GID Development Group Begins Construction On First Component Of 24-Acre Mixed Use Regent Square Development

HOUSTON, Aug. 15, 2012 /PRNewswire/ -- GID Development Group announced today the official commencement of The Sovereign luxury high-rise apartment tower project. Located in the heart of the Inner Loop at 3233 West Dallas, The Sovereign marks the first element underway for the 24-acre, 4.2 million square foot mixed-use Regent Square development. Initial occupancy for The Sovereign is slated for March 2014.

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The 290-unit luxury apartment tower will consist of 21 stories featuring panoramic views of the Downtown Houston skyline, Buffalo Bayou, Memorial Park, River Oaks, and the Galleria and the largest, most sophisticated set of amenities in the market. The building will be Houston's most advanced high-rise residential product and is designed to achieve a LEED Silver Rating.

"The Sovereign will be Houston's most unique residential building featuring unparalleled views, apartment features, services, and amenities," said James Linsley, President of GID Development Group. "The Sovereign also represents the initial phase of Regent Square, a master plan that is now under construction and becoming a reality, ultimately resulting in a new pedestrian friendly urban district with a vibrant mix of residential, retail, restaurant, entertainment, and office uses as well as world class public spaces."

The prestigious Houston-based architectural firm Zeigler Cooper Architects designed The Sovereign. The building will blend into the surrounding neighborhood using a timeless and sophisticated mix of glass, brick and stone treatments that reference both traditional and contemporary architectural elements.  Unique among Houston high rises, The Sovereign's apartment units not only reach skyward but also extend to the ground level, creating a pedestrian friendly environment at the sidewalk and a more authentic and sophisticated streetscape.

The Sovereign will boast a successful blend of upscale and green amenities including 10-ft. ceilings and contemporary kitchens with gas cooking, granite counter tops, and stainless steel appliances. Marble and tile bathrooms provide five fixture layouts with separate bathtub and shower areas, double vanities, and low flow toilets. Units also feature expansive windows, generous balconies, and modern conveniences such as under counter wine/beverage refrigerators.

The Sovereign will offer the most comprehensive set of residential amenities in the market with more than 48,000 square feet of indoor and outdoor features, creating a resort-like atmosphere oriented toward health, fitness, relaxation, socializing, entertainment, private functions, and a variety of regularly programmed events.  Additionally, residents will have access to the one-of-a-kind Sovereign Club.

The Sovereign Club will encompass the entire eighth floor and will include more than 42,000 square feet of indoor and outdoor amenity features with sweeping views. Planned indoor amenities include a fitness room, yoga studio, private training space, massage room, library, cyber lounge, club room, business center, demonstration kitchen, catering kitchen, indoor and outdoor private dining rooms, screening room, game lounge, and a sophisticated bar and sports lounge.  Slated outdoor amenities include a 75-foot resort style pool lined with palm trees, sun lounge area, spa, private cabanas, fire pit areas, barbecue pavilion with a fireplace, Great Lawn, resident herb and vegetable gardens, Zen garden, fitness area and a variety of lounge areas accentuated by extensive landscaping.

A unique, residents-only private park will include 4,200 square feet of fountains, benches, and contemporary landscaping, all of which will be specifically designed as a pet friendly space. The park will complement The Sovereign's pet spa featuring fully-equipped washing, drying, and grooming areas.

The building will also offer the highest level of residential services including concierge, valet parking, and on-site management, leasing, and maintenance teams. A retail shop on the ground floor will provide snacks, coffee, drinks, magazines, and other sundry items so residents will not have to leave the building for their daily conveniences. In addition, Houston's newest Whole Foods is a short block away.

The City of Houston played a key role in The Sovereign's feasibility. Through a pioneering Development Agreement from the City and Tax Increment Zone 5, Regent Square and The Sovereign will be reimbursed for critical improvements to the public infrastructure in the area.  These improvements will include burying overhead utilities, upgrading drainage in the area and creating wide pedestrian-friendly sidewalks with mature street trees.  In addition to the City benefitting from these infrastructure improvements, the project will generate hundreds of jobs and millions in property taxes.

"This project is yet another reflection of Houston's economic upturn, which the rest of our nation is still trying to achieve after a severe recession," said Mayor Annise Parker.  "It shows the City's dedication to continuing to bring jobs and economic growth to Houston."

Serving as general contractor is JE Dunn. Recognized as the 25^th largest general contractor in the country, the 85-year old firm has been involved with some of the largest and most complex projects west of the Mississippi and has been rooted in the Houston community for more than 25 years.

Bank of America provided the construction financing. One of the largest commercial banks in the U.S., Bank of America Merrill Lynch provides project finance, corporate finance and comprehensive financial solutions for public and private Real Estate Investment Trusts (REITS) and funds, as well as commercial and residential real estate companies. "Bank of America is pleased to once again work with GID Development Group, a leader in mixed-use projects and residential developments in major U.S. markets," said Paul Kinyon, senior vice president in Commercial Real Estate Banking at Bank of America. "The Sovereign is a great example of the type of development Bank of America is committed to as a leader in the commercial real estate industry."

About Regent Square

The Sovereign is part of the 24-acre Regent Square master plan, a 4.2 million gross square foot mixed-use project also being developed by GID Development Group.  Regent Square has been designed as Houston's most visionary and ambitious walkable mixed-use district featuring residential apartments and condominiums, retail shops, restaurants, theaters and entertainment venues, office space, parks and courtyards, along with gracious tree-lined streets and sidewalks.  Regent Square will become an icon of sophisticated urban planning through its diverse combination of uses and high quality design that blends both traditional and contemporary architecture from more than ten renowned architects.  Blending seamlessly with its surrounding urban fabric, Regent Square will fulfill Houston's untapped desire for a pedestrian oriented mixed-use neighborhood catering to residents seeking an active and exciting urban atmosphere.  Although already in a premier location, The Sovereign will benefit as future phases of Regent Square are developed to provide the best shopping, dining, entertainment, public space, and walking neighborhood in Houston.

About GID Development Group (www.gid.com/development)

GID Development Group was formed in 2008 to develop, acquire, and advise on sophisticated "best-in-breed" mixed-use projects and premier residential urban developments in major metropolitan markets throughout the United States. Under the leadership of James Linsley, President of GID Development Group, the founding principals are a unique collection of experts in the fields of mixed-use development, finance, entitlements, design, construction, leasing, and marketing – creating a team that is experienced across all major property types and development disciplines. Prior to the founding of GID Development Group, these principals were previously involved in projects totaling more than 35 million square feet, with an aggregate development value in excess of $15 billion, including iconic developments such as Time Warner Center in New York City, The Grove in Los Angeles, and Rowes Wharf in Boston.  The Director of Construction, Director of Design, and The Sovereign's Director of Development are LEED Accredited Professionals.

Emphasis is placed on Class A large-scale mixed-use developments, premier condominium and apartment properties, and sophisticated retail, town center, and urban village projects. Properties combine high-quality design with residential, retail, restaurant, office, hotel, cultural and public space components. Projects range from downtown urban high-rise developments to multi-phase large-scale master plans. With more than 12 million square feet of mixed-use projects including over 5,000 multifamily units already in various phases of design and construction, GID is poised to have a major impact on the nation's next generation of innovative real estate development projects.

SOURCE GID Development Group