HOUSTON – (Realty News Report) – Hines will break ground in March on a 46-story residential tower, which will be the tallest apartment tower in downtown Houston.
The development, called The Preston, is being developed with investment partners, Cresset Wealth Advisors and Levy Family Partners.
The 373-unit project – completion is slated for the third quarter of 2022 – is designed by Munoz + Albin.
“Rotating the building diagonally to Houston’s grid provides wider uninterrupted views from all the residences,” said Jorge Munoz, Principal of Munoz + Albin, the project’s design architect. “The massing and geometry of the tower are a response to the building’s immediate context, maximizing long distance views, natural light and direct views of Market Square Park.”
The tower will be built at Preston and Milam streets on the site of the former Houston Chronicle parking garage in downtown. The old parking garage covers a half-block (about three-fourths of an acre) bounded by Preston, Milam & Prairie streets on Block 42.
The Preston tower will be adjacent to Market Square Park and the landmarked Hogg Palace residential building, which was redeveloped into a loft project by Randall Davis decades ago as an early entrant into the loft movement.
“Over the past 10 years, downtown’s nucleus has shifted to the north, and Hines new office and residential developments have led the way with projects including 811 Main, 609 Main at Texas and Aris Market Square,” said Kevin Batchelor, senior managing director, Hines. “We look forward to delivering our most impressive residential community to date in this new urban hub. Residents will enjoy a walkable, big-city lifestyle in a living environment that exudes luxury and style.”
Hines’ development team for the Preston includes Mayfield and Ragni Studio (MaRS), interior architect; TBG, landscape architect; and Harvey Builders, general contractor.
Hines’ investment partners – Cresset Wealth Advisors and Levy Family Partners – are Chicago-based real estate investment firms managing family office capital. Executive team members are Eric Becker, Avy Stein, Larry Levy, Jeffrey Cherner and Michael Miller.
Catty-cornered from the Preston apartment site, Hines, in partnership with Ivanhoe Cambridge, is developing another major project: a 47-story office building on the site of the former Houston Chronicle building, 801 Texas. A Hines-led group bought the full-block Chronicle building and nearby garage on a half-block in 2015. The newspaper relocated its operations to the former Houston Post property on the Southwest Freeway, near Loop 610.
The new apartment tower on the old garage site will give Hines two apartment towers near Market Square Park. Hines recently completed another nearby downtown residential rental tower, the 32-story Aris Market Square Apartments building, which was designed by Ziegler Cooper.
The new Hines tower will be across the street from Woodbranch Investments’ 40-story Market Square Tower, which has a notable glass-bottomed swimming pool that extends ten feet over the roof of the building.
Downtown Houston has added a number of residential properties in recent years. Camden Property Trust is now constructing a $140 million, 20-story, 275-unit residential tower downtown next to the Toyota Center in downtown.
The Inner Loop area, including downtown, has been a popular location for residential towers, which provide a way to avoid commutes from the suburbs to employment centers such as Downtown, Uptown Houston and the Texas Medical Center.
Hines is also developing a high-rise apartment tower on Montrose Boulevard, just south of Westheimer Road.
The downtown residential development was aided by the city’s Downtown Living Initiative, which provided developers tax benefits of $15,000 per unit. But the program has been fully subscribed and it is no longer available. Some 3,000 downtown units have been built in recent years or are currently under construction.
The Preston apartments will be located close, a block or two, from the Theater District. The apartment property will have a pet spa; bike shop and 6,800 SF of street-level retail and restaurants onsite.
The new building’s 10 penthouse residences, on levels 44 and 45, will range in size from 1,739 to 2,927 SF with large outdoor living rooms, freestanding bathtubs and top-quality finishes rivaling upscale condominium residences. Select penthouses will feature outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.