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CVS Pharmacy Leases Space in New 40-story Downtown Residential High-Rise

The new 40-story Market Square Tower will have a 13,000-SF CVS Pharmacy.

The new 40-story Market Square Tower will have a 13,000-SF CVS Pharmacy.

HOUSTON Woodbranch Investments Corp. announced that CVS Pharmacy will be the first retailer located in Market Square Tower, the new 40-story high-rise multi-family apartment building, the tallest residential tower in downtown Houston..

Located at 777 Preston St. in Downtown Houston’s Theater District, the high-rise apartment tower has 463 units.

The new 13,000 SF CVS new store will be located at the corner of Congress and Milam in the north part of downtown.

“We are excited that CVS Pharmacy will be opening in downtown Houston,” said Philip Schneidau, CEO of Woodbranch Investments Corp. “The location will offer best in class pharmacy services and convenient access to a wide assortment of better for you snacks, health and beauty products to this area. This will serve as a valuable shopping destination.”

Market Square Tower’s 463 private residences will range from 564-square-foot studio apartments to three-bedroom, three-and a-half-bath spaces measuring 1,950 square feet.

The Market Square Tower is one of a number of new multifamily projects in downtown Houston.  The residential construction boom has been stimulated  through Houston’s Downtown Living Initiative, a tax rebate program that encourages residential development in the urban core.

The program offers up to $15,000 per unit for multifamily complexes of 10 apartments or more built downtown. Market Square Tower’s 463 units will bring in $6.945 million via the rebate route for the developers.

Oct. 5, 2016 Realty News Report Copyright 2016

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