What's happening
The four parcels, spanning 419-515 W. Gray St., Houston, are home to four older apartment buildings, which are slated to be demolished starting in April with the demolition process done by this summer, said Koloa Wolfgramm, founder of Wolfgramm Capital, the real estate investment firm leading the development of the project.
Wolfgramm is partnering with the Friendswood-based Tannos Development Group, which will be the general contractor on the project. Ground will break before the end of 2024, Wolfgramm said.
The details
The Madison will be a luxury condo development with 35 units, which will mainly feature two or three bedrooms and span from 2,000 square feet to 3,200 square feet, Wolfgramm said. The project will offer dedicated on-site parking for each condo owner on the first two of the site's planned seven floors.
Other features include a balcony pool deck, dedicated storage lockers and dedicated bike spaces. Pricing for each condo will range from about $1.4 million-$2 million, Wolfgramm said.
Condos will be available with a semi-custom build options, where condo owners will have options for the interiors across several different palettes, Wolfgramm said. All appliances will be high-end to compete with other luxury market properties, he said.
Zooming out
Other Wolfgramm properties include the Waldorf Astoria Park City in Utah. Wolfgramm is also working with Tannos on a portion of the Friendswood City Center. All of the founders of Wolfgramm live in the south Houston and Friendswood areas, Wolfgramm said.
What they're saying
"We noticed a lot of demand for luxury condos," Wolfgramm said. "We also noticed the uplifting of this neighborhood. There’s nightlife coming in, restaurants, higher-end retail. ... We think we are timed well. I think if you'd done this 20 years ago, it'd be too early, and if you did it 20 years from now, it’d be a lot more expensive."
What's next
After the groundbreaking takes place in the fourth quarter of 2024, Wolfgramm said it will take about 24 months for construction before a soft opening in late 2026.
