xxx Houston Chronicle | HoustonChronicle.com and chron.com | Week of April 23-29, 2015 | Z10: Page 3 NEWS Apartments slated to be high-end condos

By Erin Mulvaney ICYMI area. He said he expects ›› In case you missed it: buyers to be empty nest- New Yorker Richard A version of this story was ers and wealthy business Leibovitch says local de- published April 18 in the people who want to live in velopers advised him to Houston Chronicle luxury,but not necessarily demolish the River Oaks maintain mansions. Luxury Apartments — the While thousands of aging midcentury high- The design retains in- rental apartment units rise his firm bought last fluences from the original will come to market across fall — and build two side- midcentury design, but it Houston this year, condo- by-side towers with up- also takes modern inspira- minium projects are much ward of 600 units. tion from Houston’s Menil less common. Instead, his firm, New Collection and the Muse- Other announced con- York-based Arel Capital, um of Fine Arts, Houston. do projects in the Galleria decided to redevelop the The interiors will fea- area include a 26-story de- 1967 structure with fewer ture hardwoods and velopment called Belfiore but larger units for a luxu- limestone. Amenities will being built at the Post Oak ry condominium project. include a state-of-the- Lane and South Wynden During its heyday, the de- art fitness center, mas- Drive, and a 28-story con- veloper says the 17-story sage and yoga rooms, two dominium tower called apartment building at pools, a dog park and out- Astoria on Post Oak Bou- 3433 Westheimer was door kitchens. It will offer levard. iconic for its “exclusive ad- two garden residences and Bill Pederson, execu- dress, expansive grounds two penthouses with pri- tive director of the gradu- and Miesian-style archi- vate pools. Units will start ate real estate program at tecture,” with its steel at $875,000. the University of Houston, frames, curtain walls, During the recent real said there is a market and prominent use of glass and estate boom, many prop- need for condominiums open interiors. erties in the River Oaks in desirable locations, like The building deterio- and Galleria areas were River Oaks and the Galle- rated over time, with aging torn down to make way ria area. plumbing and yellowing for high-end, high-density “They bought a build- walls. projects. ing with some value,” “What we wanted to “Our theme has always Pederson said. “You will do was basically renovate been about breathing life continue to see in-fill near this building and bring it into real estate again,” River Oaks. This is the back to its old level, “ Lei- Leibovitch said. “Our epicenter. This is where all bovitch said in an inter- business has always been the action for the wealthy view. about finding opportu- is.” “We are taking the nities in good locations. “Our theme has always bones of the building and Historically we’ve bought been about breathing life EDIT International bringing it into the 21st older and tired proper- into real estate again,” Lei- New York-based Arel Capital started construction on the 17-story River Oaks century.” ties and renovated them. bovitch said. high-rise at 3433 Westheimer. The former apartment community will be Construction is un- … We want to go against “Our business has al- converted into a luxury condominium with 84 units. der way on the 84-unit the grain of what has been ways been about finding condominium project. done a lot over the last 15 opportunities in good lo- Denver and Austin. minium projects are much need for condominiums The project will retain years.” cations. Historically we’ve Leibovitch said the less common. in desirable locations, like the original footprint on In Houston, Arel Capi- bought older and tired company was attracted by Other announced con- River Oaks and the Galle- the 3-acre property along tal owns two other proj- properties and renovated the River Oaks high-rise do projects in the Galleria ria area. Westheimer in the heart of ects, in Timbergrove and them. … We want to go because of its downtown area include a 26-story de- “They bought a build- River Oaks. in Alief, but the River against the grain of what views and proximity to velopment called Belfiore ing with some value,” Initial renderings show Oaks building is its first has been done a lot over shopping in the Galleria being built at the Post Oak Pederson said. “You will a contemporary-style redevelopment project the last 15 years.” area. He said he expects Lane and South Wynden continue to see in-fill near building with floor-to- here. The company also In Houston, Arel Capi- buyers to be empty nest- Drive, and a 28-story con- River Oaks. This is the ceiling windows and ter- develops in New York City, tal owns two other proj- ers and wealthy business dominium tower called epicenter. This is where all raced gardens all around. Denver and Austin. ects, in Timbergrove and people who want to live in Astoria on Post Oak Bou- the action for the wealthy The design includes pan- Leibovitch said the in Alief, but the River luxury,but not necessarily levard. is.” oramic views, corner company was attracted by Oaks building is its first maintain mansions. Bill Pederson, execu- The River Oaks is slat- balconies and large roof the River Oaks high-rise redevelopment project While thousands of tive director of the gradu- ed to be completed by fall terraces. Floor plans will because of its downtown here. rental apartment units ate real estate program at 2016. range from 1,500 to 9,000 views and proximity to The company also de- will come to market across the University of Houston, square feet. shopping in the Galleria velops in New York City, Houston this year, condo- said there is a market and [email protected]