W E LCOM E FR OM T H E DEV E LOP ER
ARCH I T ECTU RAL I NS P I RAT I O NS
SALES & MAR KET UP DATE
CONSTR UCTI ON UP DATE
INTERIORS & F INISH ES
LANDSCAPE LONGEVITY
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VOL. 1 - SPRING 2016
WE LCOME FR OM T HE D EV ELO P ER RI CH AR D LEIBOV ITC H | MANAGING PARTNER - AR E L CA P I TA L
We are pleased to provide you with our first issue of The River Oaks Report. Our goal is to keep you informed on our construction progress and provide you with insights from the many talented architectural and design teams that are contributing to the development. We are proud to have assembled a team of Houston-based, award winning architects, designers, and service providers to re-imagine this historical high-rise for the 21st Century, while bringing a level of design and comfort that will appeal to the most discerning homeowners.
It may come as a surprise that there are hundreds of professionals working on various aspects of The River Oaks, from construction, design and engineering, to sales and marketing. There are many scheduled deliverables over the coming weeks. The construction team is hard at work preparing the building for the installation of the exterior windows. The sales and marketing team are preparing for the release of a new video that will provide you with an even better picture of what the finished product will look like. The creative studio is working with our design team, Rottet Interiors, on new Penthouse and Townhome renderings. The public relations firm is preparing for an exclusive event on March 29th. An interactive tool is being developed which will enable buyers to visualize their finish selections in their kitchens and bathrooms. The finish coordinator is finalizing this tool to enhance the finish selection process in the Sales Center.
Our firm, Arel Capital, is a private investment firm focused on luxury condominium development with projects in both Houston and New York. The firm also acquires and renovates rental properties across the country with buildings in Houston, Austin, Denver and New York, with close to $1 billion in real estate acquired. Our team consists of experienced real estate professionals and finance professionals. The River Oaks project received construction financing from The Bank of the Ozarks and LIM Capital. The River Oaks represents our most exciting project to-date, as we look to maintain the original building shell and upgrade many aspects of the property.
We hope that you find this newsletter informative and we look forward to updating you over the course of this year as we bring The River Oaks back to life in all of its splendor!
Richard Leibovitch
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A R C HI T ECTU R A L IN SP I RAT I O NS AND R E L AND ON | DESIGN DIRECTOR/ P RINC IPAL - EDI I N T E R N AT I ON A L
The inspiration and design opportunities for The River Oaks are found in the original building’s architectural heritage. As an iconic example of Houston Mid-Century modern architecture, the building in its original form gave strong direction for the re-booted project. The original building’s position on the site allowed for tailored gardens, pools and fountains. These elements are strongly influenced by Mid-Century modern planning principles and complement the definition of space while achieving the goal of seamless integration of the inside with the outside. Preserving the original building kept the overall density of available residences well below 100. We did not want the project to have any negative affect on increasing traffic and congestion in the River Oaks neighborhood. Flanked by St. Luke’s Church and St. John’s Academy, the team wanted to be sensitive to the scale of these institutions. While preserving the existing structure, opportunities presented themselves to add Garden Residences, with their own private exterior lawn and patio space. Unique in the high-rise environment, the Garden Residences provide an exterior experience usually found only in single family homes. Strong horizontal expression, floor to ceiling glass, and corner finned balconies throughout the tower, all part of the Mid-Century modern tradition, are main elements of the architectural experience. The penthouse levels incorporate a square oculus framing downtown Houston and the Galleria, a large everchanging piece of exterior art. The Mid-Century influences, particularly projects by Ludwig Mies van der Rohe, gave the design team the opportunity to open panoramic views to the most interesting parts of central Houston. Large glass areas, corner balconies, and large roof terraces connect The River Oaks to its environment. Further design influences were harvested from Houston’s modern architecture, The Museum of Fine Arts, Houston and The Menil Collection, both inspired materials and details which are strongly expressed in The River Oaks’ architecture and interior design.
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SALES & MA R KET UP DAT E M IK E R E D D E L L | VI CE P RESIDENT, DEV ELOPMENT SERV IC ES - SU DHOF F COM PA N I ES N AT H ESTON | AS S I STANT DIRECTOR , DEV ELOPMENT SERV IC ES - SU DHOF F COM PA N I ES
SALES UPDATE:
HOUSTON CONDO MARKET UPDATE:
Thank you for your support and confidence in this exciting development. Our goal is to create a joyful and meaningful experience for our buyers, every step of the way, as they transition from their homes to a new life of carefree luxurious convenience. Many of you have already referred friends and family members to become your neighbors. Please contact a sales agent if you have other friends who might be interested in making The River Oaks their new home.
A new report released last week by Sudhoff Companies tracked the supply and demand of new condominiums in Houston. The report indicated that 40% of developer-owned inventory, now under construction, was sold during the past year. This sales pace leaves the market with only about 200 new condominiums (approximately 18 months of inventory). The news is the same for the condo resale marketplace – new listings and available supply are at their lowest levels in years. The supply is even lower for buyers seeking to make a move to a condominium inside the loop in the next few years. The Sudhoff Companies report shows availability of new condominiums inside the loop for projects available for occupancy within the next three years, is only about 140.
The sales velocity at The River Oaks has exceeded all expectations. In only six months, 40% of the building has been sold. By comparison, a typical project generally takes 12-14 months to reach this milestone. The number of prospects and weekly sales traffic also continue to far outpace all other competing developments. Predictably, as construction progresses, the pace of sales has increased. Although some floor plans are nearly sold out, there is a desirable inventory still available throughout the building.
Demand is not likely to wane – especially since one of the largest demographics that purchase Houston condominiums are empty nester couples. This group also represents the fastest growing demographic in the US. The increasing demand from buyers wanting to simplify their lives and the dwindling supply of product, will ultimately bring additional competition for more-preferred inventory. HOUSTON NEW CONDO CONSTRUCTION 300
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CONST R U CT ION U P DAT E DAVI D GE N OVA | DIRECTOR OF DEV ELOPMENT - AR E L CA P I TA L
Construction activities at The River Oaks continue to proceed with important, but oftentimes tedious preparatory work. While
Exterior demolition of the rear yard is nearly complete & is now being graded
significant amounts of work have been proceeding on the interior of the building, the next six weeks will showcase visible changes to the exterior. All aluminum and glass has been received at our subcontractor’s yard in Spring, TX and window wall units are being fabricated and delivered to the site. The window installation commencement will begin soon. Exterior header framing, slab edge pours, column reinforcement and foundation augmentation are all in progress. A window wall mock-up system has been installed and waterproofing details have all been finalized. Expect a massive crawler crane on-site within the next six weeks! Elevators are in fabrication and orders for custom tubs among other long lead items have been placed. Structural steel is currently being fabricated for the building expansion. Permitting for all current activities are in place and we expect the remaining permits to be received within the next two to three months. The construction manager anticipates final completion to be achieved by Fall 2017, with unit deliveries starting in Spring 2017.
Window system installation has begun
We have continued to work with our construction and design professionals as well as our specialty consultants to refine various details of the project design to ensure that we deliver the highest quality product. Arel Capital is extremely proud of the fact that we chose to preserve a historically significant Houston icon, however, it is not without challenges. In order to assure both the best of modern luxury standards and the preservation of the architectural integrity of the building, painstaking efforts, thought and time have gone into our design to work within the existing constraints of the building. As construction advances, so does the excitement for The River Oaks and the surrounding neighborhood!
Building framing is in process
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I NT E R IOR S | FIN I S H ES L AU R E N ROTTET | FOUNDING P RINC IPAL - ROT T ET STU DI O
Rottet Studio is known in the marketplace as innovators, not followers. Reflecting a desire to improve the human experience through the built environment, Rottet Studio provides innovative architectural solutions characterized by precise detail and direct response to the client’s goals. Through thoughtful design, Rottet Studio delivers environments that not only satisfy clients’ needs, but allow them to achieve a level of enjoyment and success beyond their expectations. At The River Oaks, the vision is to make the interior space animated. Classic modernist architecture enriches The River Oaks and defines a lifestyle people seek and appreciate. Natural light amplifies transitions within the residences and creates a more expansive sense of space. Floor to ceiling windows will allow residents to take advantage of impressive views over the green tree tops of the Houston skyline and open the space to the outdoors. Due to the unique location, accentuating the views was a must and will certainly attract Houston’s most elite buyers. The property will feature contemporary and warm residences with dark emollients, hardwoods and rich limestone. The units will feature luxurious finishes, including marble countertops, freestanding bathtubs, Gaggenau appliances and Poggenpohl cabinets. The River Oaks is a rarified property that will form a unique bond with residents, much like great art does with collectors. L AU R E N R OT T ET D E S I G N E R PAC KAG E S
Designer Package #3 1. Kitchen Cabinet Poggenpohl -
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DX208 Teak Dekor Lava 2. Kitchen Backsplash & Island Marble Slab Calacatta
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3. Kitchen Worksurface Countertop Silestone White Zeus Extreme 4. Walnut Rustic Hardwood Floor 5. Paint - Accent Walls Pratt & Lambert Feather Gray 32-27
FINISHES, F I XT U R E S &
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6. Paint - Walls & Ceiling Pratt & Lambert Designer White 33 - 1 7. Master & Powder Bathroom Cabinet Poggenpohl Sand
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APPLIANCES
Grey High Gloss w/Aluminum Edge Banding - HA1146 8. Master & Powder Bathroom Marble Countertop Alaskan White, Polished 9. Master & Powder Bathroom Floor & Wall Stone Tile Porcelanosa, Silkwood Classico 12” x 24” 10. Carpet at Bedrooms - Option 1 Luzern Silverthorne
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HN013 Clearing
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11. Carpet at Bedrooms - Option 2 Luzern Summit HN013 Clearing 12. Secondary Bathroom Porcelain Floor & Wall Tile Graniti Vicentia Q-Stone Ice - Lappato 12” x 24”
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13. Secondary Bathroom Cabinet Goldreif - White
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14. Secondary Bathroom Countertop Silestone - Calypso
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LANDSCA P E LON G EV I TY DAVI D SAMUELSON | P ROJECT DIRECTOR - MCDUG A L D-ST E E L E
Our company philosophy regarding planting design takes its aesthetic cue from the architecture, hardscape elements and surrounding site elements. The original footprint of the three-acre property will retain its grandeur in terms of gardens and space. In order to ensure the planting design maintains its aesthetic integrity over time, the proper plant species, size, spacing and care are paramount. We have selected plant material that can be maintained in a manner complementary to the elegant design of the building. A newly completed garden is different from a completed interior room. The garden is in its infancy once completed – and from that point on, it is ever-evolving and changing.
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Broker participation welcomed. Prices and specifications subject to change without notice. Images are meant to evoke the character & the mood of the design and is not meant to represent the exact features or materials. Please see a sales associate for details.