Industry News

Houston developer moves forward with Topaz Villas community

Despite oil prices slowing, Topaz Villas resumes development
  • Plans for Topaz Villas were announced in 2014 but immediately put on hold due to a slowing local economy.
  • The luxury apartments are priced between $900,000 and $1.5 million.
  • Construction is set to begin in August or September and completed in 13 months.

The drop in oil prices halted a lot of development in Houston, but one developer is looking optimistically to the future. The Topaz Villas will resume construction, according to developer Ron Lozoff. Lozoff announced plans for Topaz Villas in 2014. Shortly thereafter, though, crude oil prices in the Lone Star State dropped from $100 per barrel to $30, essentially stopping most of its economic growth in its tracks. Investors balk during oil slump "We were going to get started at the beginning of 2015," Lozoff said. "We bought land in January of 2014 and we were analyzing for three, four or five months. We developed plans, which took almost the rest of the year." In December 2014, when the plans were finalized, oil prices dropped by 70 percent. Originally Lozoff was working with many out-of-state investors to generate the equity needed for the project. However, when oil prices dropped and the forecast for job and economic growth was on the decline, investors started ba...