HOUSTON | The Watermark Tanglewood | FT | 22 FLOORS

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Developer: Watermark Retirement Communities
Architect:
Type: Senior Living
Location: 1661 Tanglewood, Uptown (Tanglewood)
Construction Timeline:

https://protecttanglewood.com/updates/

The Watermark Tanglewood (1661 Tanglewood Blvd.)

Watermark Retirement Communities recently mailed a selective announcement to property owners in the area of a proposed 20 story, 62-year and older luxury community along with a marketing survey and invitation to a focus group study. The proposed site is owned by WMJK Ltd. The THA Board is still trying to gather information and understand if any alternative options might be available, such as potentially raising capital for private purchase of the property and converting it to a green space. It appears Watermark is currently in the due diligence and marketing phase for this development. Further communication will be forwarded as facts are obtained.

Site:


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Lawsuit already filed against the developer.

https://protecttanglewoodcom.files.w...wmjk-ltd.-.pdf

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Canyon Ranch and Hines associated with proposed Tanglewood tower

A proposed high-rise that sparked a lawsuit last month from homeowners in the Tanglewood neighborhood would be a luxury tower for residents aged 62 and up and include amenities associated with Canyon Ranch, the well-known health and wellness resort with properties in Arizona, Massachusetts and Las Vegas.

Details of the proposed 20-story tower were included in a survey that was sent to residents last month seeking input on what they might like to see in the property.

Tuscon-based Watermark Retirement Communities is planning the development, according to a letter included with the survey, but it also appears that Houston-based Hines is involved. The letter, which is signed by Watermark Chairman David Freshwater and the Canyon Ranch Chief Executive Susan Docherty, is also signed by Ryan Pritchard, a director with the Hines real estate firm.

Houston-based Hines declined to comment, and a Watermark spokesperson said the company didn't have information to share "at this early stage." Fort Worth-based Canyon Ranch could not be reached immediately. Officials with the company have discussed plans to enter the senior living industry.

The plan for the tower includes 230 one- and two-bedroom apartments for independent and assisted living, as well as memory care suites, according to the survey.

The apartments would range from 850 to 1,550 square feet, and monthly fees would be between $6,000 to $10,500, including rent, utilities, maintenance, dining, housekeeping, events and the use of all Canyon Ranch amenities.

Tanglewood Homes Association Inc. sued the owners of 1661 Tanglewood Blvd., the property it says will house the tower, asking the court to prohibit a high-rise from being developed on the site based on restrictive covenants.

The owners of the property — descendants of Tanglewood's original developer — are planning to sell their land or partner with a developer to build the project at the northeast corner of San Felipe and Tanglewood Boulevard, according to the lawsuit filed in May in state District Court.

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Cancelled

https://seniorhousingnews.com/2019/0...ving-projects/

The three companies were pursuing a highrise project in the Tanglewood neighborhood of Houston. That proposed 20-story tower met with pushback from area homeowners, the Houston Chronicle reported in June.

The Tanglewood project is not moving forward, but Watermark and Hines are still eyeing opportunities to team up with Canyon Ranch.

“A Tanglewood project is not currently in the works but we do hope to find a way for all three firms to work together on future senior living communities,” Watermark Chairman David Freshwater told Senior Housing News.

Hines Director of Health Care and Senior Living Ryan Pritchard echoed that sentiment.

“Hines doesn’t have any current pursuits or projects with Canyon Ranch at this time,” he told SHN. “That said, we hope to work with them at some point in the future.”