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HOUSTON-A mixed-use, multimillion dollar, high-rise complex will change the skyline along the city's thriving Westchase District when construction begins later this year on Park 8 Grand.

"It is probably one of the largest projects coming out of the ground this year," Kevin Sims, with NAI's Houston office, tells GlobeSt.com. The project, set to include retail space, medical offices and luxury condominiums, is being developed by locally based Park 8 Place LP.

Stephen Schorr, also with NAI 's Houston office, says groundbreaking on the 11.5-acre site at Beltway 8 between Bellaire Boulevard and Beechnut Street is expected to occur within the next few months. The project will include high-rise residential towers featuring luxury condominiums along with 130,000 sf of retail space and about 20,000 sf of medical offices. The retail phase of the project should be completed by fall 2006, Sims says. Both Sims and Schorr say it's unclear how many condos would be included in the large-scale project or the market price of those high-end units, but concur that all will feature scenic views of the surrounding area.

The retail phase is expected to deliver a tenant roster of several national chains although none have yet signed on to be included in the plans, Sims says. "We're still working on a few different options as far as site planning so we're not sure how it's going to lay out. But in that particular market, we anticipate lease up to occur within a year or a year and a half," he says, adding even the rental rate has yet to be established.

Sims says the project will be completed in phases, beginning with the retail space. Marketing of that space should begin next month.

The Westchase District has become one of the hottest office markets in recent years because of its proximity to area freeways and other amenities. "Westchase has done a lot of marketing and put a lot of upgrades into the district to make it a destination, " Sims says, stressing the addition of Park 8 Grand will make that hotspot even hotter.

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Multimillion-Dollar Mixed-Use Project Set for Westchase District

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