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Downtown Real Estate Update Q2 2016

Most requested: the most recent Downtown Development Map and  bird’s-eye-view map.

Office construction activity

  • Hines’ 1,050,000-sf, 48-story tower, 609 Main, is on track for 12/2016 occupancy. See the skycam view of construction. The building is now about 50% leased, with major tenants including United Airlines and three law firms. See Chronicle
  • Hilcorp officially moved into its new headquarters at 1111 Travis in March 2016. The 475,000-sf, 23-story tower is a single-tenant building and includes seven parking levels. 8,000-sf of street-level retail space on Main and 6,000-sf at tunnel level are being marketed in the building.
  • Construction has topped out on Partnership Tower. The 10-story building will be connected to the George R. Brown Convention Center and the new 1,900-car garage on the north side of the GRBCC. This building will house the Greater Houston Partnership, Houston First, GHCVB, Sports Authority and Hotel & Lodging Association.

Residential

Nine residential properties are under construction and another five are planned. Numbers within the Downtown District’s boundaries:

  • 3,506 current units
  • 3,038 units under construction
  • 1,458 units planned

Recently opened residential properties:

  • 500 Crawford, The Finger Companies’ 7-story, 400-unit residential property, opened in April 2016. The property, featuring luxury apartment homes with floor plans ranging from 710 to 1,537 SF, is directly across from the Minute Maid Park. See The 500 Crawford website
  • Block 334, Alliance Residential Company’s 5-story, 207-unit apartment on 1515 Main Street, opened in June 2016. This midrise property features one and two-bedroom luxury homes, and is located right on the Metro Rail line. See The Block 334 website
  • Novare’s SkyHouse Main, a 24-story, 336-unit property (the same as its sister property next door) was completed in August 2016. See the SkyHouse Main website.

The nine properties under construction:

  • Market Square Tower, a 463-unit, 40-story property at 777 Preston Street, will be downtown’s tallest residential property. Developed by Woodbranch Tower, the property features a glass-bottom sky pool, the first of its kind in Houston. The building will include 22,000 square feet of ground floor retail and restaurants. The developer owns the adjacent parking garage, which will be utilized for resident parking. The project’s first units will be delivered 3Q 2016; however, Woodbranch has begun preleasing units. See Market Square Tower Website
  • Block 365, Leon Capital Group’s 5-story, 220-unit apartment project located at 1711 Caroline is projected for completion in Q2 2016. See Leon Capital
  • The Star, the Old Texaco Building (1111 Rusk) is being converted by Provident Realty Advisors, Inc., to a 9-story, 309 residential units plus a new ~700-car parking garage on the property, as well as ground-floor retail space. Move-ins begin 2Q 2016. See HDMD
  • Catalyst, is Marquette Cos.’ 28-story, 361-unit residential property at 1423 Texas Avenue is scheduled for completion by 4Q16. See leasing site and interior renderings
  • The Hamilton, a 5-story, 149-unit apartment building located in the farthest southeast corner of downtown. Resolution Real Estate is the developer. Est. completion 2Q 2016.
  • Alexan Downtown, a 6-story, 267-unit residential property by Trammell Crow Residential, located on 1410 Texas Street. Est completion 1Q 2017.
  • Aris Market Square, Hine’s 32-story, 274-unit property on 409 Travis Street, next to Market Square Park including a pocket park courtyard accessible to the project’s residents and its retail patrons. First move-ins will begin 1Q 2017. See Hines, HDMD
  • Eighteen25 is Allied Orion Group’s 8-story, 242-unit residential building, Est completion 2Q 2017. See HBJ, Realty News Report.
  • Marlowe is Powers Brown Architecture’s 20-story, 100-unit residence tower located at 1311 Polk. Est. completion 4Q 2017. See Powers Brown

Hotel

The conversion of the former Savoy Hotel into a 213-room, flagship Holiday Inn, was completed in January 2016. Two hotels in the Hilton family in one building: Hampton Inn (173 rooms) and Homewood Suites (127 rooms) by American Liberty Hospitality was completed in March 2016.Another 4 hotels are under construction, with an additional 2 hotels also planned.

  • Current: 20 hotels
    • 6,132 rooms
  • Under construction: 4 hotels
    • 1,652 rooms

Recently opened hotels:

  • The conversion of the former Savoy Hotel into a 213-room, flagship Holiday Inn, was completed in January 2016.
  • Hampton Inn (173 rooms) and Homewood Suites (127 rooms) – two hotels in the Hilton family in one building were completed by American Liberty Hospitality in March 2016.

Under construction:

  • Houston’s next Aloft is under construction, a conversion of the historic 1913 Stowers Building. 172 rooms are planned, and a 12ksf terrace with rooftop pool will be added. Est. completion 2Q 2016. See Realty News Report.
  • The 1,000-room Marriott Marquis, being developed by RIDA. The hotel has already booked more than 200,000 room-nights. Est completion 3Q 2016. See websiteand skycam. Realty News Report
  • Hotel Alessandra, in GreenStreet,  at the corner of Fannin and Dallas, topped out on August 1. This construction milestone was commemorated with the planting of a live tree. The 225-room, 21-story full-service luxury hotel is being developed by Midway, and will be operated by Valencia Group. Est. completion mid-2017.
  • The 255-room Le Meridien Houston being developed by Development Services Group, Inc. will be located in a redeveloped historic Melrose Building at 1121 Walker Street, and will operate under Starwood’s Le Méridien brand. Estimated completion 3Q 2017

Other significant projects

  • 708 Main, and 712 Main – formerly known as the Gulf Oil Building, will be joined and rebranded as The Jones on Main. 712 Main will retain the name JPMorgan Chase & Co. Building. Renovations are scheduled to commence in June and should be complete in early 2017, and will include a joint common space – ‘Currency Lounge’ – that will connect the two buildings at the ground level, available to tenants and guests; a new restaurant; and retail space. See HBJ Houston Chronicle
  • Several restaurants are slated to open along Avenida de las Americas, including on the ground floor of the George R. Brown Convention Center and in the forthcoming Marriott Marquis Houston. The restaurants include Bud’s Pitmaster BBQ; Marriott Marquis Houston’s signature B&B Restaurant; Cueva & Texas T, HighDive, Grotto, Chef Hugo Ortega and Tracy Vaught’s New Concept – H Town Restaurant Group – Xochi, all located within Marriott Marquis; Kulture – offering cultural African and Caribbean cuisine; and Mcalister’s Deli. In addition, Avenida Houston will feature unique art installations and programmed events. See AvenidaHouston.com.
  • Allen Center is set to undergo a $48.5 million renovation by Brookfield Property Partners that will transform the ground floor and outdoor space into mixed-use spaces for tenants and the public, including a restaurant with outdoor dining in One Allen Center, and a co-working space in the lobby of Two Allen Center. The large exterior green space between One and Two Allen Center will be converted into a new courtyard that will include a publicly accessible lawn of almost one acre with activity areas for performances and events, and art installations, as well as retail, a bar and a dining terrace. Construction is expected to begin in June. A video of the transformation is available here.
  • The KBR towers, at 500 Jefferson Street and 601 Jefferson Street, are undergoing renovations and will be rebranded as Jefferson Towers at Cullen Center. Renovations will include an update of the buildings’ two lobbies, a new conference center, tenant lounge and café. Construction commenced in March and is scheduled for completion in January 2017.
  • A $10 million renovation at 1415 Louisiana has been completed. Improvements included a new and modern entry and lobby, as well as upgrades to the elevator and tunnel. See HBJ and Bisnow
  • Amegy Bank’s new space in the Esperson Building, including a 4,683 SF retail branch and 11,348 SF private banking suite, and an ATM on the tunnel level, is complete. See HBJ
  • Planned renovations for Shorenstein Properties’ 800 Bell, the former Exxon Mobil Corp. 45-story office building, are on hold, and will resume when a major tenant preleases a significant amount of space at the building. The redevelopment was supposed to begin in March 2015 and be completed in January 2017. See HBJ
  • Redevelopment of the downtown post office, a 16-acre property on Franklin Street into a mixed-use development is currently in the design phase. Lovett Commercial purchased the property in August 2015. See HBJ
  • Construction on Skanska USA’s speculative Capitol Tower project in downtown Houston has been delayed until market conditions improve. Skanska had poured concrete for the foundation of the building and parking garage in August 2015. See CultureMap, Realty News Report, HBJ and Skanska
  • The Sunset Coffee Building, located at Allen’s Landing, is being restored and will provide office space for the Buffalo Bayou Partnership, recreational rentals such as canoes and indoor and rooftop event space. Est. completion late summer 2016.

Also

  • Online downtown parking map! The underlying data is updated quarterly, for every garage, surface lot and on-street meter option in downtown. Filter options include garage, lot, on-street, discount garages (evening/weekend) and valet parking. Or, search for a destination. Here’s a short demo video.

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