The project includes the construction of a high-rise building with approximately 328 residential units and approximately 1,380 square meters of first floor commercial space. The building is centrally located in Houston, between the Texas Medical Center and downtown Houston. Construction time to completion is approximately two years and substantial occupancy is expected to be achieved within two years of completion. The total project cost is approximately USD ~130 million, of which ROY was contributing USD 29 million in equity at closing. The construction costs are secured through a guaranteed maximum price contract. ROY Asset Holding SE’s contractors are leading real estate project developers in the U.S. with a proven track record in developing similar projects and a Fortune 500 American civil engineering and design firm.
Construction began in May 2018 and the plan is to sell this property to an investor upon completion and achievement of a substantial occupancy rate. Leasing of the residential units commenced in the first quarter of 2020 and substantial occupancy is expected to be achieved in the first quarter of 2022.