Houston-based Lovett Commercial has finalized renovation plans for the former Barbara Jordan Post Office in Downtown. The asset was acquired in 2015 and redevelopment renderings surfaced online the following year, but Lovett has been quiet about its plans since.
The 16-acre property at 401 Franklin St. will become a mixed-use environment with retail and entertainment concepts, including a food hall and market, a live music venue, art exhibits, restaurants, bars, coworking space and a park on the building's rooftop, the Houston Business Journal reports. In 2016, it was being called Post HTX, and a website for the project still includes this name, but Lovett is calling it POST Houston.
"The development of POST Houston aims to reinvigorate the city’s north downtown neighborhoods by creating an arts, entertainment, dining and retail hub that bridges the gap between culture and innovation," a company spokesperson said to the Houston Business Journal.
The property, which opened in 1936, includes a 500K SF office building and a two-story industrial building. When Lovett completed the deal, it was the largest single development tract in the central business district.
To increase the number of entertainment-driven retail spaces, developers in Houston are looking to redevelop older buildings, especially in the Inner Loop. Lovett has completed other redevelopments in and around Downtown including Capitol Oaks, the EaDo townhome project.
Lovett is responsible for leasing and noted there are several letters of intent on the table. A construction timeline wasn't provided nor were any contractors announced.
A building permit filed for the renovation work revealed that construction costs total $31M, according to the HBJ. 401 Franklin Street Ltd. was listed as the contractor.
Previously, Lovett collaborated with local interior designers Jawda and Jawda to transform the ground floor into a 150K SF event center in 2016.
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