HOUSTON – The Finger Companies, a pioneer in Houston’s downtown multifamily construction trend, is off to a good start in the lease-up of its new 500 Crawford apartment community, which is across the street from the Houston Astros stadium.
The first move-ins started this spring, and Finger reports the 500 Crawford property is currently about 40 percent leased.
The 400-unit Finger project, named after its address of 500 Crawford, has plenty of new competitors.
Ten new residential projects are under construction in downtown Houston and another four are planned, according to a report by the Central Houston organization. Downtown has 3,506 residential units currently, Central Houston reports.
Central Houston reports 2,753 residential units are under construction and another 2,458 are planned for downtown.
Finger Companies was the first multifamily developer to tap into the new wave of demand for downtown high-rise living with One Park Place, a 37-story development that opened in 2009. That apartment tower is across the street from Discovery Green park.
Since Finger broke the ice with One Park Place seven years ago, a number of other high-rise developers have followed suit with their own high-rise projects, including Hines and the Novare Group.
Finger’s 500 Crawford is a seven-story mid-rise project with of 1-bedroom and 2-bedroom units ranging from 710- to 1,537-square-feet. Private resident amenity facilities include a 6th Floor Resident Sports Lounge, heated lap pool and lounge pool, outdoor garden patios, state-of-the-art fitness center, a business center, library, and resident clubroom.
The 500 Crawford also has an outdoor deck on the 7th Floor overlooking Minute Maid Park, where the Astros play. The apartment building is situated on a site that would basically be the landing zone for an ultra-massive home run over the left field wall.
With the new wave of downtown residential development, apartment developers are responding to a strong demand for downtown living from Millennials and Empty Nesters who want easy access to the urban lifestyle, performance arts and chef-driven restaurants.
Downtown’s draw to the foodie community cannot be overlooked and the offerings are getting stronger this fall. For example, Beard Award Winner Hugo Ortego will open Xochi in the new Marriott Marquis hotel next to the George R. Brown Convention Center. Ten new restaurants will open in Avenida Houston – a restaurant row near the convention center.
Inside Finger’s 500 Crawford, several chef-driven eateries are planned. The 500 Crawford will soon be home to two anticipated restaurants opening in November by Celebrity Chef Bryan Caswell: a casual concept called Panchina (or “Bench” in Italian) open for breakfast, lunch, and dinner and a high-end Italian restaurant called Brocca (or “Pitcher” in Italian) open for dinner only. Both restaurants are a nod to 500 Crawford’s proximity to the Houston Astros home field.
To defeat any possible noise that could come from the baseball stadium, Finger notes the floors at 500 Crawford are separated by 6-inches of concrete and insulated by engineered soundproof windows and doors – rendering each residence noise free from the bustling downtown neighborhood and the roar of the baseball action next door.
Finger Cos., founded in 1958, has built thousands of apartment units in Houston, in addition to multifamily developments in California, Colorado, Georgia, Illinois, and other Texas cities.
August 16, 2016 Copyright 2016 Realty News Report