The project will be located on one square block at Fourth andGuadalupe streets. A $23-million campaign has been initiated tocover construction costs for the three-story museum. Thedevelopment cost for the 30-story Museum Tower has not beendetermined. The museum is currently operating in 16,000 sf of arenovated bank building at 823 Congress Ave.

Travis Overall, vice president of the Houston-based Hines, saysthe museum owned the entire block, but didn't need the whole parcelfor its new structure. After considering many developer proposals,the museum board sold half of the block to Hines.

Overall says the 30-story Museum Tower is not a speculativeproject, but the preleasing goal before ground can break is stillbeing evaluated. "Capital markets will likely dictate thatsignificant preleasing be achieved," he tells GlobeSt.com. "Themarket response to the project will dictate timing for thegroundbreaking."