THE WILSHIRE NEWSLETTER
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VOL. 1 - SPRING 2016
Experience The Wilshire Advantage EXPERIENCE . QUALITY . REPUTATION
LETTER FROM THE DEVELOPER
ARCHITECTURAL I N S P I R AT I O N S
CONSTRUCTION U P DAT E
SALES & MARKET U P DAT E
RIVER OAKS D I S T R I C T U P DAT E
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L E TTER FROM T HE DE VE LOPER ROBERT F. BLAND | FOUNDER - PELICAN BUILDERS DEREK W. DARNELL | PRESIDENT - PELICAN BUILDERS
We are delighted to welcome you to The Wilshire. The Wilshire will be an exceptional residential building, enhanced by its close proximity to River Oaks District, Houston’s newest upscale retail and dining area. Our talented team of architects, Kirksey Architecture, has designed a building with attractive, lasting, and functional architecture. It will be a landmark building, in a landmark location, in Houston, Texas, the fourth largest city in the United States. Construction of our tower began in August 2015. The drilled concrete shaft foundation is now complete, and the structure of the building is rising weekly, with the fourth level concrete floor now in place. During the construction process all work is carefully inspected by our architects and engineers to assure that the demanding requirements of the developer and architect are met. Construction will be complete in the summer of 2017. Pelican Builders, Inc. has extensive experience in high-rise residential development, and takes pride in producing a quality product, and in giving careful attention to the needs and desires of its buyers. Our sales office is open daily, and our staff is always available to help. We welcome your questions and comments at any time. As the project moves forward, we will keep you informed by periodic newsletters. We look forward to our association with you during the construction process, and upon completion it will be our pleasure to deliver to you a quality and excellent condominium home.
Cordially,
Robert F. Bland
Derek W. Darnell
ARCH I TECTU R A L I NSPI RAT I ON S DO U G HAMME L | E XECU TIVE VICE PRE SIDE NT - KIRKS EY ARC H I T EC T U RE
As architects, Kirksey believes it is their responsibility to design highperforming, healthy buildings that positively impact the people, environment and communities they serve. Headquartered on their own corporate campus in Houston, Kirksey is an award-winning firm comprised of a group of designers and creatives who greatly value each other, their clients, their community and the earth. Kirksey was honored to be named the 20th top architecture firm in the nation by ARCHITECT magazine in their annual Architect 50 list in 2015. Texas Society of Architects named Kirksey “Architecture Firm of the Year” for 2012-2013, and the Houston Business Journal has consistently named Kirksey on their “Best Places to Work” list for the last 8 years. Team-based in structure, Kirksey serves Commercial, Collegiate, Community, pK-12, Government, Healthcare, Hospitality, Religious, Science & Technology, and Multi-Family Residential markets. Kirksey is proud to bring their architecture expertise to the design of The Wilshire, where they custom-tailored this luxury high-rise to match the client’s vision for an iconic building with a lasting presence. With such diversity of unit type and scale, The Wilshire is able to accommodate a variety of different buyers, tastes and price points — located just steps away from a bustling River Oaks District.
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CO NS TRU CTI O N U PDAT E RO B LONG | VICE PRE SIDE NT - PE LICAN BUI L DERS
The Wilshire continues to progress!
Good things are happening!
We’ve continued to be blessed with a mild Texas winter and we’ve been
As a reminder, here is s a link to the construction camera that we have
very productive on-site.
installed on top of Highland Tower, just east of The Wilshire. Visit the URL to see the latest pictures and watch time-lapse images of
Since our last update, we’ve not only poured the slab on grade, but we’ve
our progress!
also poured all the way through Level 5 of the Tower and the slab on grade of the Parking Garage. During the month of March, we will pour Levels 6, 7 and 8. The building is scheduled to top out in early September. However, based on productivity and progress to date - we’ll beat that date. As the building grows, so does the excitement for The Wilshire and the surrounding neighborhood.
LOOKING NORTH FROM THE TOWER CRANE
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CONSTRUCTION CAM www.oxblue.com/open/Reed/Wilshire
LOOKING WEST FROM PARKING GARAGE
LOOKING SOUTHWEST FROM LIVING ROOM IN UNIT 303
LEVEL ONE LOBBY
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SA L ES & MARK E T U PDAT E MI K E RE DDE L L | V ICE PRE SIDE NT, DE VE LOPME NT SE RVICE S - S U DH O FF CO M PAN I ES NAT HE S TO N | A SSISTANT DIRECTOR, DE VE LOPME NT SE RVICES - S U DH O FF CO M PAN I ES
S A L E S U P DAT E
%! 5 5 LD
SO
Sales for The Wilshire at River Oaks District have exceeded all expectations. In approximately 7 months, over half of the building has been sold. In comparison, it generally takes 12-14 months to reach this milestone. There is only one Penthouse space available. However, very desirable inventory is still available throughout the building regardless of view corridor preference. As predicted, as River Oaks District shops and restaurants come on line the interest and pace of sales at The Wilshire has increased incrementally. We are grateful for your support and confidence in this exciting development. Please contact our sales agents if you have friends or family who might be interested in considering The Wilshire at River Oaks District for their new home.
M A R K E T U P DAT E A new report released last week by Sudhoff Companies tracked the supply and demand of new condominiums. It indicated that 40% of developer-owned inventory in projects now under construction was sold during the past year. This sales pace leaves the market with only approximately 200 new condominiums (approximately 1 year of inventory) available within this area. The news is the same for the condo resale marketplace – new listings and available supply are at their lowest levels in years.
H O U S TO N N E W C O N D O C O N S T R U C T I O N Demand is not likely to wane. One of the largest demographics buying
300
Houston condos is empty-nesters. This age group, casually referred to as Baby Boomers, is the fastest growing demographic in the U.S.A. The increasing demand from buyers wanting to simplify their lives in a
250
200
way that only a condominium can satisfy and the dwindling supply of product will ultimately bring competition for more-preferred inventory.
150
100
The supply is even lower for buyers seeking to make a move to a
is approximately 140.
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n AVAILABLE INVENTORY
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Jul-17
Jun-17
Apr-17
May-17
Mar-17
Jan-17
Feb-17
Dec-16
Oct-16
Nov-16
Sep-16
Jul-16
Aug-16
Jun-16
Apr-16
May-16
Mar-16
Jan-16
Feb-16
Dec-15
Oct-15
Nov-15
Sep-15
Jul-15
Aug-15
Jun-15
Apr-15
May-15
Mar-15
the loop for projects available for move in within the next three years,
0
Jan-15
Companies report shows availability of new condominiums inside
50
Feb-15
condominium inside the loop in the next few years. The Sudhoff
n MONTHLY SALES ABSORPTION RATE
R IVE R OA K S D I S T R I C T U PDAT E MARK SULLIVAN | ON TH E MARK COMMU NI C AT I O N S
Opened in October 2015, River Oaks District is a curated collection of luxury and best-in-class retail, dining, entertainment and living amenities located in the heart of Houston. From world-class brands with iconic storefronts to upscale restaurants and luxury entertainment, River Oaks District is a shopping and dining destination like none other for both Houstonians and visitors alike. Over 60 luxury retailers including: Hermès, Cartier, Dior, Roberto Cavalli, Dolce & Gabbana, and Tom Ford are set in a sophisticated open-air environment where shoppers can stroll the walkable, tree-lined streets and lounge in the courtyard. The global fashion and cosmopolitan streetscape creates an experience that evokes great worldwide cities while remaining authentic to its Texas roots. Beginning spring 2016, visitors will be able to dine alfresco at high profile restaurants with cuisine options from around the globe. Restaurants opening in the District include Toulouse CafÊ, a French bistro; Le Colonial, a highly-acclaimed upscale French-Vietnamese restaurant; Taverna, an Italian artisan eatery; The Porch, new American restaurant featuring down-home food and uptown cocktails; Steak 48, a contemporary American steakhouse from the distinctive and innovative Mastro Family Restaurant Group; Somomaya, a Mexican-Asian Kitchen; and Hopdoddy, a handcrafted burger and beer restaurant known for sourcing local, all-natural ingredients. Luxury entertainment and amenities continue with iPic Theaters, an eightscreen 560 seat movie theater that is also home to The Tuck Room, an intimate gastro lounge, as well as with Equinox, a luxury fitness and wellness destination with a 35,000 square foot club featuring a broad range of fitness, nutrition and health classes; a juice bar and a full-service spa. To ensure maximum convenience for shoppers, River Oaks District also boasts a full-time dedicated concierge team that can provide every perk to elevate your experience, from making reservations and arranging car service to delivering. For more information on River Oaks District, please visit RiverOaksDistrict.com.
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A DEVELOPMENT BY PELICAN BUILDERS, INC. 2 0 49 W E S TC R E E K L A N E | H O U S TO N , T E X A S 7 7027 |
T H E W IL S H I R E H OU S T O N . C O M | 7 1 3 . 6 0 0 . 5 0 7 2
PRICES AND SPECIFICATIONS SUBJECT TO CHANGE WITHOUT NOTICE. PLEASE NOTE THESE IMAGES ARE MEANT TO EVOKE THE CHARACTER & MOOD OF THE DESIGN AND NOT MEANT TO REPRESENT EXACT FEATURES OR MATERIALS. THIS INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED.