MontroseNeighborhood
Dec 26, 2007, 12:17 PM
Dec. 24, 2007, 11:31PM
REAL ESTATE
Chinatown to see towering luxury
Three 23-story residential buildings are expected to draw Asians not only from Houston but the East and West coasts as well
By PURVA PATEL
Copyright 2007 Houston Chronicle
Downtown, the Galleria area and Midtown can all boast high-rise living.
Soon, Chinatown will too.
David Wu, developer of Chinatown's University General Hospital, is building the first of three 23-story luxury residential towers that will border Arthur Storey Park just west of Beltway 8.
The rest of the country may be seeing a slowdown in residential sales, but Wu thinks the location will draw Asians from Houston and around the country who want to live in luxury near the city's growing Chinatown.
"A lot of Asians live in small towns and want to move to the big city. They want to live near the community," Wu said, adding that he's run ads in Asian newspapers on the East and West coasts and has gotten a positive response. "They're retiring and getting older, so where do they go?"
He's also counting on the development, called Park 8, to attract Asians in California and on the East Coast who've seen their costs of living rise and are relocating to Houston.
Located between Bellaire and Beechnut, the $300 million project will also include about 170,000 square feet of retail and office space, a hospital and a subterranean parking lot.
Such mixed-use developments have caught on in recent years as developers attempt to transform a heavily commercial or industrial area into a thriving urban neighborhood.
Completion of the retail centers should coincide with the first tower and be finished by 2009.
The other two towers, one of which is planned to serve as a retirement community, are scheduled for completion by 2010.
Urbanizing Chinatown
This isn't the first attempt to urbanize Chinatown — a misnomer since most of the residents are Vietnamese — but developers agree it is the first landmark project in the area.
Kenneth Li developed the smaller Sterling Garden, a condominium project, and Lee Ho Village Townhomes, both of which are within walking distance of local retail.
Condos and townhomes in Chinatown must compete with surrounding master-planned communities, Li said.
"It's really the lifestyle that people would choose the area for," Li said.
"Chinatown is starting to evolve and become more like a downtown for the Asian community. There's a lot of restaurants and social places to go to outside of work."
Units in Park 8 range from 1,000 to 3000 square feet and will cost from $185,000 to $500,000.
Wu says he's trying to sell close to cost, for now.
About 80 percent of the first tower, which includes 208 units, has been presold, Wu said. And about half the buyers are local and a third are investors, he said.
Feng Shui
The development, from individual units to the overall complex, was designed with Feng Shui in mind. Feng Shui is an Asian practice of placing objects or buildings in harmonious ways to affect health, energy and wealth.
For instance, units won't have the oven and sink facing each other because fire and water shouldn't mix, Wu said.
The building will also have 23 levels of living space, but no floors numbered 4, 13, 14 or 24 because they're considered unlucky by some Asians. The penthouse will be two-story.
For Wu, the project is also personal. He's lived in Houston for 28 years and has wanted to do something that would boost Chinatown's image.
"I've lived here longer than I've lived in Taiwan," said Wu, 55. "If I build this, the prices will go up and the image will go up. It not only benefits investors but also the neighborhood."
Attracting retirees
Lily Lee, 70, has made a down payment on a $250,000 two-bedroom unit so she can be close to her friends in Chinatown and still live independently when she retires.
She used to live in Sugar Land until last year, when she sold her house and began renting a room in Chinatown. The condo will give her her own place, but she'll still be near her friends.
"Once they complete it, it will be so much fun there with all the facilities, the exercise room — and people can get together," Lee said. "That's why I'm looking forward to moving into there."
Most of the Asian entrepreneurs in Chinatown live elsewhere, many in Sugar Land, said Donnie Chang, president of ABC Realty. But for older Asians, those who don't speak much English or can't drive, the area has a strong draw.
"They can walk around and really have a community of their own," he said. "If you bring your parents from Taiwan and they can't drive, this gives them independence."
Long-term investors
He said the market is softening in Chinatown as it is elsewhere but, he noted, Asians are often long-term investors.
"They're not looking to pull out in five or 10 years," he said. "Often they're building for their grandkids."
REAL ESTATE
Chinatown to see towering luxury
Three 23-story residential buildings are expected to draw Asians not only from Houston but the East and West coasts as well
By PURVA PATEL
Copyright 2007 Houston Chronicle
Downtown, the Galleria area and Midtown can all boast high-rise living.
Soon, Chinatown will too.
David Wu, developer of Chinatown's University General Hospital, is building the first of three 23-story luxury residential towers that will border Arthur Storey Park just west of Beltway 8.
The rest of the country may be seeing a slowdown in residential sales, but Wu thinks the location will draw Asians from Houston and around the country who want to live in luxury near the city's growing Chinatown.
"A lot of Asians live in small towns and want to move to the big city. They want to live near the community," Wu said, adding that he's run ads in Asian newspapers on the East and West coasts and has gotten a positive response. "They're retiring and getting older, so where do they go?"
He's also counting on the development, called Park 8, to attract Asians in California and on the East Coast who've seen their costs of living rise and are relocating to Houston.
Located between Bellaire and Beechnut, the $300 million project will also include about 170,000 square feet of retail and office space, a hospital and a subterranean parking lot.
Such mixed-use developments have caught on in recent years as developers attempt to transform a heavily commercial or industrial area into a thriving urban neighborhood.
Completion of the retail centers should coincide with the first tower and be finished by 2009.
The other two towers, one of which is planned to serve as a retirement community, are scheduled for completion by 2010.
Urbanizing Chinatown
This isn't the first attempt to urbanize Chinatown — a misnomer since most of the residents are Vietnamese — but developers agree it is the first landmark project in the area.
Kenneth Li developed the smaller Sterling Garden, a condominium project, and Lee Ho Village Townhomes, both of which are within walking distance of local retail.
Condos and townhomes in Chinatown must compete with surrounding master-planned communities, Li said.
"It's really the lifestyle that people would choose the area for," Li said.
"Chinatown is starting to evolve and become more like a downtown for the Asian community. There's a lot of restaurants and social places to go to outside of work."
Units in Park 8 range from 1,000 to 3000 square feet and will cost from $185,000 to $500,000.
Wu says he's trying to sell close to cost, for now.
About 80 percent of the first tower, which includes 208 units, has been presold, Wu said. And about half the buyers are local and a third are investors, he said.
Feng Shui
The development, from individual units to the overall complex, was designed with Feng Shui in mind. Feng Shui is an Asian practice of placing objects or buildings in harmonious ways to affect health, energy and wealth.
For instance, units won't have the oven and sink facing each other because fire and water shouldn't mix, Wu said.
The building will also have 23 levels of living space, but no floors numbered 4, 13, 14 or 24 because they're considered unlucky by some Asians. The penthouse will be two-story.
For Wu, the project is also personal. He's lived in Houston for 28 years and has wanted to do something that would boost Chinatown's image.
"I've lived here longer than I've lived in Taiwan," said Wu, 55. "If I build this, the prices will go up and the image will go up. It not only benefits investors but also the neighborhood."
Attracting retirees
Lily Lee, 70, has made a down payment on a $250,000 two-bedroom unit so she can be close to her friends in Chinatown and still live independently when she retires.
She used to live in Sugar Land until last year, when she sold her house and began renting a room in Chinatown. The condo will give her her own place, but she'll still be near her friends.
"Once they complete it, it will be so much fun there with all the facilities, the exercise room — and people can get together," Lee said. "That's why I'm looking forward to moving into there."
Most of the Asian entrepreneurs in Chinatown live elsewhere, many in Sugar Land, said Donnie Chang, president of ABC Realty. But for older Asians, those who don't speak much English or can't drive, the area has a strong draw.
"They can walk around and really have a community of their own," he said. "If you bring your parents from Taiwan and they can't drive, this gives them independence."
Long-term investors
He said the market is softening in Chinatown as it is elsewhere but, he noted, Asians are often long-term investors.
"They're not looking to pull out in five or 10 years," he said. "Often they're building for their grandkids."