HOUSTON – (Realty News Report) – A topping out ceremony, featuring the hoisting of a rainbow-colored structural beam, was held last week at the construction site of Radom Capital’s latest mixed-use development, the Montrose Collective.
Located at the corner of Montrose Boulevard and Westheimer, the Montrose Collective will contain 185,000 SF of new retail, restaurant, and office space, in addition to a new Montrose public library.
The ceremonial steel beam (placed in a tradition to note construction progress) was painted in stripes of bright colors, a gesture to and homage to the neighborhood and the LGBT community in the Montrose area “We wanted this beam to be a statement of optimism and inclusiveness,” said Barton Kelly, Vice President and Principal of Houston-based Radom Capital, “respect is a concept that is much needed right now.”
Steve Radom added, “Montrose Collective is a celebration of the community and the city. It is built in the spirit of Montrose and reflects the neighborhood’s vibrancy”
The final structural beam was signed by members of the development team including representatives from Radom Capital, J.P. Morgan Asset Management, Harvey Builders, Michael Hsu Office of Architecture, Office of James Burnett, HOK, DBR, and Kimley-Horn.
The project is expected to be completed in the summer of 2021.
Evan Peterson, Development Director for Radom Capital, said he hopes Montrose Collective will reflect the values of the Montrose area. “As a Houston native, I’ve always seen Montrose as the soul of Houston. We are very excited to be bringing what we feel is a very community-forward building to the neighborhood. Montrose Collective will have incredible outdoor spaces we hope will be gathering places for Montrose and for all Houstonians.”
The project has signed several retailers. Live Nation has inked a lease to occupy floors 4 to 6 of the building.
Shop Companies is handling retail leasing at the project. Office space is being marketed by CBRE.
The project received $104,750,000 in financing, including a 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 on the Montrose Boulevard near Grant Street. The existing property includes the Uchi restaurant. Uchi is located in the historic building that housed Felix Mexican Restaurant, a now-defunct Tex-Mex temple created by Felix Tijerina, the national leader of LULAC in the 1950s.
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 project’s new library will replace Freed-Montrose Library, which is now located in the former sanctuary of the historic Central Church of Christ, 4100 Montrose Boulevard. The beautiful church was designed by architect Williams Ward Watkin.
Nov. 3, 2020 Realty News Report Copyright 2020
File: Rainbow-Colored Beam Celebrates
File: Radom Capital. Montrose. Steve Radom. Barton Kelly, Evan Peterson. CBRE. Uchi. Rainbow-Colored Beam Celebrates Topping-Out. Montrose Collective.
Photo credit:Courtney Rodrigues of Radom Capiital