Caydon Selling Drewery Place Apartment Tower in Midtown

HOUSTON – (Realty News Report) –  Caydon Property Group has tapped CBRE to sell Drewery Place, a 27-story newly-built multifamily tower in Midtown Houston.

The 357-unit Drewery Place has 13,000 SF of retail space. The project was developed in 2019 by the Australian developer Caydon Property Group.

Houston-based Ziegler Cooper Architects designed Drewery Place, which is located at 2950 Fannin, between Drew and Tuam streets.

The tower has 357,022 SF of residential space and an average unit size of 1,000 SF.

“Caydon chose Midtown, Houston as their first US Multifamily project, as it aligned with their vision of creating quality urban developments that are close to city centers, are near cultural and creative hotspots, are located close to transport and have a high walkability score,” CBRE said. The initial offers are due May 14..

Earlier this year, a Los Angeles-based developer bought an interest in the residential building. Canyon Partners Real Estate acquired a $45 million  preferred equity stake in Drewery Place in February.

Having completed the Drewery Place  tower, Caydon’s next Midtown project is Fitzroy, a 32-story tower pairing 191 condominiums with a 190-room boutique hotel operated by Kimpton Hotels and Restaurants.

Caydon is expect to expected to break ground in mid-2021 and complete the Fitzroy condo tower in late 2023.The 558,000 SF tower will be the second phase of the 2.5 million SF mixed-use district Caydon intends for three city blocks – about 3.5 acres bordered by Main, McGowen, Fannin and Tuam, and adjacent to Midtown Park.

Caydon’s development is on MetroRail’s Red Line serving Midtown, an emerging district between Houston’s largest employment centers — Downtown and Texas Medical Center.

Another company, Madison Marquette, recently completed a Midtown residential rental project on Main Street – a 30-story tower called The Travis. Camden Property Trust and the Morgan company have also been builders in the Midtown multifamily market.

May 5, 2021 Realty News Report Copyright 2021

Caption: Drewery Place is located on Fannin, between Drew and Tuam streets, in Midtown Houston. Photo credit: Ralph Bivins, Realty News Report Copyright 2021.

File: Caydon Selling Drewery Place Apartment Tower in Midtown

For more about Houston development, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon

File: (2)  Midtown Houston. Laneways. Caydon Selling Drewery Place CBRE. METRO Rail. Drewery Place. Fitzroy. Kimpton.

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