Developer has released new renders:

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Today the developer has posted shots of the model via Facebook. Novel Creative Development will open the sales center for Ivy Lofts in mid-February, with groundbreaking set for May.

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Due to poor sales, the developer is working on a new concept for the project.

Exclusive: Houston’s first major micro-unit condo project shifts direction

The developer is now redesigning the project into one of the first condo hotels in Houston, Tsai said. Condo hotels, or a contel, is a condo building that is operated as a hotel. When the buyers aren’t using their condos, it is rented out to visitors.

“The micro-condo concept works, but we had to tweak our project a little bit, trying to create something more favorable to investors,” Tsai said. “Investors want an investment vehicle. We project between a 7 percent and 9 percent return.”

The condo hotel idea is still in the conceptual stages, and more firm details like unit counts are still being worked out, Tsai said. However, the project could include a co-working office and retail components, he said.

Novel Creative Development hopes to relaunch the redesigned project after Labor Day, Tsai said.
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EDI International has taken over the design phase.

Exclusive: Developer to relaunch Houston micro-unit condo project

Novel Creative Development LLC plans to relaunch The Ivy Lofts, Houston’s first major micro-unit condominium tower.

The Houston developer, which considered redesigning Ivy Lofts into a condo-hotel earlier this year, will unveil its latest plans for the project at an on-site reveal party at the Ivy Lofts sales center on Nov. 5.

Instead of a condo-hotel, Novel Creative Development is now proposing a 28-story, 412-unit condominium tower. Nearly 80 percent of the units — 326 units — will be considered micro-units, or homes that are less than 500 square feet.

The revamped Ivy Lofts — designed by Houston-based EDI International — is slightly taller, but offers fewer units than the original plan, which called for a 24-story, 550-unit tower. Some of the floor plans are also larger, with wider showers and more functional storage space with the taller ceilings.

Ivy Lofts will be on an 1.4-acre city block at 2604 Leeland Ave. in East Downtown, a transforming neighborhood close to Downtown, Midtown and the Texas Medical Center.

“This is our best plan to date,” said Jared Anthony, spokesman for Ivy Lofts. “We’re hoping this one sticks.”

Ivy Lofts will offer a variety of condo units, from a 400-square-foot efficiency to a 2,000-square-foot penthouse. There will be 10 two-story penthouse units on the top two floors. Condo prices will start from $159,900.
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