Trademark Adds Partners for $105M High Street
HOUSTON-After nearly two years of working the plan, Trademark Property Co. is forging ahead on the $105-million High Street, a mixed-use project less than one mile from the Galleria Mall. A joint venture agreement with Coventry Real Estate Advisors Ltd. of New York City and a follow-on pact with a residential developer have jump-started the project.
The Fort Worth-based Trademark Property Co. and Coventry are redeveloping a seven-acre site of the former Central Ford dealership at 4410 Westheimer Rd. In turn, the JV signed a partnership pact with Indianapolis-based Kosene & Kosene Development Co. for the residential component of High Street. The redevelopment will have 233 apartments atop 100,000 sf of retail and 80,000 sf of office in a separate structure. The foundation's been poured for the office building, with residential and retail to go vertical in 60 to 90 days.
"We believe that if you do mixed use, you need to have a strong advocate for each of the uses," Terry Montesi, Trademark's founding partner, tells GlobeSt.com. "Our experience is office and retail. And as of now, we like to have experienced partners involved for any residential or hotel development. Kosene is experienced in mixed use. They're really focused on doing residential above retail and we like the people."
In mid-July 2006, Montesi's team signed a 100-year ground lease with Kagan & Rudy Families Properties Ltd. and Karu Ltd. of Portland, OR to lock in High Street's development site. Ground work began last November. The 400,000-sf project, which will be submitted for LEED certification, is slated to open in late fall 2009. It was designed by Perkowitz + Ruth Architects Inc. of Long Beach, CA. Linebeck Construction of Fort Worth is the general contractor. Locally based Page Realty Partners Ltd. will be preleasing the retail component. CB Richard Ellis holds the office leasing assignment.
SOURCE Globest.com