Breaking News: Embrey's May Groundbreaking
Embrey Partners is gearing up a 336-unit luxury multifamily project. Its the latest in a long line of multifamily groundbreakings, but its not in one our superheated development pockets: The new community will sit at Hwy 249 and Cypresswood.
Embrey EVP of development John Kirk tells us Embrey is partnering with Stonelake Capital Partners on the four-story luxury deal. Construction starts next month with the demolition of an existing structure and first units will deliver late next spring. He says the firm IDd Cypresswood because despite strong occupancy and rents, employment growth (such as Noble Energys 1M SF campus), and growing amenities like the upcoming Whole Foods (see next story), theres limited multifamily supply in the submarket. (You can't have a Whole Foods if there's no one to purchase guava juice.)
John says Embrey intends to urbanize the suburbs, withsmaller unit sizes plus finishes and amenities youd usually see in urban core product. (Throw in some crazy cab drivers for authenticity.) To appeal to young professionals, itll include an urban garage/tech lounge in the club house with 18 ceilings, glass garage door fronting the pool, large working tables, coffee bar, and massive TVs. The project sits on 15.4 acres and will have ample green space such as a walking trail, large dog park, and wildflower area. Amegy Bank provided construction financing.
