HOUSTON – (Realty News Report) – A prime 6.3-acre prime parcel of land near the Galleria has been acquired by a partnership that intends to build an upscale mixed-use development.
The development partnership includes some of the leading names in Texas real estate and business: John Goff, Doug Schnitzer and the Leslie Doggett of the Doggett family.
Located in the Uptown District, the property is on Post Oak Boulevard, just south of San Felipe.
The site had been owned Apache Corp., an energy firm that had considered building its headquarters there years ago. But Apache eventually took a pass and recently retained JLL to sell the large tract which has been marketed as the last parcel vacant Uptown land on Post Oak Boulevard.
The buyers, organized as 1750 Post Oak Partners, LLC, have significant plans for the land, which is suitable for two rise towers above ground-level retail.
“We have long viewed this site as one of the most important and well-located land parcels in Houston,” said John Goff, Chairman of Crescent Real Estate. “Our venture with the Doggett and Schnitzer families was formed to capitalize on this unique opportunity to develop a mix of best-in-class office, hospitality, residential, and retail assets.”
The parcel is a prized remnant of the land originally assembled by Wulfe & Co. and the late Ed Wulfe for development of BLVD Place. Over the years, Wulfe & Co. has developed 286,000 SF of retail and office space. On another part of the BLVD site Houston-based Hanover Company has constructed two 30 story high-rise towers in BLVD Place. Key tenants in BLVD Place include Whole Foods Market, the Houston headquarters for Frost Bank, Newmark, North Italia, True Food Kitchen and Annie Café.
“Post Oak Boulevard is one of the premier addresses in Houston, and we feel that this location is ready for an infusion of new luxury commercial and residential properties,” said Schnitzer. “As native Houstonians who have watched the Uptown District flourish over the last 20 years, my family and I look forward to being part of the development of this world-class asset.”
The future development will have access from Post Oak Boulevard, Boulevard Place, Post Oak Lane, and Ambassador Way.
The long-term significance of the development opportunity was echoed by Leslie Doggett, Chairman of Doggett Industries. “Our acquisition of this property brings together three families and three companies with deep roots in Houston,” said Doggett. “This is a legacy project for all of us, and we believe it will become the new heart of Post Oak.”
Transwestern Real Estate Services’ Eric Anderson and Jeff G. Peden represented the buyer and JLL’s Davis Adams, Graham Horton and Brandon Clarke represented the seller, Apache.
May 13, 2024 Realty News Report Copyright 2024
Image courtesy Transwestern
File: Prime Tract Purchased for Major Development Uptown.
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