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With Las Palmas closure, construction in sight
  
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By MICHAEL REED
Following up on the success of having the city of Houston agree to sell Las Palmas Street to make way for his Willowick Place at River Oaks, Ryan McCord is looking forward to taking another step toward developing the 11-acre gated-community off West Alabama Street.
And, while many real estate observers would find getting even a much-lesser project off the ground now considering the financial climate, it would not be McCord’s first unlikely victory in his quest.
For example, in July, about 100 people from the neighborhood filled a meeting room at Looscan Library to hear his rationale for the closing of the tranquil, tree-lined street to avoid having to build a high-rise in order to justify the cost of the land.
After the meeting concluded, so did most signs of protest within the neighborhood concerning the quest tothe building of a “baby boomer and empty-nester” community, also bordered by Weslayan, West Main and Drexel streets.
“It was a slam dunk,” McCord said, adding that being open with the public from the beginning was the key. “We were reducing density and improving the neighborhood.”
McCord said he expects to begin construction in the summer and be delivering home sites one year later. Despite money being tight, he said his situation is different from that of other developers, who have had to backpedal on plans recently.
“Buying the land was our investment,” McCord said. “We are not being held hostage by the market. People (we are selling to) looked at acquiring the home site and building when they are ready.”
So far, McCord said about 25 percent of the 62 sites have been sold with two buyers planning to buy three sites. Sites are selling from $900,000 to $2 million a piece.
The land, itself, is listed by the Harris County Appraisal District with an appraised value of $20.2 million up from $13 million from in 2007. The yet to be established price of the street acquisition will likely be made public in about three weeks.
Using the HCAD valuation of $45 -a square foot, the almost 1-acre area would cost about $1.9 million.
“We are proceeding as if everything is going to work out in the financial world,” McCord said.
The Willowick Place at River Oaks development will preserve almost all the trees in the lush area with others to be planted. Almost all sites will have rear-lanes, or alleys, hiding the garages from public view.
“The configuration is atypical.” McCord said, adding a lot of effort was put into “what we want people to be looking at.”
Because of the street closure, the ability to enclose homes behind an 8-foot brick wall has made security a key selling point that can be figured into site prices. There will be a guard at the Alabama Street entrance around the clock.
With most of the residents expected to have “at least some staff,” even smallest residence will be designed to park three cars.
There is no minimum or maximum square-foot requirement for structures, but all must be at least two full stories tall.
Unlike River Oaks, which achieves separation from the public space near the street with distance, raised foundations will give the community a “Georgetown-type feel,” McCord said. There will be an 8-foot setback from the street and at least a 7-foot buffer between homes.
McCord, who lives about 80 yards from the development, credits his father and founder of McCord Development Inc., Frederick McCord, with the idea for the project.
The senior McCord told his son there is no place from someone in River Oaks who is getting older and “tired of their big houses” to move to in comfort in the area.
McCord said that was kept in mind when developing the type of residences available. In fact, a lot of consideration was given to how many guests might be expected for the holidays.
“A lot of planning is from the dining room out,” Ryan McCord said.
And, while many real estate observers would find getting even a much-lesser project off the ground now considering the financial climate, it would not be McCord’s first unlikely victory in his quest.
For example, in July, about 100 people from the neighborhood filled a meeting room at Looscan Library to hear his rationale for the closing of the tranquil, tree-lined street to avoid having to build a high-rise in order to justify the cost of the land.
After the meeting concluded, so did most signs of protest within the neighborhood concerning the quest tothe building of a “baby boomer and empty-nester” community, also bordered by Weslayan, West Main and Drexel streets.
“It was a slam dunk,” McCord said, adding that being open with the public from the beginning was the key. “We were reducing density and improving the neighborhood.”
McCord said he expects to begin construction in the summer and be delivering home sites one year later. Despite money being tight, he said his situation is different from that of other developers, who have had to backpedal on plans recently.
“Buying the land was our investment,” McCord said. “We are not being held hostage by the market. People (we are selling to) looked at acquiring the home site and building when they are ready.”
So far, McCord said about 25 percent of the 62 sites have been sold with two buyers planning to buy three sites. Sites are selling from $900,000 to $2 million a piece.
The land, itself, is listed by the Harris County Appraisal District with an appraised value of $20.2 million up from $13 million from in 2007. The yet to be established price of the street acquisition will likely be made public in about three weeks.
Using the HCAD valuation of $45 -a square foot, the almost 1-acre area would cost about $1.9 million.
“We are proceeding as if everything is going to work out in the financial world,” McCord said.
The Willowick Place at River Oaks development will preserve almost all the trees in the lush area with others to be planted. Almost all sites will have rear-lanes, or alleys, hiding the garages from public view.
“The configuration is atypical.” McCord said, adding a lot of effort was put into “what we want people to be looking at.”
Because of the street closure, the ability to enclose homes behind an 8-foot brick wall has made security a key selling point that can be figured into site prices. There will be a guard at the Alabama Street entrance around the clock.
With most of the residents expected to have “at least some staff,” even smallest residence will be designed to park three cars.
There is no minimum or maximum square-foot requirement for structures, but all must be at least two full stories tall.
Unlike River Oaks, which achieves separation from the public space near the street with distance, raised foundations will give the community a “Georgetown-type feel,” McCord said. There will be an 8-foot setback from the street and at least a 7-foot buffer between homes.
McCord, who lives about 80 yards from the development, credits his father and founder of McCord Development Inc., Frederick McCord, with the idea for the project.
The senior McCord told his son there is no place from someone in River Oaks who is getting older and “tired of their big houses” to move to in comfort in the area.
McCord said that was kept in mind when developing the type of residences available. In fact, a lot of consideration was given to how many guests might be expected for the holidays.
“A lot of planning is from the dining room out,” Ryan McCord said.
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