Midtown Multifamily Development Boom Apparently Isn't Over
Caydon Property Group, a Melbourne, Australia-based developer, plans to break ground in January on The Midtown, a 28-story, 380-unit tower at 2850 Fannin. The developer purchased the city block for $8M in January, according to a March article in the Australian Financial Review. The asset is across the street from the Midtown Superblock where Camden is developing Camden McGowen Station, an eight-story, 315-unit luxury apartment project.
Houston-based Ziegler Cooper will design The Midtown, which will have hotel-style residences. Caydon's Joe Russo also purchased a second city block in Midtown to develop 600 apartment units, shops and a piazza, according to the Houston Business Journal. Unlike Camden, Caydon has no desire to operate multifamily assets. Caydon intends to be a merchant-builder on the projects. [HBJ]