HOUSTON – (Realty News Report) – Radom Capital has received $104,750,000 in financing for the Montrose Collective, a mixed-use project under development near the intersection of Montrose Boulevard and Westheimer.
JLL worked on behalf of the borrower, Radom Capital, to secure the construction loan with Bank OZK and joint venture equity from institutional investors advised by J.P. Morgan Asset Management.
The Montrose Collective comprises four land parcels totaling 2.44 acres near the northeast corner of Westheimer Road and Montrose Boulevard. The existing property housing Uchi, Southside Espresso, Hue and Rosemont will remain operational during construction. Uchi is located in the historic Felix Mexican Restaurant building.
The remaining acreage will be developed into a six-story, 150,000 SF building with ground-level retail and restaurant space, second floor medical office and service retail space, and creative office space on the upper floors; and a three-story retail building with upper floors to be occupied by a new 10,000 SF public library. In total, the project will offer retail frontage on four streets, public and private parking, patio and greenspace alongside the 50,000 SF of retail and 100,000 SF of office space.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Colby Mueck and Ryan West, Senior Director Matthew Putterman and Analysts Jett Lucia and Matthew Williamson.
When complete in late 2021, Montrose Collective will create space for six new dining outlets, along with 15 boutique retail spaces.
Montrose Collective has been designed by Michael Hsu Office of Architecture.
The project team includes landscape architect OJB (Office of James Burnett), structural engineer HOK, civil engineering firm Kimley-Horn and MEP firm DBR. D.E. Harvey Builders is the project contractor. CBRE is handling the project’s office leasing.
The project’s new library will replace Freed-Montrose Library, which is now located in the sanctuary of the historic Central Church of Christ, 4100 Montrose Boulevard. The beautiful church was designed by architect William Ward Watkin.
March 3, 2020 Realty News Report Copyright 2020