T H E W I L S H I R E N E W S L E T T E R | V O L . 1 - S P R I N G 2 0 1 6

Experience The Wilshire Advantage

L E T T E R F R O M T H E D E V E L O P E R

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A R C H I T E C T U R A L I N S P I R A T I O N S

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C O N S T R U C T I O N U P D A T E

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S A L E S & M A R K E T U P D A T E

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R I V E R O A K S D I S T R I C T U P D A T E

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E X P E R I E N C E . Q U A L I T Y . R E P U T A T I O N

LETTER FROM THE DEVELOPER

ROBERT F. BLAND | FOUNDER - PELICAN BUILDERSDEREK W. DARNELL | PRESIDENT - PELICAN BUILDERS

We are delighted to welcome you to The Wilshire. The Wilshire

will be an exceptional residential building, enhanced by its close

proximity to River Oaks District, Houston’s newest upscale retail

and dining area. Our talented team of architects, Kirksey

Architecture, has designed a building with attractive, lasting,

and functional architecture. It will be a landmark building,

in a landmark location, in Houston, Texas, the fourth largest city

in the United States. Construction of our tower began in August

2015. The drilled concrete shaft foundation is now complete,

and the structure of the building is rising weekly, with the fourth

level concrete floor now in place. During the construction process

all work is carefully inspected by our architects and engineers to

assure that the demanding requirements of the developer and

architect are met. Construction will be complete in the summer

of 2017.

Pelican Builders, Inc. has extensive experience in high-rise

residential development, and takes pride in producing a quality

product, and in giving careful attention to the needs and desires

of its buyers. Our sales office is open daily, and our staff is always

available to help. We welcome your questions and comments at

any time. As the project moves forward, we will keep you

informed by periodic newsletters.

We look forward to our association with you during the

construction process, and upon completion it will be our

pleasure to deliver to you a quality and excellent

condominium home.

Cordially,

Robert F. Bland

Derek W. Darnell

ARCHITECTURAL INSPIRATIONS

DOUG HAMMEL | EXECUTIVE VICE PRESIDENT - KIRKSEY ARCHITECTURE

As architects, Kirksey believes it is their responsibility to design high-

performing, healthy buildings that positively impact the people,

environment and communities they serve. Headquartered on their

own corporate campus in Houston, Kirksey is an award-winning firm

comprised of a group of designers and creatives who greatly value

each other, their clients, their community and the earth.

Kirksey was honored to be named the 20th top architecture firm in

the nation by ARCHITECT magazine in their annual Architect 50 list

in 2015. Texas Society of Architects named Kirksey “Architecture Firm

of the Year” for 2012-2013, and the Houston Business Journal has

consistently named Kirksey on their “Best Places to Work” list for

the last 8 years.

Team-based in structure, Kirksey serves Commercial, Collegiate,

Community, pK-12, Government, Healthcare, Hospitality, Religious,

Science & Technology, and Multi-Family Residential markets.

Kirksey is proud to bring their architecture expertise to the design of

The Wilshire, where they custom-tailored this luxury high-rise to match

the client’s vision for an iconic building with a lasting presence. With

such diversity of unit type and scale, The Wilshire is able to accommodate

a variety of different buyers, tastes and price points — located just

steps away from a bustling River Oaks District.

T H E W I L S H I R E | 3

CONSTRUCTION UPDATE

ROB LONG | VICE PRESIDENT - PELICAN BUILDERS

LOOKING NORTH FROM THE TOWER CRANE

The Wilshire continues to progress!

We’ve continued to be blessed with a mild Texas winter and we’ve been

very productive on-site.

Since our last update, we’ve not only poured the slab on grade, but we’ve

also poured all the way through Level 5 of the Tower and the slab on

grade of the Parking Garage. During the month of March, we will pour

Levels 6, 7 and 8.

The building is scheduled to top out in early September. However,

based on productivity and progress to date - we’ll beat that date. As

the building grows, so does the excitement for The Wilshire and

the surrounding neighborhood.

Good things are happening!

As a reminder, here is s a link to the construction camera that we have

installed on top of Highland Tower, just east of The Wilshire. Visit

the URL to see the latest pictures and watch time-lapse images of

our progress!

C O N S T R U C T I O N C A M www.oxblue.com/open/Reed/Wilshire

T H E W I L S H I R E | 4

LOOKING WEST FROM PARKING GARAGE

LOOKING SOUTHWEST FROM LIVING ROOM IN UNIT 303

LEVEL ONE LOBBY

T H E W I L S H I R E | 5

SALES & MARKET UPDATE

MIKE REDDELL | VICE PRESIDENT, DEVELOPMENT SERVICES - SUDHOFF COMPANIES NAT HESTON | ASSISTANT DIRECTOR, DEVELOPMENT SERVICES - SUDHOFF COMPANIES

T H E W I L S H I R E | 6

S A L E S U P D A T E

Sales for The Wilshire at River Oaks District have exceeded all

expectations. In approximately 7 months, over half of the building has

been sold. In comparison, it generally takes 12-14 months to reach this

milestone. There is only one Penthouse space available. However,

very desirable inventory is still available throughout the building

regardless of view corridor preference. As predicted, as River Oaks

District shops and restaurants come on line the interest and pace of

sales at The Wilshire has increased incrementally.

We are grateful for your support and confidence in this exciting

development. Please contact our sales agents if you have friends or

family who might be interested in considering The Wilshire

at River Oaks District for their new home.

M A R K E T U P D A T E

A new report released last week by Sudhoff Companies tracked the

supply and demand of new condominiums. It indicated that 40%

of developer-owned inventory in projects now under construction

was sold during the past year. This sales pace leaves the market with

only approximately 200 new condominiums (approximately 1 year

of inventory) available within this area. The news is the same for the

condo resale marketplace – new listings and available supply are at

their lowest levels in years.

Demand is not likely to wane. One of the largest demographics buying

Houston condos is empty-nesters. This age group, casually referred to

as Baby Boomers, is the fastest growing demographic in the U.S.A.

The increasing demand from buyers wanting to simplify their lives in a

way that only a condominium can satisfy and the dwindling supply of

product will ultimately bring competition for more-preferred inventory.

The supply is even lower for buyers seeking to make a move to a

condominium inside the loop in the next few years. The Sudhoff

Companies report shows availability of new condominiums inside

the loop for projects available for move in within the next three years,

is approximately 140.

55% SOLD!

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n AVAILABLE INVENTORY n MONTHLY SALES ABSORPTION RATE

H O U S TO N N E W C O N D O C O N S T R U C T I O N

RIVER OAKS DISTRICT UPDATE

MARK SULLIVAN | ON THE MARK COMMUNICATIONS

Opened in October 2015, River Oaks District is a curated collection of

luxury and best-in-class retail, dining, entertainment and living amenities

located in the heart of Houston. From world-class brands with iconic

storefronts to upscale restaurants and luxury entertainment, River Oaks

District is a shopping and dining destination like none other for both

Houstonians and visitors alike.

Over 60 luxury retailers including: Hermès, Cartier, Dior, Roberto Cavalli,

Dolce & Gabbana, and Tom Ford are set in a sophisticated open-air

environment where shoppers can stroll the walkable, tree-lined streets and

lounge in the courtyard. The global fashion and cosmopolitan streetscape

creates an experience that evokes great worldwide cities while remaining

authentic to its Texas roots.

Beginning spring 2016, visitors will be able to dine alfresco at high profile

restaurants with cuisine options from around the globe. Restaurants opening

in the District include Toulouse Café, a French bistro; Le Colonial, a

highly-acclaimed upscale French-Vietnamese restaurant; Taverna, an Italian

artisan eatery; The Porch, new American restaurant featuring down-home

food and uptown cocktails; Steak 48, a contemporary American steakhouse

from the distinctive and innovative Mastro Family Restaurant Group;

Somomaya, a Mexican-Asian Kitchen; and Hopdoddy, a handcrafted burger

and beer restaurant known for sourcing local, all-natural ingredients.

Luxury entertainment and amenities continue with iPic Theaters, an eight-

screen 560 seat movie theater that is also home to The Tuck Room, an

intimate gastro lounge, as well as with Equinox, a luxury fitness and wellness

destination with a 35,000 square foot club featuring a broad range of fitness,

nutrition and health classes; a juice bar and a full-service spa.

To ensure maximum convenience for shoppers, River Oaks District also

boasts a full-time dedicated concierge team that can provide every perk to

elevate your experience, from making reservations and arranging car service

to delivering.

For more information on River Oaks District, please visit

RiverOaksDistrict.com.

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A D E V E L O P M E N T B Y P E L I C A N B U I L D E R S , I N C .

2 0 4 9 W E S T C R E E K L A N E | H O U S T O N , T E X A S 7 7 0 2 7 | TH E WIL S H I R E HOU S T O N . C O M | 7 1 3 . 6 0 0 . 5 0 7 2

PRICES AND SPECIFICATIONS SUBJECT TO CHANGE WITHOUT NOTICE. PLEASE NOTE THESE IMAGES ARE MEANT TO EVOKE THE CHARACTER & MOOD OF THE DESIGN AND NOT MEANT TO REPRESENT EXACT FEATURES OR MATERIALS. THIS INFORMATION IS DEEMED RELIABLE BUT NOT GUARANTEED.