randall's crown jewel

Prolific Houston developer announces towering new River Oaks high-rise

The Paramount promises to be Randall Davis's crown jewel.

Rendering courtesy of the Randall Davis Company

For decades, prolific Houston developer Randall Davis has dotted the local landscape with his signature high-rises; residents will no doubt recognize urban pieces such as the Metropolis, the Gotham, the Renoir, the Manhattan, the Empire, the Cosmopolitan, and more. Davis, who also architected the redevelopment of Houston’ beloved Rice Hotel and its Rice Lofts, enjoys the reputation of having completed more residential condominium buildings than any developer in Texas.

Now, Davis has announced that his Houston-based Randall Davis Company will break ground on its latest luxury high-rise, The Paramount, in late fall 2020/early 2021. Construction is expected to be completed around fourth quarter, 2021, according to a press release.

The Paramount (3723 Westheimer Rd.) will be a 25-story boutique high-rise situated between River Oaks and the Galleria. Residences in the 50-unit tower start at $1.055 million and range in size from 1,800 to 6,500 square feet.

Amenities will include soaring 11-foot ceilings, private elevator entry, and sweeping 360-degree views of River Oaks and Uptown District, along with indoor and outdoor pools, 24-hour concierge service, valet parking, a stunning grand lobby and beautifully appointed lounges. Shoppers can expect multiple floor plans and unique penthouses, high-end kitchens with designer appliances.

Davis and his daughter, Natalie, designed the tower with Power Brown Architecture. The Paramount’s contemporary exterior will be characterized by highly stylized geometric ornamentation, framed by white limestone with black and gold accents.

The crowning achievement will be an Art Deco-style crown perched on top of the building that will light up the Uptown skyline. (The crown is also a nod to The Paramount’s status as the “crown jewel” of Davis’s company, according to press materials.)

Luxury residential brokerage firm, Martha Turner Sotheby’s International Realty, has been named the exclusive marketing partner for the project. Pre-Sales are now underway at The Paramount’s 4,000-square-foot sales gallery located at 3723 Westheimer Rd., according to a release.

high-rises

bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.