Real Estate Rumblings
With the Houston housing market in high demand, particularly for close-in locations, Magnolia-based developer Gracepoint Homes recently opened it first inner-loop project in the Heights, and a second is planned for Montrose.
Located at Interstate 610 and Ella Boulevard, Gracepoint's new Madeline community includes 22 "tall and skinny" single-family homes. The vertical model for the three- and four-story homes, situated on small lots, provides buyers with a more affordable alternative to typical single-family homes. Prices start at $400,000.
"Madeline is part of our strategy to purchase smaller, well-positioned properties to develop," Gracepoint Homes President Tom Cox Jr. told the Houston Business Journal.
The unnamed Montrose project, on a block bounded by Taft, Welch, West Drew and Mason streets near Lankford's, will include 15 three- and four-story homes. Construction is set to begin at the end of 2014.
Gracepoint is known for its suburban developments, including a large new project called The Forest, near Interstate 45 and FM 1488 in Conroe, 10 miles from the new ExxonMobil campus. Construction is scheduled to being next month on phase one of the development, with 136 homes ranging in price from $600,000 to several million.