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The Ritz-Carlton Residencies, The Woodlands


Amlaham

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  • 5 weeks later...

One of the better Ralph Bivins Project interviews with the Designer of the Ritz Carlton Residences, Johnny Cruz.  I found the John F. Staub influence very interesting.
My notes…

The Ralph Bivins Project
 
Johnny Cruz - Partner with Robert A.M. Stern Architects (RAMSA) and designer of the new Ritz Carlton Residences, The Woodlands.  Native of Seguin, Texas.  Graduate of Norte Dame and Yale universities.
 
Highlights
  • Ralph spoke with Jim Carman, executive of Howard Hughes holdings 
    • Reservations (for units) have been phenomenal 
    • Sales center doesn’t even open until March 2025
  • 111 units
    • 36 unique unit types
    • Every single unit will have a lake-front view (lake is approximately 200 acres)
    • West tower 15 stories
    • East tower 10 stories
  • John F. Staub influence 
    • Every RAMSA project is different 
    • Context of area is studied
    • While Johnny was researching Houston John F. Staub’s name kept coming up
    • His approach to architecture stood out
    • Level of restraint in design (classic)
    • Stately but comfortable, elegant, refined
  • Branded Residences
    • Not a new idea (since the 1920s in New York)
    • A brand gives a bit more “panache” to a luxury development
    • Same level of finishes at hotel translate to residences
  • Johnny Cruz project in Xiamen, China 
    • the award-winning Heart of Lake high-rise garden suburb in Xiamen, China
    • Surrounded by water (like The Woodlands project)
  • Goal is to create something memorable for the community, not just the residents 
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  • 2 weeks later...
  • 2 months later...
43 minutes ago, Amlaham said:

That seems... astounding.

I wonder if the buyers are all future residents? Does anyone know if the HOA rules prohibit renting, short or long term? I'm thinking maybe people buying as an investment property, with intentions to rent?

Because $250MM is an unbelievable number.

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The Woodlands' new 15-story Ritz-Carlton condominium project will break ground between July and September on the last available large-scale residential lot on Lake Woodlands, developer Howard Hughes has announced.

Sales are officially underway for The Ritz-Carlton Residences, which will be just south of Hughes Landing near Lake Woodlands and Lake Robbins Drive.

https://www.houstonchronicle.com/neighborhood/woodlands/article/the-woodlands-ritz-carlton-condo-tower-19381599.php

 

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21 hours ago, astrohip said:

That seems... astounding.

I wonder if the buyers are all future residents? Does anyone know if the HOA rules prohibit renting, short or long term? I'm thinking maybe people buying as an investment property, with intentions to rent?

Because $250MM is an unbelievable number.

I think a long term rentals will likely be allowed for a small percentage of the units but I doubt short term rentals are allowed.

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  • 3 months later...

https://realtynewsreport.com/condo-sales-too-brisk-developer-taps-brakes/

Surging from the starting gate, Ritz-Carlton sales have been so strong, the developer has increased condo prices and has even taken units off the market to preserve inventory until the building is complete.

“We’ve increased prices pretty dramatically in an effort to  – honestly – slow sales until we finish the building and can show off the quality of what we’ve built. We think that the pricing will go higher at that point in time. Despite the efforts of increasing pricing and listing only a few units, the team is still selling units,” said Howard Hughes CEO David O’Reilly in an earnings conference call with analysts.

Since April 1, Over $313 Million in Sales at Ritz-Carlton in The Woodlands

The 72 pre-sold condos (65 percent of total units) represent future revenue of $313 million, Howard Hughes said in its second quarter earnings report.

Initial pricing was estimated at $2 million per residence.

The 15-story Ritz-Carlton development, which will not include a hotel, will have 111 condominiums.

Of course, the rapid condo sales pace raises questions.

One: If the 15-story tower is selling that fast, why not make it a 20-story building?

Two: Isn’t it time to start planning another new high-end condominium in The Woodlands?

In the recent analysts call, O’Reilly did not rule out the eventual possibility of additional residential high-rise projects and “perhaps” another tower could be planned someday.

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  • 1 month later...

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