Rice investments to build in Rice Village, Third Ward

By Hongtao Hu     2/4/25 10:33pm

What do a Third Ward affordable housing development and a luxury condominium have in common? They’re both part of Rice’s investment portfolio. 

The Manson Place for Parent Scholars in Houston’s Third Ward and the Chaucer Condominiums in Rice Village are expected to open in Fall 2025 and Summer 2027, respectively.

The Rice Real Estate Corporation recently provided financial support for Manson Place as part of the Ion District Community Benefit Agreement. The Ion District is a real estate initiative by Rice and the city of Houston meant to lift up economically disadvantaged areas by developing the Ion mixed-use building, affordable housing and other businesses, and was established in July 2019.

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This agreement provides $4.5 million for affordable housing developers, a $5 million investment fund for minorities and women in tech and other equity initiatives. The city approved the pact over community organizations’ opposition in 2021. 

The Manson Place plans to provide 76 affordable housing units to single parents attending college in Houston. According to Felicia Young, the regional coordinator of Family Scholars House, Third Ward was chosen because of its proximity to Houston colleges.

“When you think about where the most students are in terms of higher education, they really surround Third Ward,” Young said. “University of Houston is right across the street with 49,000 students. Texas Southern is two blocks away with 9,500 students. That’s almost 60,000 students within two blocks of us in either direction.”

Young also said that the Family Scholars House would be the most impactful in Third Ward because of the area’s average education level.

“The other part of Third Ward that was really important is when you think about the folks who need you most; when you think about how many people don’t have access to higher education at this point, they only have a high school diploma or GED — Third Ward had some of the highest numbers in the city,” Young said.

While the Manson Place for Parent Scholars specifically aims at single-parent college students, the organization provides services for non-parents, as well. Young said that housing was a priority for their organization because single parents face unique challenges when working towards their degrees. 

“If you have a child, you can’t bring that child to the dorm. So we want to make sure that folks have the opportunity to have their child as close to school as possible,” Young said. 

The Family Scholars House began with this goal. 

“There were still people who were bright and go-getters, but they still weren’t able to finish school,” Young said. “Whatever the case may be, they weren’t able to make ends meet, and they were having to choose between school and employment because employment pays the rent. And the problem was housing. 

“How can we house the single parent, so that we can take something off their plate? How can it be more affordable to them, so that they’re not spending 50% of their income trying to be housed?”

Young also said her intention was to integrate the Manson Place into the Third Ward’s community. 

“When we came, I wanted to make sure that I became a part of that area. I started going to the events, and we are a proud member of the Third Ward Community Cloth [Cooperative],” Young said. “There’s a lot of great stuff happening in Third Ward …  so it’s a great way for us all to partner together.”

Rice Village is experiencing a development of its own. The land in Rice Village is owned by the Rice Management Company, with spaces rented to a variety of establishments. 

The Chaucer is a luxury condominium developed by Randall and Natalie Davis, a father and daughter development team. It is under construction on 2360 Rice Boulevard, with 32 units ranging in price from $1.6 to $5.4 million.

According to Gordana Vickers, a sales agent for the Chaucer, Rice Village was chosen as a location due in part to its walkability. 

“Rice Village is one of those unique neighborhoods in Houston that is really walkable, and is reminiscent of a neighborhood in New York, for instance,” Vickers said. “People can walk around, and they can go to their restaurants and stores, and what was missing was a nice place for them to live that they could own rather than rent.”

Vickers also said that many Rice alumni are moving to the location to stay close to their alma mater. 

“Our first buyers were Rice graduates, and this particular couple both graduated from Rice and they used to bike home from the university,” Vickers said. “They were always wondering if there was ever going to be an opportunity for them to be close to their alma mater. And I can’t tell you how many people since then, how many Rice grads have come to the building — and they are buying out the corner of the building that faces the university.”

Young said that the Manson Place will cater to students at a lower price point.

“It’s going to be what folks would consider affordable housing, which means it would not be more than 30% of their income,” Young said. “We want folks to still be able to live and do all of the things, so it should not be more than 30% of their income, which is the guideline of what’s safest for folks.”

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