Hines' New 46-Story Tower Could Be Its Tallest Residential Project In Houston
Want to get a jump-start on upcoming deals? Meet the major Houston players at one of our upcoming events!
The 47-story office development that broke ground last year in Downtown Houston will soon have a new towering neighbor.
Houston-based developer Hines is constructing a 46-story high-rise apartment complex, dubbed Block 42 Multifamily Project at 414 Milam, according to the Houston Business Journal. The project is situated near the former Houston Chronicle site, near Milam, Prairie and Travis streets.
Houston-based House+Partners was listed as the design firm in state filings obtained by the HBJ. Construction was expected to start in December 2018 and be completed in August 2021.
Hines' other multifamily projects include Aris Market Square (32 stories), Residences at La Colombe d'Or (34 stories) and WaterWall Place (a mid-rise project). It sold WaterWall to Hasta Capital in September.
Its neighboring 1M SF office project, built by Hines in partnership with Ivanhoé Cambridge, has locked in two anchor tenants — law firm Vinson & Elkins and Hines. The building is slated to open in 2021. The Chronicle relocated from its downtown headquarters in 2016. Since then the site has become a 187-space parking lot.
Residential growth has been one of the primary goals for Downtown. Since 2013, the number of residents in the submarket has more than doubled from 3,800 to more than 9,300, according to the Houston Downtown Management District.
There are more than 6,000 residential units in Downtown Houston with about 500 more under construction to be delivered by 2020 and double that planned, per the district. Occupancy rate stands at 85.7%.