Downtown Houston now has more than 8,000 residents, a big leap from 3,800 in 2013 when the Downtown Living Initiative first tackled residential need in the central business district, and that number is increasing monthly.
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Plan Downtown, the master plan announced in November, called for 12,000 additional residential units with the goal of reaching 30,000 residents in the next 20 years.
Residential makes a downtown work, Downtown District Executive Director Bob Eury said. He said you can feel the difference as people have moved into the submarket; it has become more vibrant as residents have increased month by month. Eury attributes the population increase to the slew of residential deliveries — six buildings have completed in the last 15 months, bringing Downtown to 10 residential properties total, and interest grows with more offerings, he said.
Downtown’s overall residential market was 71.6% occupied at the end of Q1, according to Central Houston’s Q1 market update. Two residential properties are under construction — Marlowe and Camden Downtown — and a 229-unit luxury apartment project is reportedly breaking ground soon at 100 Crawford. ApartmentData.com named Downtown Houston as the hottest rental submarket in February, with 12.3% annualized growth from November to January.
“This is what we always wanted,” Eury said. “I’m feeling good about the residential world right now.”
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