TUESDAY JULY 08
$7,000 a Month for Houston?

While New York City residents have been relatively spared the daily pain of $4+ per gallon gas, the rest of the country has to bear the brunt of the pain at the pump. But even residents of the Houston area, a city relatively insulated from recession due to the recent oil boom, are getting annoyed with gas prices. The solution? Move downtown to New York-style $7,000 per month apartments.

July 2008

Houston, the fourth-largest U.S. city, hasn't had a new downtown luxury apartment tower in four decades.

That will change next year, when One Park Place opens. The $125 million, 37-story building will have 346 units, charging monthly rents as high as $7,000. The $170 million Houston Pavilions, opening in October, will have offices, shops, a bowling alley and a restaurant owned by the family of Houston Rockets basketball player Yao Ming.

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