July 27, 2016
Ivy Lofts at 204 Leeland Ave. in East Downtown Houston was initially envisioned as the first major micro-unit condominium development in the metro. Developer Novel Creative Development LLC anticipated that all 550 units would sell before a June 2016 groundbreaking.
But, lackluster sales led New York City-based Novel Creative Development to redesign the project into a condo hotel. A condo hotel, or condotel, is a condo building operated as a hotel.
When the buyers aren’t occupying their units, they are rented out to visitors. The idea is still in the conceptual phases, but Novel Creative plans to relaunch the redesigned project after Labor Day.
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