This Week’s Houston Deal Sheet
Lovett Commercial will hold the grand opening of its 550K SF mixed-use development, POST Houston, on Nov. 13.
POST Houston, an adaptive reuse project, is located at 401 Franklin St. in Downtown Houston, at the site of the historic Barbara Jordan Post Office. The redevelopment has created a mixed-use environment combining arts, entertainment, creative workspaces, dining and retail.
The original post office was built in 1936, underwent a major expansion in 1960, and was occupied by the U.S. government until 2015. The building was named after Barbara Jordan, the first Black state senator.
POST Houston’s grand opening will include POST Market, the project’s 53K SF food hall; 713 Music Hall, a 5000-person concert venue; and Skylawn, a rooftop park and farm. The project has also partnered with Common Desk to provide a 24K SF space that will incorporate coworking, private offices and office suites on the premises. That space will open in the second half of 2022.
Move-in office suites, as well as another 120K SF of shell space within the development, are being leased out by CBRE’s Russell Hodges, Parker Duffie and Jenny Mueller.
An undisclosed buyer purchased a 15K SF facility on 1.18 acres at 10400 West Montgomery in northwest Houston. First Houston Properties’ Patrick McKiernan and William Byrd represented the seller, 10400 W Montgomery LLC.
CONSTRUCTION AND DEVELOPMENT
Esperanto Developments will open Hotel Indigo Spring-Woodlands Area, a 103-room upscale boutique hotel, in November. In addition to contemporary guest rooms, Hotel Indigo will also have a lakeside pool, featuring its own bar as well as its signature restaurant and bar, Crudo. The hotel, located at 650 Basilica Bay Drive in Spring, is now accepting reservations.
Ryan Companies US Inc., Grand Living Management and Bow River Capital have formed a joint venture to build Grand Living at Tuscan Lakes, a senior living community in League City. The project will be part of Tuscan Lakes, a Johnson Development Corp. master-planned community in southeast Houston.
The firms have closed on the financing and begun construction of the community. Grand Living at Tuscan Lakes will be a 211.8K SF, four-story building with 148 independent and assisted living units and 38 memory care age-in-community units. Amenities will include a grand lounge and club, a library, several dining options, a performance theater, a spa and fitness center featuring a full-service salon, a pool and courtyard, therapy/telehealth rooms, game rooms, a gift shop, a chapel and outdoor spaces.
Ryan Architecture + Engineering is the design architect. Bank of the West acted as lender for the 186-unit project. Upon completion in spring 2023, Grand Living Management will oversee day-to-day operations and Bow River will provide asset management services.
THIS AND THAT
The Cyvia and Melvyn Wolff Family Foundation has committed $10M toward the reintroduction of native Gulf Coast prairie to Memorial Park, part of the Memorial Park Master Plan’s land bridge and prairie project. The prairie restores nearly 45 acres of endangered native Gulf Coast prairie that previously thrived throughout the Texas and Louisiana region.
The conversion will be aided by Memorial Park Conservancy’s BioCycle Program, which utilizes trees lost in the 2011-2012 drought and other trees removed within Memorial Park to create abundant, rich compost soil for the project. Together, the land bridge and prairie comprise green infrastructure that will provide a safe crossing for wildlife and park users, and help better manage stormwater.
The conservancy and its project partners — Kinder Foundation, the Houston Parks and Recreation Department and Uptown Houston — are working together to deliver more than $200M in improvements to Memorial Park by 2028. While the land bridge itself will be completed in 2022, the prairie conversion process will take years to establish and fully mature.