HOUSTON — By Cynthia Lescalleet for Realty News Report — Midtown’s housing stock is rising: more units are being added and buildings are growing taller.
Australia-based developer Caydon has reached the halfway point on its $200 million, 27-story apartment tower at 2850 Main St., the first major residential tower to rise in the neighborhood’s redevelopment. The company recently opened the construction site to the media, showing the building’s structural progress and a fully furnished Euro-style model unit.
Called “2850,” the tower offers 360-degree views and contains 357 units, predominantly one-bedroom apartments. The 342,000-square-foot building includes roughly 13,000 square feet of ground-floor retail, adaptable space that could support co-working or other mixed uses, and a half-acre amenity deck on the eighth level. That deck will feature a pool with a swim-up bar, a fitness center, a separate yoga studio, an outdoor kitchen and gathering areas, plus a landscaped “backyard” with a knoll. The top floor dedicates about 4,000 square feet to a sky lounge overlooking Midtown Park, which opened the prior year.
Construction began in November 2017. Several floors are expected to be move-in ready by August 2019, with overall completion slated for November 2019. Apartment sizes will range from about 550 to 1,200 square feet.
Designed by Ziegler Cooper Architects, 2850 is Caydon’s first U.S. project. The Melbourne-based developer now owns roughly four acres in Midtown. The company initially purchased the site that formerly housed the Mental Health and Mental Retardation Authority three years ago and has since acquired two adjacent parcels with plans for additional mixed-use development; those future projects were not part of the recent tour.
The tower sits at Main and Drew on Metro’s light-rail line that links downtown to the Texas Medical Center. Midtown Park sits across the street, offering nearly three acres of greenspace, an outdoor theater, public art and casual gathering places for residents and visitors — including pet owners. Nearby cultural assets include the MATCH (Midtown Arts and Theater Houston), and an expanding roster of restaurants, bars and other neighborhood amenities catering largely to the area’s millennial population.
Midtown’s residential population has grown to nearly 10,000, roughly double the 2012 count, according to the Midtown Management District.
During the site tour, Caydon COO Derreck LeRouax said the project’s location and design reflect the company’s emphasis on “living outside the living room.” Rooted in Melbourne’s outdoor-focused lifestyle, Caydon prioritized walkability and communal outdoor spaces when planning the project.
LeRouax noted that likely retail tenants will be drawn from restaurants and other experiential concepts. The two-story retail bays allow flexibility in interior layouts to accommodate different uses.
Caydon principal Joe Russo said proximity to Midtown Park was a key factor in choosing the site. “With Midtown Park set to become the heart of Midtown, we saw the vision and benefits that the park will bring to the community. We feel Midtown is gentrifying and are riding the wave,” Russo said via email.
Houston was one of five U.S. cities Caydon evaluated for its inaugural American project, LeRouax said. The firm has since announced residential developments in Seattle (condominiums) and San Diego. Globally, Caydon reports about $5 billion in its development pipeline and roughly $2 billion completed.
Other high-rise residential projects are also moving forward in Midtown. Among them is a 29-story tower at 3300 Fannin, developed by PMRG and AECOM Capital, which likewise sits along the Metro rail line.