Randall Davis Co. is nearing completion on the Astoria, a new luxury condominium tower in the Galleria/Uptown area and the first of three such projects the Houston developer has underway.
Developer Randall Davis along with his parnters DC Partners and Roberto Contreras have been under construction for about two years on the 29-story high-rise at 1409 Post Oak Blvd. near Uptown Park and the West 610 Loop. The 75-unit project, which has all but one of its units sold out, is expected to open in May and be finished in June.
Davis gave Urban Land Institute Houston members an early sneak peek tour of the project on Feb. 17, and invited the Houston Business Journal to tag along.
Astoria, designed by Houston-based architect Page, was inspired by the art deco style. The tower borrowed a lot of features from the Pantages Theater in Los Angeles, Davis said.
Most units inside the Astoria feature three bedrooms and three bathrooms, averaging about 3,000 square feet. Units cost between $600,000 and $3 million, with the average price hovering between $540 to $650 per square foot.
While the Astoria is one of the most expensive condominium buildings in Houston, its units are less expensive than similar luxury condo high-rise units in Dallas, which cost about $800 per square foot, as well as those in New York City, which cost upward of $2,000 per square foot, Davis said.
“These are a bargain by comparison,” Davis said, adding most of his buyers have been empty nesters and some foreigners.
Astoria’s condo units can be customized by each buyer, but most feature high-end cabinets, hardwood floors, stainless steel appliances, a wine chiller and balconies and floor-to-ceiling windows with sweeping views of the Galleria/Uptown area.
There are a couple of penthouse units, which span the entire upper floors, that offer 9,000 square feet each of residential space with a swimming or reflecting pool on the terraces.
Astoria’s building amenities include an upscale fitness center, residents lounge with movie theater and a resort-style pool deck with a starlight infinity-edge pool.
Astoria is the first major residential project in Houston, Davis said, to utilize financing from the EB-5 program, which allows foreign investors to pay $1 million and create 10 new jobs in a construction project in order to receive a U.S. Green card. About a quarter of the $75 million Astoria project was financed by EB-5 money from Latin American and African investors.
Randall Davis Co. is also under construction on two other luxury condo towers in Houston:
Arabella, a 33-story, 99-unit tower at 4521 San Felipe, near the River Oaks District in the Galleria area. Units cost between $800,000 to $4 million.
Marlowe, a 20-story, 100-unit tower at 1311 Polk St in downtown Houston. Units cost between $400,000 and $1.4 million.