HOUSTON – (Realty News Report) – Radom Capital has secured $104,750,000 in financing for the Montrose Collective, a mixed-use development at the intersection of Montrose Boulevard and Westheimer.
JLL arranged the construction loan with Bank OZK on behalf of Radom Capital and facilitated joint venture equity from institutional investors advised by J.P. Morgan Asset Management.
The Montrose Collective occupies four contiguous parcels totaling 2.44 acres near the northeast corner of Westheimer Road and Montrose Boulevard. Existing tenants—including Uchi, Southside Espresso, Hue, and Rosemont—will remain open and operational during construction. Notably, Uchi is housed in the historic Felix Mexican Restaurant building.
The development plan calls for a six-story, 150,000-square-foot building featuring ground-floor retail and restaurant space, a second floor dedicated to medical offices and service retail, and creative office space on the upper levels. In addition, a three-story retail building will include upper floors designated for a new 10,000-square-foot public library. Overall, the project will deliver roughly 50,000 square feet of retail and 100,000 square feet of office space, with retail frontage along four streets, a combination of public and private parking, patios, and landscaped green spaces.
The JLL Capital Markets team representing Radom Capital was led by Senior Managing Directors Colby Mueck and Ryan West, Senior Director Matthew Putterman, and analysts Jett Lucia and Matthew Williamson.
Scheduled for completion in late 2021, the Montrose Collective will accommodate six new dining concepts and approximately 15 boutique retail spaces, enhancing the area’s retail and dining offerings.
Michael Hsu Office of Architecture is the project’s lead designer.
The development team also includes landscape architect OJB (Office of James Burnett), structural engineer HOK, civil engineer Kimley-Horn, and MEP firm DBR. D.E. Harvey Builders is serving as the general contractor, and CBRE is handling office leasing for the project.
The new library will replace the Freed-Montrose Library, currently housed in the sanctuary of the historic Central Church of Christ at 4100 Montrose Boulevard. That church was designed by architect William Ward Watkin.
March 3, 2020 Realty News Report Copyright 2020