Bank of Ozarks has led the financing of a $125m mixed-use development project in Houston, Texas.
Thor Equities will begin construction in October on the 1m sq ft residential, office, retail and entertainment development at 3200 Kirby Drive, located in the River Oaks neighborhood, bounded by Kirby Drive, West Main, Colquitt and Lake Streets.
The borrower and lender declined to comment on the loan amount and loan terms.
The Kirby Collection project features a 199-unit, 25-story, 385,000 sq ft residential tower, a 13-story, 210,000 sq ft Class A office building and 65,000 sq ft of two-level retail space. A residential penthouse level will be home to Skyview Suite, available to all residents offering panoramic views of the Houston skyline.
“With the Houston metropolitan area experiencing healthy population gains fueled by continued strength in the economy, the demand for luxury residential, office and retail space in the city remains strong,” said Joseph Sitt, CEO of Thor Equities.
“Kirby Collection is primed to become the most sought after address in Houston, redefining modern luxury and creating the ultimate live-work-play community in one of Houston’s most affluent areas.”
The development is scheduled to open in the fourth quarter of 2017. Richard Keating is the design architect, Dianna Wong Architecture + Design is the interior designer and Kirksey is the architect of record.