Turnberr Associates Looks to Houston for High-Rise Condos

Brought to you by

Turnberry Associates Looks to Houston for High-Rise Condos April 10, 2006 By Tonie Auer, Southwest Correspondent Following the success of its multiple Las Vegas high-rise residential projects, Turnberry Associates is purportedly looking at Houston as the location for its next high-rise condo project. Specifically, rumor has it that Turnberry plans to build a high-rise condo project south of the Galleria, between Hidalgo and West Alabama on property owned by Walton Street Capital L.L.C. The Florida-based company--with a $5 billion portfolio including residential, retail, hotel and office projects in Las Vegas, Nashville, Pittsburgh and throughout Florida--recently executed a lease for 1,500 square feet in the Lakes on Post Oak office building, at 3040 Post Oak in Houston. "The space is perfect for a small construction manager's office, and it looks over the site fronting Hidalgo," said Cody Armbrister, an associate in Trammell Crow Co.'s office leasing group. "The office space provides a nice view of the project." Calls to Turnberry Associates were not returned. Armbrister said the demand for condo living in Houston is apparently still high, as projects continue going up and selling. "Houston developer Randall Davis' latest project is already 100 percent pre-sold, and it just topped out about four weeks ago and is at the mid-point in construction," Armbrister said. "He has another project at the north end of Post Oak, too. Developers are very bullish continuing the building."