[Wattleigh]

The Madison

https://www.houstonchronicle.com/business/real-estate/article/montrose-condominium-community-west-gray-retail-18893531.php

7-story condo project to transform West Gray in East Montrose
By Marissa Luck,
Staff Writer
March 13, 2024

A busy block of West Gray in East Montrose will soon be transformed by a seven-story condominium building and a separate project with new restaurants and retail.

The Madison, a $30 million, 35-unit development by Tannos Development Group and Wolfgramm Capital, is expected to replace four aging apartment structures. That stretch of West Gray is home to several bars and restaurants, including A’dor Kitchen & Cocktail, Midtown Bar and Grill and Barnaby’s restaurant.

Tenants in the existing fourplex apartments — some dating to the 1930s, according to Harris County — are expected to move out by April, when demolition could begin, said Russell Handy of Friendswood-based Wolfgramm.

Construction on the Madison is expected to start by the end of 2024 and possibly take two years. Plans call for two- and three-bedroom condos of 2,000 to 3,200 square feet. When sales begin in summer, prices are expected to range from about $1.5 million to $2.4 million.

“They’ll have all the bells and whistles, designer cabinetry, high-end appliances; very competitive to the River Oaks market,” said Louis Tannos, president of Tannos Development.

The Madison, Tannos said, includes parking for residents, a gym and pool deck. It will tower over other structures on the block, giving some residents views of downtown.

Tannos Development has been active in the Houston suburb of Friendswood, where the developer is also partnering with Wolfgramm Capital on a proposed $700 million, 106-acre mixed-use project.

Tannos said the partnership jumped at the opportunity in December to buy the five West Gray parcels because the two firms wanted to be a part of Montrose’s growth.