Hines to Build Downtown’s Tallest Residential Tower – Groundbreaking in March

HOUSTON – Hines will begin construction in March on a 46-story residential tower that will become the tallest apartment building in downtown Houston.

Called The Preston, the development is being delivered in partnership with Cresset Wealth Advisors and Levy Family Partners.

The Preston will contain 373 units and is scheduled for completion in the third quarter of 2022. Munoz + Albin is the design architect for the project.

“Rotating the building diagonally to Houston’s grid provides wider, uninterrupted views from all the residences,” said Jorge Munoz, Principal of Munoz + Albin. “The massing and geometry of the tower respond to the building’s immediate context, maximizing long-distance views, natural light and direct sightlines to Market Square Park.”

The tower will rise at the corner of Preston and Milam streets on the former Houston Chronicle parking garage site in downtown. The previous garage occupied roughly three-quarters of an acre, bordered by Preston, Milam and Prairie streets on Block 42.

The Preston will sit adjacent to Market Square Park and near the historic Hogg Palace residential building, which was redeveloped into lofts decades ago and became an early example of the downtown loft movement.

“Over the past 10 years, downtown’s core has shifted north, and Hines’ new office and residential developments have been at the forefront with projects such as 811 Main, 609 Main at Texas and Aris Market Square,” said Kevin Batchelor, senior managing director at Hines. “We look forward to delivering our most impressive residential community to date in this growing urban hub. Residents will enjoy a walkable, big-city lifestyle in a building that emphasizes luxury and contemporary style.”

Hines’ development team for The Preston includes MaRS (Mayfield and Ragni Studio) as interior architects, TBG as landscape architect, and Harvey Builders as general contractor.

The project’s investment partners, Cresset Wealth Advisors and Levy Family Partners, are Chicago-based real estate investment firms managing family office capital. Executive team members include Eric Becker, Avy Stein, Larry Levy, Jeffrey Cherner and Michael Miller.

Across the street from The Preston site, Hines—partnering with Ivanhoé Cambridge—is also developing a 47-story office tower on the site of the former Houston Chronicle building at 801 Texas. A Hines-led group acquired the full-block Chronicle building and an adjacent half-block garage in 2015 after the newspaper relocated to properties near the Southwest Freeway and Loop 610.

The new building will give Hines two apartment towers near Market Square Park. Hines recently completed the 32-story Aris Market Square apartments, designed by Ziegler Cooper, located nearby.

The Preston will be directly across from Woodbranch Investments’ 40-story Market Square Tower, which is noted for its glass-bottomed swimming pool that extends beyond the building’s edge.

Downtown Houston has seen significant residential growth in recent years. Camden Property Trust is constructing a $140 million, 20-story, 275-unit residential tower next to the Toyota Center downtown.

The Inner Loop, including downtown, has become a popular location for residential towers, offering an alternative to commuting from suburban neighborhoods to major employment centers such as Downtown, Uptown and the Texas Medical Center.

Hines is also developing a separate high-rise apartment project on Montrose Boulevard, just south of Westheimer Road.

The downtown residential boom was supported in part by the city’s Downtown Living Initiative, which offered developers a tax incentive of $15,000 per unit. That program is now fully subscribed and no longer available. Approximately 3,000 downtown residential units have been completed or are under construction in recent years.

The Preston will be located a block or two from the Theater District and will include amenities such as a pet spa, a bike shop and 6,800 square feet of street-level retail and restaurant space.

The building will feature 10 penthouse residences on floors 44 and 45, ranging from 1,739 to 2,927 square feet. Penthouse layouts will include expansive outdoor living areas, freestanding bathtubs and high-end finishes comparable to luxury condominiums. Select units will offer outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.

Feb. 4, 2019 Realty News Report. Copyright 2019.