Howard Hughes Holdings has broken ground on the first standalone Ritz-Carlton Residences in Texas, saying it has sold 69% of the project's condominiums.
The developer announced in March that more 50% of the 111 units sold during the first week for a total sales volume in excess of $250 million. Still, the company has yet to announce individual unit prices for the project in The Woodlands, about 30 miles north of downtown Houston.
Since March, "sales have continued at a solid pace and set all-time highs for the region," Howard Hughes CEO David O'Reilly said in a statement.
The Federal Reserve's decision last month to cut interest rates by half a percentage point is expected to boost home and condo sales across the U.S. In the past two years, potential buyers have been hesitant to purchase houses with mortgage rates above and near 7%.
Houses at The Ritz-Carlton Residences, The Woodlands range from more than 1,800 square feet for a one-bedroom condo to nearly 5,100 square feet for a penthouse on the 15th floor. The development is on an 8.6-acre site with 1,250 feet of private shoreline, the company said. Douglas Elliman Development Marketing is the exclusive listing brokerage.
Howard Hughes, a company that owns, manages and develops commercial, residential and mixed-use projects across the country, did not say when it expected to complete construction of The Ritz-Carlton Residences, The Woodlands.
Howard Hughes uses the Ritz-Carlton name as part of a licensing agreement with the Ritz-Carlton Hotel Co.
Marriott International, owner of the Ritz-Carlton, opened the first standalone Ritz-Carlton Residences in 2009 in Baltimore’s Inner Harbor.