The project consists of approximately 240 units in an 8-story building and a total of 62,500 SF or 1.4348 acres. The plan comprises 3 floors of parking with 5 floors of residential units above. The project site is an entire block in Downtown Houston. The project is being developed in partnership with Allied Realty, a Houston based multifamily developer founded in 1985.
PWC’s annual Emerging Trends Survey rated Houston the best Real Estate Market to invest in for the year 2015, well ahead of perennial leaders New York, LA, and San Francisco. Eighteen 25 presents a unique opportunity with 2 billion USD in new commercial development to be completed in downtown Houston by 2017, the current residential unit capacity falls short of satisfying the ever-growing demand.
Downtown Houston has implemented a tax incentive program to encourage residential development of the Downtown area of Houston. The project is eligible for the program and has been approved by the Downtown Living Initiative Board. The program will provide reimbursement of 75% of the increase in property tax revenue associated with the development up to $15,000 a unit in a 15 year period.
The site is located in Downtown Houston near the northwest intersection of I-45 & Hwy 59. The site is within close proximity to the Toyota Center, BBVA Compass Stadium, Minute Maid Park, Theater District and all of the downtown entertainment and hospitality venues.
The Downtown area is undergoing substantial new development due to the job and population growth within the urban core. The project will be proximate to the 50 – story Chevron tower scheduled to open in late 2016 which is estimated to add 1,700 jobs within a half mile of the site.