10-28-2013 07:51 PM

Exclusive: Multifamily development going up near Exxon campus


Alliance Residential Co. is moving forward on its next multifamily community, Broadstone Sierra Pines, just north of the Exxon Mobil Corp. (NYSE: XOM) new corporate campus.




North of Exxon Mobil Corp.'s (NYSE: XOM) massive campus, Alliance Residential Co. is moving quickly to get a new multifamily community on the ground.
Phoenix-based Alliance quietly broke ground on its next project, Broadstone at Sierra Pines, earlier this month with plans for completion set for March 2015.
The three-story, 341-unit development at 1615 Sawdust Road will have an average unit size of 827 square feet and an average rent of $1,306 a month. Alliance did not disclose the cost of the project.
Alliance said there are plans to extend Sawdust Road, which will provide an avenue leading directly to the Exxon Mobil campus without getting on Interstate 45. However, this portion of the project is still in the planning stage and is waiting for funding from the city.
The general contractor on the project will be in-house with Alliance Residential Builders and the lead designer is Houston-based Steinberg Design Collaborative LLP.
“A big selling point on the land was that it’s very close to the Woodlands, technically outside the jurisdiction, so they were able to have a little more freedom in development,” said Tom Dosch, with ARA Real Estate Investment Services' land division, which brokered the land on behalf of the buyer. Stream Realty Partners LP was the seller and represented itself in the land deal.
Alliance has other Broadstone communities in the works in Houston, including a 320-unit project in West Houston called Broadstone 7 Seventy. In addition, Alliance Residential is the next developer to take part in the city's Downtown Living Program, which offers $15,000 worth of incentives per qualifying unit. The developer is planning a 207-unit multifamily project on block 334 in downtown.

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Shaina Zucker covers commercial and residential real estate, construction, retail and hospitality for the Houston Business Journal. For her breaking stories and industry insights, follow her on Twitter.


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