HOUSTON (BISNOW & JLL) – August 12, 2019 -Mixed-use is taking hold in Houston. The success of CityCentre, and more recently Kirby Collection and the River Oaks District, has increased the demand for projects that embrace the live-work-play mantra. More than 20 mixed-use projects are under construction, planned or recently delivered within the Inner Loop alone, according to JLL. Office is becoming a heavier focus in these projects — this wave of mixed-use includes 1.8M SF of offices within mixed-use proposed in the long term pipeline, 1.1M SF in the short term and 340K SF under construction. There is 5M SF of existing office space in Houston’s mixed-use projects. Using data provided by JLL, Bisnow has compiled a list of some of the mixed-use projects coming soon to Houston.
Residential: None Retail: 100K SF Office: 100K SF Other: None Status: Under construction The developer of Heights Mercantile is cooking up another industrial flip, this time stretching beyond retail to include a heavy office component. Radom Capital and Triten Real Estate Partners are redeveloping a 12-acre lot near North Shepherd and Sixth Street into a mixed-use project dubbed M-K-T. The project will equally divide the office and retail offerings and include a 2,000-foot urban boardwalk with several acres of park space. The development is slated to be completed in Q1 2020. Michael Hsu Office of Architecture and SWA Group are the designers. Boston-based Long Wharf Capital LLC provided the financing. Method Architecture is also involved.
2. The Ion Innovation Hub
Residential: None Retail: TBD Office: 280K SF Other: TBD Status: Under construction Breaking ground in July, The Ion is aiming to be the game-changer the innovation community has been waiting for. The 270K SF facility will feature office space, restaurants, meeting space and entertainment amenities. It will serve as the center point of the Houston Innovation District, a 4-mile stretch from Downtown to the Texas Medical Center. Houston-based Hines is managing the development of The Ion. SHoP Architects, James Carpenter Design Associates, James Corner Field Operations and Gensler will be responsible for the redesign of the building, constructed in 1939. The project is expected to be completed in late 2020.
3. Regent Square
Regent Square Residential: 600 Units Retail: 50K SF Office: None Other: Hotel Status: Short-term proposed GID Development Group is constructing Regent Square, a 600-unit multifamily complex on 24 acres near the border of River Oaks and Montrose. Floor plans will range from studios to large two-bedroom units. The project will include 50K SF of street-level retail and an 8-acre site for green space near Buffalo Bayou Park. This is Phase 2 of Regent Square, after the 21-story Sovereign at Regent Square residential project delivered in 2015.
4. The Driscoll at River Oaks
The Driscoll at River Oaks Residential: 318 Units Retail: 10K SF Office: None Status: Under construction Weingarten Realty and The Hanover Co. are developing The Driscoll at River Oaks, a 30-story luxury high-rise, according to Weingarten’s website. Situated at West Gray Street, the residential complex features 318 units with views of Downtown Houston’s skyline. Residents are within walking distance of River Oaks Shopping Center, and the complex will tout 10K SF of its own retail space. Ziegler Cooper is the architect. Construction began in June 2018 and delivery of units is expected to start in summer 2020.
5. Buffalo Heights
Buffalo Heights Residential: 230 Units Retail: TBD Office: 35K SF Other: 96K SF (urban H-E-B) Status: Under construction Touting an urban H-E-B prototype on the ground level, Buffalo Heights is the future home of residents, shoppers and office workers alike. The seven-story development includes One Buffalo Heights, the 35K SF office portion, and St. Andie, the upscale multifamily component. On-site amenities include workout and yoga rooms, a glass-enclosed conference room, a clubhouse, multiple seating areas and bicycle storage. The Gordy family (BKR Memorial) owns the property, which was designed by Ziegler Cooper Architects. Located at Washington Avenue and South Heights Boulevard, Buffalo Heights is scheduled to deliver this fall.
6. The Interpose
The Interpose Residential: 168 Units Retail: 25K SF Office: None Status: Short-term proposed The Interpose is a mixed-use project slated for the Washington Heights District. Developed by Hunington Properties, the micro-unit mid-rise features 168 apartments and 25K SF of street-level retail with outdoor patio seating, according to the developer’s website. On-site amenities will include Uber pick up and drop off stations, valet parking and a retail-only parking garage. The project is at 1111 Shepherd Drive.
7. The Allen
The Allen Residential: 99 Condos Retail: TBD Office: 333K SF Other: Hotel Status: Short-term proposed With views of Downtown and Buffalo Bayou Park, The Allen is bringing luxury to the forefront. The $500M mixed-use project will include a high-end hotel by Thompson Hotels, condominiums, retail and office. Houston-based DC Partners and Tianqing Real Estate Development LLC, the U.S. subsidiary of China-based Tianqing Group Real Estate Co. Ltd., are the developers behind the project at 1711 Allen Parkway.
8. Park Place River Oaks
Park Place River Oaks Residential: None Retail: TBD Office: 207K SF Other: 1-acre park, Hotel Status: Under construction Stonelake Capital Partners is developing Park Place River Oaks, a 15-story Class-A office building at Westheimer Road and Mid Lane. This is the third phase of Park Place | River Oaks, an 11.5-acre mixed-use development in the River Oaks/Highland Village submarket. The floor plates average 26K SF and the design features a landscaped terrace on the ninth floor available to all tenants. Colvill Office Properties is responsible for office leasing. Dallas-based Beck Architecture designed the building while Harvey Builders serves as the general contractor.