Montrose Still Has a Huge Pipeline
Montrose/Museum District flew into the country’s radar in 2013, when it delivered more multifamily units than any other submarket in the country. Two years later, it’s still the busiest area in Houston.
14 communities are in the dirt in Montrose/Museum District totaling 3,400 units, with about half delivering this year and half in 2016. If you add in Midtown, which often gets blurred into stats, that rises to nearly 4,400 units. (Axiometrics SVP Jay Denton, above, is showing 2,266 units underway in Montrose alone, and 1,700 more planned.) That's almost one-third of multifamily development underway in Harris County, PMRG director of research Ariel Guerrero tells us. Montrose’s rents are a big draw; they’re among the most expensive in the Houston area. Jay's tracking $1.91/SF asking rents across properties ($2.17 for new product). But most developers are particularly drawn to the vibrant, amenitized environment.
With data from Transwestern and PMRG, we dug up the 11 projects underway across Montrose/Museum District and Midtown that top 200 units:
Developer: Finger Cos
Move-ins: The Susanne started welcoming residents in March, another wave opened this month, and Finger's now building out Phase 2, which will deliver in October.
Developer: JLB Partners
Move-ins: January 2016
JLB Partners had to start all over when Axis burned down only a few months before delivery. It got right back on track though and is plowing along for the second time.
Lofts at Mid Main
Developer: RHS Interests
Move-ins: February 2016
Lofts at Mid Main (a Midtown community) sits at the Ensemble/HCC rail stop and features 200 studio apartments, making it great for hip young professionals who want to live without a car. RHS Interests is building the project around an existing building from the 1930s, which it has restored. (Natachee's, Double Trouble, My Flaming Heart, Sig's Lagoon, and Big Kat's barber shop/Kat's Meow hair salon are all sticking around.) The team has also restored the surrounding buildings from the turn of the century, and next up it's restoring 3617 Main across the street—the building was the original location of the Alley Theatre.
Move-ins: June 2016
Hanover has not officially released a name for its 30-story high-rise, which replaces the office building that once housed Scott Gertner’s SkyBar.
Camden McGowen Station
Move-ins: January 2017
Camden boldly started its Midtown community amid falling oil prices at the end of 2014. Since little else started around that time, CEO Ric Campo says there will be a gap in deliveries in 2017, and this property will be there to fill it.
Developer: StreetLights Residential
Move-ins: March 2016
SLR's high-rise in the Museum District includes a 19th floor lounge with kitchen and a covered dog park. Not far away, the firm just started welcoming residents at The James of River Oaks.
Developer: Alliance Residential
Move-ins: May 2016
Move-ins: September 2016
Hines is building a park with retail and restaurant space next to the high-rise. Residents will also enjoy 24/7 concierge, valet and porter service.
Move-ins: July 2015
Developer: Encore Enterprises
Move-ins: November 2015
Encore's Museum District project replaces The Place Apartments, a longtime fixture at 1341 Castle Court.
DLC at Midtown
Developer: Dolce Living
Move-ins: Spring 2015
Despite its name, Dolce Living's property (which has also been referred to as Dolce Living West Gray and City Centre at Midtown) is solidly in Montrose/Fourth Ward. It's replacing three apartment communities built in the '50s and '60s.