7 Exciting Post Oak Projects Underway
Uptown/Galleria is one of the strongest submarkets in Houston as evidenced by the number of projects underway on Post Oak Boulevard alone. Here are some of the biggest along the bustling thoroughfare.
The Post Oak
The Post Oak, Tilman Fertitta’s 10-acre mixed-use development, will no doubt impact the area. The project is Houston’s first vertical mixed-use hotel/office/multifamily/retail/restaurant development and includes the metro’s first five-fixture hotel (the team has added one story to the rendering above). The residential portion includes 22 rental units and the 140k SF office includes a ton of swanky amenities like Bentley pickup service at the airport and executive parking. Landry’s and Tilman himself will occupy a 28k SF floor of office space. Gensler is the architect and Tellepsen is the general contractor. Completion is expected in December 2017.
BHP Billiton Tower
BHP Billiton’s new 600k SF Class-A building is set to deliver Q1 of this year and will connect via skybridge to BHP’s existing facility in the Four Oaks Place complex. The new facility will bring the total space in Four Oaks Place to 2.3M SF. The 30-story tower is being built on 2.72 acres that formerly housed 24-Hour Fitness along Post Oak Boulevard and will be LEED certified. The project is being developed by Transwestern and designed by Pickard Chilton and Kendall Heaton.
While this project is still on the down low, we know that Dinerstein is planning a new project at the northwest corner of Post Oak and San Felipe. TRC Capital Partners CEO Steve Lerner tells us the multifamily community will have 30k SF of retail. According to Realty News Report, the project is a 30-story mixed-use tower with two levels of retail and the less than two-acre site was acquired for a pretty penny at $20M. We’re waiting on an official announcement from Dinerstein with all the juicy details.
One Riverway is in the final phase of a transformative renovation. The 481k, 25-story, Class-A office building will boast a new lobby, common area upgrades, and new interior elevator cabs and a backup generator. Unilev Management Corp owns Riverway One, and CBRE leases the building. The office tower includes several noteworthy tenants: Northwestern Mutual, Texas Capital Bank, Regus Group,Thompson Coe Cousins, Wright & Close, EMC and PLS. Originally built in 1978, One Riverway has 13 vacancies, according to Unilev’s site.
The Galleria Expansion
The Galleria is undergoing a major $30M renovation to its luxury wing, including an additional 110k SF of retail space. Mall owner Simon has big plans to invest $250M into improving the popular mall. Saks Fifth Avenue is moving into a bigger 198k SF space west of its previous location, creating a row of luxury stores from Neiman’s to Saks. Macy’s closed one of its two Galleria stores, consolidating into one location within the mall. A residential tower is in the works on part of the old Macy’s site but no timetable has been set for construction.
Randall Davis’ Arabella is underway at San Felipe and Westcreek. The 33-story property features 99 luxury units. Transwestern arranged financing, which included a first lien construction loan, mezzanine construction loan and multiple EB-5 investors along with additional equity partners. Davis is taking inspiration from some of Manhattan’s finest towers, and each floor plan will have a NYC-related name. The units aren’t short on amenities; several will have their own swimming pools and private elevator entries. The project is scheduled for completion in fall 2017.
Uptown Houston’s Transit Plan
Post Oak Boulevard itself is set to undergo a $192M facelift that'll beautify the area and most likely spark redevelopment of strip malls along Post Oak. Uptown Houston will be planting 800 live oaks and will include seven rows of trees to provide shade, lower temperatures and absorb water. The project also includes wider sidewalks, dedicated bus lanes and special lanes along Loop 610 between a future Bellaire Transit Center and the Northwest Transit Center. Once it’s all done, the street will be a 136-foot boulevard comparable to the iconic North Michigan Avenue in Chicago.