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    Building Value

    Green real estate: Follow T-Bone and forget cost per square foot

    Joey Romano
    Apr 28, 2010 | 9:38 am
    Mirabeau B at Hyde Park is a ground-breaking sustainable condo project.

    As April rolls to an end, I find myself in awe, wonder, and confusion over the growing debates, product expos, and presentations that seek to define green living in the 21st century. While PowerPoints and “isms” flood our collective consciousness, there is a need for a simpler, practical exploration of the big picture.

    By coincidence, April has brought about the groundbreaking of the Mirabeau B at Hyde Park, a sustainable condominium project that I have been developing over the past two years at the corner of Waugh Drive and Hyde Park Blvd. in Montrose. While the initial goals for the project remain, the process and time have helped me to synthesize a perspective of what sustainability is really about: Building value — value as it relates to community, design, beauty, materials, methods, and quality of life.

    Unfortunately, we live in an age that measures in units of cost rather than value — a place where the low-cost provider is usually king. From the kinds of food we eat to the way we power our homes, we are faced with cost-to-value decisions every day, each one of us with our own distinct process and set of questions.

    In real estate, the question has always been, “What’s the cost per square foot?”

    The bigger a project’s scale and the cheaper the materials, the better the cost per square foot looks to developers, builders, and buyers alike. But there are other considerations.The resulting project might interfere with a community, be in need of constant repair, and ultimately have a short lifespan. Until we are ready to make a philosophical shift in how we evaluate our choices, we will continue to see short-sided development.

    Considering the upfront and lifecycle costs, the question should become, “What’s the value per square foot?”

    At the Mirabeau B, our team has tried to make decisions based on long-term value. While the project will carry a LEED certification and incorporate solar-powered common areas, a planted green roof, and a rainwater retention system, the emphasis on sustainability has always had more to do with community, design, and quality. These are factors that have a positive effect on the project’s value but often carry an increased per unit cost due to the building’s intimate scale, choice of materials, and high quality of work.

    It is our mission to create a project that adds value to the neighborhood and is worth maintaining and preserving — something the community embraces rather than fights.

    The rebels will lead us

    Up until the second half of the 20th century, this sense of sustainability had a lot to do with practicality and necessity. People produced and used goods within their own community and tended to operate within a small geographic radius. As the country shifted towards greater centralization, decisions became less personal and more cost driven. As a result, our society by and large chooses to outsource rather than locally produce.

    While we may see short-term savings in buying cheap imported goods, we do so at the risk of harming our long-term sustainability. To reverse this thinking, we must take pride in what we do and invest in our quality of life.

    Although I approach this from the realm of sustainable real estate development, the dilemma is universal. Some time ago, I watched music producer T-Bone Burnett talk on the Charlie Rose Show about his motivation to make music that is as good as it can be — music with longevity. In another industry that tends to reward short-term financial successes, it’s refreshing to see someone make a meaningful career out of fostering artful albums that stand the test of time.

    In my mind, this is an attitude that demonstrates a commitment to sustainability on a very micro level. For T-Bone, it’s building value in the music he produces, which in turn provides value for the musicians on hand and later the audience that follows. The same can be said for cooking a meal, teaching a class, or developing a building.

    While the green debates and discussions will undoubtedly continue over Aprils to come, my advice is to focus on the big picture. We all share the desire to improve our standard of living. It is the way in which we choose to do so and the value we build into the process that defines our sense of sustainability.

    Joey Romano is director of development at Harvest Moon Development Company.

    Mirabeau B at Hyde Park is a ground-breaking sustainable condo project.

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    news/real-estate

    How Sweet

    Sugar Land's first new apartment complex in 13 years breaks ground

    Brianna McClane
    Dec 11, 2025 | 12:30 pm
    Pearl Lake Pointe luxury apartment complex Sugar Land.
    Rendering Courtesy of Morgan
    Pearl Lake Pointe is a 376-unit luxury apartment complex slated for early summer 2027 in Sugar Land.

    Sugar Land is welcoming its first new apartment development in more than a decade. Pearl Lake Pointe, a 376-unit luxury community from developers Morgan and Carlyle, is underway at 16435 Creekbend Drive.

    Construction began in November, with an official groundbreaking held this week. “The groundbreaking of Pearl Lake Pointe marks an exciting new chapter for the Lake Pointe peninsula,” Sugar Land Mayor Carol K. McCutcheon said in a statement. “After years of planning and collaboration with Morgan, this project delivers much-needed, high-quality multifamily housing and strengthens our long-term vision for a vibrant, connected district. This milestone will help drive continued reinvestment and momentum throughout Lake Pointe and across Sugar Land.”

    Set across 6.46 acres, the five-story complex will feature five live-work units, a six-story parking garage, and 9,940 square feet of commercial office space. Fitness centers, a resort-inspired pool, a golf simulator, a sky lounge, and a cafe are among the planned amenities.

    Inside the residences, features include open-concept floor plans, quartz countertops, stainless-steel appliances, washers and dryers, and balconies in select units.

    “Pearl Lake Pointe is a unique opportunity to elevate the living experience and set a new benchmark for luxury in Sugar Land,” Kase Pappert, Morgan senior development manager, said. “We are grateful for the City’s partnership and look forward to helping re-energize the Lake Pointe peninsula with a welcoming community that feels like home and connects residents to the amenities right outside their door.”

    Roughly 20 miles from downtown Houston, the site has views of Brooks Lake and is adjacent to the former Fluor corporate campus currently being transformed into the Lake Pointe Green mixed-use development.

    The first Pearl Lake Pointe units are slated for delivery in early summer 2027. Morgan and Carlyle will own and manage the community, with project financing provided by Texas Capital Bank.

    “With Pearl Lake Pointe, Carlyle and Morgan are redefining multifamily living and adding meaningful momentum to address the demand for high-quality housing in the Sugar Land submarket,” said Adam Buchwald, Carlyle managing director and partner. “Partnering with Morgan — an accomplished developer with a strong track record — makes this project even more exciting, and Pearl Lake Pointe is a standout addition to Carlyle’s portfolio of high-quality multifamily developments.”

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    news/real-estate
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