Another Galleria Multifam Gem Coming
Post Properties is nearly done with its Post 510 development in Midtown/ Montrose, so it’s perfect timing for its next deal. We’ve got the details.
Post Properties VP of investments Bart French (keeping warm in sunny Florida working on another deal now) tells us the newest project is yet unnamed but will sit inside the Loop near Richmond and 610. Post acquired the four-acre site last year; it's occupied by an abandoned hotel, qualifying it for BOMA's Most-Likely-To-Be-The-Site-Of-An-Episode-Of Scooby-Doo. It will demolish the hotel (yoinks!) and replace it with 390 high-end apartment homes.
A rendering of the upcoming property. Bart expects a groundbreaking later this year, depending on market conditions, and construction will last 20 to 24 months. To be a little cozier, the five-story project will orient toward the neighborhood rather than 610.
These guys are really digging Richmond Avenue; leasing begins this month at Post 510, which sits at the corner of Richmond and the 59 Spur. That 242-unit property (snapped Thursday) will be complete by early summer. Bart says Post loves the central and vibrant location. Post is looking for more sites in Houston now (we recommend they connect the dots with a property near Richmond and Kirby and dominate the whole street).