, Torch Doha and The Reverie Saigon in Ho Chi Minh.

"For us, beauty is the first source of inspiration, including and above all, for the contribution it can make to improving the quality of where we live," said Giovanni del Vecchio, managing director of Giorgetti. "With our partners, we share the same passion, vision and love for the brand and for the lifestyle that we are able to create and express. The result is very special—a remarkable living space, imbued with the spirit of modern elegance."

Jerry Hooker, Principal of Mirador Group and Jacob Sudhoff of Sudhoff Co. said their idea to bring the luxury brand to Houston dovetailed with Giorgetti's expansion into an expanding lifestyle brand. They eventually flew to Italy to pitch the idea for a luxury-branded condo building in Houston.

"It was a perfect marriage," Hooker said. "What we had envisioned and where their company was going....We are bringing in Italian culture and quality in to the building."
Hooker said the project will be the first of its kind in the United States.

By Erin Mulvaney, Chron

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Stolz Partners, LLC
12645 Birmingham Highway
Alpharetta, Georgia 30004
770.390.2555
Stolz Partners, LLC
12645 Birmingham Highway
Alpharetta, Georgia 30004
770.390.2555

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