Alliance Realty Partners bought a historic Heights Waterworks site for $15.2M—a price that was "way above the appraised fair market value," according to the Houston City Council, which approved the purchase yesterday. Alliance will redevelop the four-acre site at Nicholson and West 20th into two mid-rise multifamily buildings with garages and street-level retail, the Houston Chronicle reports. The site features a 750,000-gallon brick reservoir building from 1928 that is listed on the National Register of Historic Places, a 1939 Art Deco pumping station built by the Works Progress Administration and a 1949 pumping station. Heights residents hoping to preserve history need not worry, the water plant is a protected landmark, meaning it can't be demolished. [Chron]