The renewal of Houston’s Downtown stretches all the way back to the mid-1990s and shows no signs of slowing down. There are more than $2.2B in new construction projects underway Downtown with another $2B in the pipeline, according to the Downtown Management District's Downtown development interactive map.
Nearly one-third of the projects under development are residential; 11 multifamily communities are under construction. Nine hotels have been recently completed, are in the dirt or in the pipeline, including the planned redevelopment of the 21-story Melrose building into a 255-room hotel called Le Meridien by Development Services Group. Last but not least, eight office projects are on the map, although many of them are planned with no firm start date, like Chevron's proposed 1.7M SF tower or Skanska's Capitol Tower.
The transformation of downtown Houston has been fascinating to watch, with more than $6.1B of buildings, parks and infrastructure completed since its renewal began 20 years ago. With a steady stream of businesses and professionals relocating to the area, we can expect the development pipeline to stay full for quite a while. [Downtown]
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