Market Conditions Put Park Place River Oaks Mixed-Use Plans Back In Action
Six months after announcing the five-acre tract adjacent to River Oaks District would become a park, Stonelake Partners has changed tact once again by announcing it is moving forward with the next phase of development at Park Place River Oaks.
The plan is for two four-story buildings atop two levels of subterranean parking, a first for a mixed-use project in Houston. The project features 105K SF of retail on the first and second levels with another 105K SF of office space on the top two floors, which can accommodate a 65K SF contiguous lease.
Though plans for the five-acre park were scrapped, the development will still incorporate a heavily landscaped, two-acre park, where two existing 80-year-old live oak trees will be relocated.
“We are creating an environment unlike any other in Houston,” said William Peeples, Stonelake’s Houston partner and development lead for Park Place. “The below-grade parking and substantial park are significant investments that we are confident will greatly enhance the pedestrian experience along Westheimer."
CBRE's Bruce Wallace and Radkey Jolink are handling leasing of the retail space with CBRE's Parker Duffie and Marilyn Guion leasing the office space.
CORRECTION, APRIL 6, 2:47 P.M. ET: The distinction between Park Place River Oaks and River Oaks District has been clarified.