HOUSTON — The micro-apartment trend is arriving in Houston in a significant way.
Developers say Latitude Med Center, a new residential tower, will begin welcoming its first tenants next spring. The building includes units as small as 339 square feet and averages about 445 square feet per unit.
The 35-story high-rise sits on Main Street between Rice University and Holcombe Boulevard. It is a joint venture between Greystar, the national multifamily developer and manager, and Houston-based Medistar. The Preston Partnership designed the tower.
The project contains 375 units and is located on the western edge of the 1,345-acre Texas Medical Center — the world’s largest medical complex, home to 21 hospitals, several medical schools and more than 100,000 employees.
Latitude Med Center responds to growing demand for compact, well-located housing with access to public transportation and urban amenities. Micro-units also offer a partial solution to affordability challenges facing younger renters, including many Millennials carrying student debt.
Interest in micro-apartments has been rising nationally. At the Urban Land Institute Fall Meeting in Los Angeles, a panel highlighted how smaller rental units can address housing affordability. Panelists noted examples such as Detroit’s 28 Grand, where some micro-units under 300 square feet rent for around $1,000 per month.
Locally, smaller-footprint housing is appearing in several Houston projects. Surge Homes, a Canadian builder, is developing The Isabella at Midtown at 4001 Main Street, offering condominium units priced from about $166,945 for homes as small as 463 square feet.
These developments reflect a broader cultural shift toward simpler, less consumptive living and meet demand for more affordable housing options in desirable urban neighborhoods.
Latitude Med Center aims to be an upscale residence. Its proximity to a new InterContinental hotel — a four-star brand that has been largely absent from Houston’s hospitality market — places the tower in a more affluent segment of the market.
Greystar has not finalized rents for Latitude, but Trent Conner, Greystar’s managing director, says some units will rent for under $2,000 per month.
A topping-out ceremony was recently held at the site. General contractor Hoar Construction expects to finish the building by the end of summer 2018.
The apartment tower will adjoin the new InterContinental hotel, a 22-story development by TRC Capital Partners and Medistar. The 353-room InterContinental at 6750 Main St. is slated to open in late 2018. Medistar also plans to demolish an adjacent hotel and build a 550,000-square-foot medical office building on that site.
For now, Latitude and the construction crane atop it form one of the most prominent new elements on the Houston skyline. Given current market conditions, it may remain among the tallest new additions to the city’s skyline for some time.
“It’s the 50th largest building in Houston,” said David Reid, senior managing director of development for Greystar. “It’s a massive, massive project.”
Nov. 27, 2017 Realty News Report Copyright 2017