The Marlowe marks developer’s macho return
20-story tower, Randall Davis’ first downtown project in 15 years, exudes male theme in new for-sale property
R
andall Davis’ buildings often have a feminine side. Sculpted female figures stand among the arches and
Corinthian columns at the Renoir Lofts near River Oaks. Two of the developer’s beachside projects include the words Diamond and Sapphire. His new building in the Galleria area is named Arabella.
His latest project, however, is all man.
From the black and white exterior meant to evoke a “manly pinstriped suit” to the portraits of Marlon Brando, Sean Connery and Paul Newman that will hang in the concrete, metal and glass-clad lobby, the 20-story tower exudes a macho vibe.
“You know me. I’m not going to do a plain old building,” Davis said Wednesday
on a tour of Marlowe, his first downtown project in 15 years. “The black and white felt like a man in a pinstriped suit so we chose a masculine name, Marlowe. From there we said let’s name the floor plans after old movie stars, and let’s just do all men.”
Of the 75 condos that are spoken for, Davis wasn’t sure of the exact gender mix
of the buyers. But generally speaking, he said, buyers in these high-rise buildings are weighted toward males.
Men make up 57 percent of the population in the greater downtown area, which spans a 2-mile radius from the center of downtown, according to a new report from Central Houston and the Downtown District. The largest segment of the population age-wise is 25- to 34-yearolds, who comprise 29 percent. The second-largest group, 35- to 44-year-olds, make up 15 percent.
Davis said it’s not all about gender. The concept for the building, he said, has always been related to economics.
“If you’re paying $2,900 a month to rent, you can own a residence for the same amount,” he said. “Why do you want to rent in a high-rise when you can own it and the after-tax equivalent is in the high $2,000s?”
The average price per square foot in the 95-unit building is approximately $525. A two-bedroom, two-bathroom place goes for between $550,000 and $600,000. Monthly maintenance fees are around $800.
The Marlowe is unusual in that it is a new for-sale building.
While downtown’s housing market has exploded in recent years, much of the new supply has been rentals.
In the past two years developers have added more than 3,200 units, mostly apartments, to the urban core. Another 1,179 are planned.
The boom was a direct result of a city development initiative that offered developers generous tax rebates to build housing. Davis was one of many who took advantage of the program.
Davis’ strategy to lure renters into his building has worked to an extent, as some buyers have come from downtown apartments. Others are out-of-towners who make frequent business trips to Houston. A few are Mexican and Chinese nationals.
A longtime Houston developer, Davis’ last downtown project was Hotel Icon, which opened in the old Union National Bank building just before Houston hosted the Super Bowl in 2004.
Many of downtown’s historic buildings have since been redeveloped.
“The good historic buildings are gone,” Davis said. “There are none left to develop, so you have to build something new.”