Let The Cash Fly: Here Are 6 Sites In Houston On The Selling Block
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From higher land cost, a tighter labor market and the trade wars pushing up the price of materials and construction costs, everything about development is getting more expensive.
However, developers are not slowing down in Houston. They are implementing a mixed-use design or acquiring sites in new emerging areas to make the deals pencil out.
Bisnow compiled a list of six particularly compelling sites available for sale in the Greater Houston area.
2710 McKinney St.
Address: 2710 McKinney St.
Size: 1.44 acres
Neighborhood: East Downtown
Brokers: JLL's Simmi Jaggi and Chris Bergmann Jr.
A full city block is up for grabs in EaDo.
The 1.44-acre land tract is near McKinney and Nagel streets. The site is close to Downtown, the Theater District, the Museum District and the Texas Medical Center.
JLL notes the highest and best use for the site includes multifamily, retail, self-storage and restaurant. Within a 3-mile radius, the estimated population is 179,070 with an average household income of $86K.
Crossing at Cinco Ranch
Address: Cinco Terrace Drive and Spring Green
Size: 6.5 acres
Neighborhood: Cinco Ranch
Brokers: Marcus & Millichap's James Bell and Watt Harrison
The 6.5-acre vacant land site is primed for retail development near FM 1093 and Spring Green. It is next to Lowe's Home Improvement and across from Kroger and an H-E-B that is under construction on FM 1093.
The site is in Cinco Ranch, one of the most successful master-planned communities in the country. Cinco Ranch is 22 miles west of the Galleria and 28 miles from Downtown Houston.
The average household income is over $180K within a 1-mile radius with over 70,000 people living within 3 miles.
4802 Caroline St.
Address: 4802 Caroline St.
Size: 1.37 acres of noncontiguous land
Neighborhood: Museum District
Brokers: JLL's Chris Bergmann Jr. and Alex Kelly
A famed novelty shop is up for sale. Southern Importers closed after 104 years in business, and its land is now available. The two adjacent parcels, totaling 36K SF and 23K SF, respectively, are near Rosedale and Caroline streets in the Museum District. The sites are near Oaks on Caroline, a six-story condominium development.
JLL said the highest and best use for this project could be condominium, multifamily, mixed-use or self-storage. Within a 3-mile radius, there are more than 202,000 residents with an average household income of $118K.
The pedestrian-friendly neighborhood is near the Houston Museum of African American Culture and a few blocks from Hermann Park. It is also close to Montrose, Downtown Houston, the Texas Medical Center and Rice University.
Spring Stuebner Road and Roseville Drive
Address: Spring Stuebner Road and Roseville Drive
Size: 6.5 acres
Two land sites are available 3 miles west of Springwoods Village. The 2,000-acre urban mixed-use project is the home of corporate campuses ExxonMobil, Southwestern Energy, American Bureau of Shipping, HP Inc. and CHI St. Luke’s Health.
This is an emerging area of North Houston.
The corner sites are 4.52 acres and 3.16 acres, respectively, and have access to Interstate 45, Grand Parkway and Hardy Toll Road. Berkadia noted the location is ideal for retail, office, hospitality, self-storage or a medical office building.
Post Oak Park Drive and River Hollow Lane
Address: Post Oak Park Drive and River Hollow Lane
Size: 2 acres
Neighborhood: Uptown / Galleria
Brokers: JLL's Simmi Jaggi and Elizabeth Clampitt
A 2-acre site is available across from Martin Fein Interests' new 304-unit apartment development in Uptown Houston.
Fein demolished unfinished townhomes to build the Reverie at River Oaks, which features five- and six-story mid-rise buildings, Bisnow previously reported. The project, which is opening in late 2020, features studios to three-bedroom apartments at an average size of 912 SF.
Situated at Post Oak Park Drive and River Hollow Lane, the parcel is primed for vertical multifamily, senior living housing or condominiums. It is also near the upscale shopping center Uptown Park, the Galleria and Memorial Park.
There are 142,119 residents within a 3-mile radius. The average household income is $147K.
McHard Road and Fort Bend Toll Road
Address: McHard Road and Fort Bend Toll Road
Size: 44 acres
Neighborhood: Missouri City
Brokers: Berkadia's Kristen McDade, Matt Davis and Lauren Geary
More than 40 acres are on the market in Fort Bend County.
Situated at McHard Road and Fort Bend Toll Road, tract 1 is 16 acres, tract 2 is 7.25 acres and tract 3 is 17.4 acres. An 11-acre site east of the Fort Bend Toll Road is also under contract.
There are no zoning or restrictions for the area, which falls within the Houston extraterritorial jurisdiction. Within a 3-mile radius, the average household income is $85K with nearly 72,000 residents. The location offers a short commute to Downtown, the Texas Medical Center, Pearland and the Galleria.