presented by: bob p. lewis, manager the carrington towers,...
TRANSCRIPT
Presented by: Bob P. Lewis, ManagerThe Carrington Towers, LLC
Project BriefMarch 18, 2019
let's createthe future together
Project OverviewProject TypeHigh-Rise Mixed Use PUD
(“Planned Urban Development”)
Unit Type/Mix1, 2 & 3 Bedroom Units
No. of LevelsWithin the Two (2) Twelve (12) Story High-Rise
Buildings:
Two (2) Stories of Parking and Ten (10) Stories
of Residential Condominium Units
Within the One (1) Retail Mixed Use Building:
Three (3) Stories of Professional Office Space
and One (1) Story of Retail Commercial Space
Price SegmentThe Fontaine Tower (North): $243,100 - $509,760
The Marion Tower (South): $332,860 - $857,034
Professional Office: $36 per annum; $8NNN
Retail Space: $36 per annum; $8NNN
No. of BuildingsFour (4) Buildings Total: Two (2) Twelve (12) Story High-Rise;One (1) Retail Mixed Use Four (4) Story; One (1) Two (2) Story Clubhouse
Welcome
Four years ago, after a presentation from the Texas Sec'y of State, I was presented with the idea of building a high-rise condo in Pearland near Pearland Town Center, Costco, 288, etc. It was noted that Houston has hundreds of them and since we are the 3rd fastest growing City in the USA, we might consider building one! After studying the Demographics PLUS the fact that we are running out of ETJ for expansion and other factors, I accepted the challenge, had the Investors out of Mexico that had just completed the Sofia Condominium Project in Monterey, BUT THE PRICE OF OIL DROPPED TO $29/BBL!FAST FORWARD TO 2018Restart! 1.) 9.3704 AC land under contract adjacent to Pearland Town Ctr on the north and Costco to the south; 2.) Toll Road under construction; 3.) State Legislators limiting cities' growth into ETJ's if any part of the city is located within a county with over 500,000 population! 4.) Demographics unbelievable (Income, Baby-Boomers, Empty-Nesters, Young-Professionals); 5.) Selected design architect.
FOREWORD
Bob P. Lewis
Managing Partner, Carrington Towers, LLC
30 Year Resident of Pearland, TX
Location Map
Area DistancesMalls
Pearland Town Center 0.8 mSilverlake Village 1.2 mThe Crossing at 288 1.9 mBaybrook Mall 21.1 mThe Galleria 20.5 m
HospitalsMemorial Hermann Pearland Hospital 1.5 m
Pearland Medical Center 2.6 m
Encompass Health Rehabilitation Hospital of Pearland 2.0 m
Pearland Emergency & Imaging 2.5 m
Texas Children's Pediatrics Shadow Creek Ranch 2.9 m
Houston Methodist Emergency Care Center in Pearland 1.4 m
The Woman’s Place Pearland 1.6 m
Texas Medical Center 14.2 m
Areas of InterestHobby Airport 15.2 mNRG Stadium 12.3 mMinute Maid Park 16.1 m
Pearland Town Center (0.8m)
Silver Lake Village (1.2m)The Crossing at 288 (1.9m)
Memorial Hermann Pearland Hospital(1.5m)
Pearland Medical Center (2.6 m)
Primary Target Markets
Empty Nesters/Baby Boomers, a segment webelieve will drive growth of the condominiummarket, are increasingly considering downsizingfrom their suburban, single family detachedhomes, with an urban environment proving analluring lifestyle option.
Empy Nesters/Baby Boomers Young Professionals
Young Professionals who work within the TexasMedical Center will appreciate the closeproximity to Shopping and other Lifestyleamenities within the Pearland area, whilehaving easy access to the Downtown Houstonarea when the 288 Toll Road Expansion projectis complete.
Benefits of Condo Living– Someone else handles the outside work. One of thebiggest draws of condo ownership is freedom frommaintenance you might not have the time, desire orability to tackle — like mowing the lawn or repairingoutside structures. Your monthly condo fees cover theseservices.
– Many major costs are shared. By law, a portion ofthose condo fees goes into a reserve fund. When theproperty is well managed, this fund covers major repairslike replacing windows and roofing without additionalcosts to owners. Even when the reserve fund falls short,you’re not in it alone — a “special assessment” will bedone and costs will be shared equally among owners.
– Lifestyle. If you prefer to live on one floor or in a one-or two-bedroom home, condos allow you to own yourown space rather than rent. Common areas like poolsand recreation rooms offer opportunities to socialize withneighbors. Many condo developments cater to specificgroups — like young professionals, families and olderadults.
– Amenities. Some condos offer benefits you won’t seein the average home or apartment building — like atheatre room, gym, swimming pool and party room.
– Customization. Unlike renting, you’re free to paint thewalls, put up pictures and renovate.
– Price. Depending on where you live, some condos aremore affordable than owning a freehold home — and amortgage plus condo fees may be equivalent to rent.
– Location. If you’re craving a prime spot in a major city,condos may be the only practical option. What you losein space and higher condo fees, you gain with easyaccess to work, dining, activities, public transportationand other amenities.
– Security. Marketers say condos offer greater securitythan a free hold home or renting. For one thing, peopleare more likely to take better care of property they own,and some buildings offer a secure entrance or adoorman. You might feel safer with neighbors on eitherside and worry less if you frequently travel.
Project in Focus
Land Area: 9.3704 acres
Gross Floor Area: 614,942 SF
Outdoor Amenity Area: 15,864 SF
No. of Buildings: 4
No. of Residential Units: 314
No. of Retail Units: 11
No. of Professional Units: 66
No. of Residential Parking Slots: 277 per Tower
No. of Retail Parking Slots: 127
No. of Professional Slots: 120
A Few of Our Features
2 Story Clubhouse:• Pool on the Roof• Open Lounge• Function Area• Entertainment Room• Game Room
Basketball court Tennis court Bark Park Fitness Gym Sauna Covered Parking Garage in each
tower Hospitality Concierge - Valet
service, Assistance with bringing in groceries
Plaza area
The Carrington Towers is:
What Where When How Why
An Exciting New Mixed Use Development featuring High Rise Living in close proximity to Houston, but with a small
town feel Pearland, Texas – recently recognized as the third
fastest growing economy in the United States
In a time of increasing congestion within the city
limits of Houston, Pearland offers a respite from the “big
city” This innovative & modern Development will be realized via Teamwork between the City of Pearland, the PEDC and The Carrington Towers
Professional Team
For those who aspire to live in a secure environment with
abundant amenities
Fastest-Growing Cities in the U.S.Overall Rank City Total Score 'Sociodemographics'
Rank'Jobs &
Economy' Rank
1 Fort Myers, FL 76.57 2 18
2 Midland, TX 73.55 11 7
3 Pearland, TX 72.68 1 240
4 Bend, OR 72.45 17 2
5 McKinney, TX 71.4 4 112
6 College Station, TX 71.17 10 33
7 Lehigh Acres, FL 71 8 126
8 Mount Pleasant, SC 70.87 6 106
9 Enterprise, NV 70.87 3 298
10 Irvine, CA 70.3 5 144
Source: Fastest-Growing Cities in AmericaOct 1, 2018 | Adam McCann, Financial Writerhttps://wallethub.com/edu/fastest-growing-cities/7010/
Project Name & Logo
“The Carrington Towers” has been named to honor Mr. Carrington Weems for his contribution to the explosive growth of the Pearland/288 region in the 1990’s.
F. Carrington Weems IIBetween 1997-1999:• Syndicated 100 acres at the northwest corner of FM 518 and
State Highway 288.• Assembled 3,300 acres of land in 150 separate
transactions. Taking two (2) years which became “Shadow Creek Ranch,” Houston and Pearland’s fastest selling master planned community for several years.
• Sold 127 acres at SW corner of South Beltway 8 and State Highway 288.
• Sold 38 acres at NW corner of Shadow Creek Parkway and State Highway 288 for the development of a shopping center which was anchored by the largest Kroger Signature Store of Texas.
• Assembled all of the land which became “The Spectrum at Clear Creek” a public/private partnership for a light-industrial technology park in Pearland still being further developed today (over 200 acres).
• Assembled all of the land almost 2,000 acres that has become Brazoria County’s newest residential development known as “Sterling Lakes.”
• Weems proved to be the most active broker in the Pearland/288 Corridor “Boom.” He was a “Heavy-Hitter” in Commercial Real Estate for five (5) years in the Houston Business Journal.
Thank You
Our Team would like to Thank you for allowing us to present
“The Carrington Towers” Project to you today.
We look forward to working with you to obtain approval for the
PUD and we are 100% committed to completing this project
with your approval.
Thank you for your time and expert advise.
CONCLUSION
Bob P. Lewis
Managing Partner, Carrington Towers, LLC
30 Year Resident of Pearland, TX
DISCLAIMER:In its continuing desire to improve the project, The
Carrington Towers, LLC reserves the right to change features, prices and terms without prior notice and
approval. Floor plans and perspectives depicted in this presentation are for demonstration purposes only and
should not be relied upon as final project plans.
We recognize that once the PUD is approved, we will be restricted from revisions.
let's createthe future together