The glass tower is half full: 218 of the 394 units in the first Mosaic tower have been sold, reports the Houston Business Journal. Are those just the north-facing units? Because directly to the south, the second tower is ready for liftoff:
Phillips Development & Realty LLC of Tampa, Fla., which is developing both condominium towers near Hermann Park at a cost of $203 million, secured a $141 million loan from Chicago-based Corus Bankshares Inc. last week to refinance the first building and finance the second one. . . .
Phillips says the company financed the first Mosaic tower as a rental property because that was the only way to secure funding.
Why is it called Mosaic? There are a lot of tiny units in there, 18 to a floor, averaging 980 square feet. They start at $165,000.
- Mosaic orders double-dip as second condo tower moves forward [Houston Business Journal]
- Mosaic on Hermann Park