Just because there aren’t many vacant lots available in the Park Cities doesn’t mean there aren’t new homes coming on the market.
From Uptown to Preston Hollow, luxury apartments and condominiums are selling almost faster than they can be built, and Highland Park developer Robert Elliott is the latest to enter the fray.
Elliott has started construction on Mondara, a three-story complex near the intersection of Abbott and Knox avenues that will include 35 condos ranging from 1,900 to 4,300 square feet — at costs between $800,000 and $2.6 million.
“We wanted to lay something out that would hit the target market,” Elliott said. “How does somebody who has been in the Park Cities all their life — maybe they don’t need to be on a big lot anymore, but where do they go? How do we move them into something that works?”
Elliott is funding the project through his investment firm, Stillwater Capital, in conjunction with Robert Elliott Homes, which has built more than 65 single-family houses in the Park Cities. The company also has developed several apartment complexes in cities throughout Texas.
The building will feature a flat design with single-level units, which Elliott hopes will be ideal for young professionals or empty-nest couples looking to downsize while remaining in the neighborhood.
“If you’re of a certain age, you don’t want to think about three stories of living,” Elliott said. “It’s a high-end place for people who don’t want to do high-rises.”
Elliott said the design by the architecture firm of Stocker Hoesterey Montenegro is energy efficient, using geothermal wells to provide air conditioning, along with foam insulation and slate roofing. The block-and-stucco exterior will include steel doors.
Elliott also is working on Milton Walk, which features 15 three-story condos near Snider Plaza with a more traditional painted-brick look. Those units, which are about 1,600 to 2,500 square feet, haven’t been priced yet.
As for Mondara, Elliott recently purchased the land, which has been vacant for several years, and said the timing feels right. A handful of units already have been sold, with the first move-ins slated for next spring.
“It’s got that high-end, residential feel with a commercial application,” he said. “People want good quality, and they want less size.”