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Camden Project Delayed Due To Slumping Oil Prices


Camden Property Trust is holding off on starting the Downtown apartment project that was slated to break ground this year.

Camden CEO Ric Campo broke the news at the Houston Apartment Association’s annual State of the Industry breakfast yesterday, according to the Houston Business Journal. The first phase of Camden’s 20-story, 550-unit multifamily tower was expected to break ground in 2015, but as oil prices began to plummet the start was delayed to 2016. 

Campo told the newspaper he remains bullish on the Downtown area but it's unlikely he’ll start any projects in Houston this year, owing to crude oil prices hovering around $30 per barrel. The project will definitely happen, he assures, but doesn't know when.

Camden McGowen Station is Camden's lone Houston project under construction. The 315-unit multifamily building is part of the company's Midtown Superblock project. [HBJ]