HOUSTON—Despite the current volatility in oil prices, numerous high-profile Houston-area projects are on the docket for 2015.
RealShare Houston, on March 31 at The Houstonian, will feature a dedicated panel about the topic -- “Houston Development: What's in the Pipeline?” – so we took the opportunity to get a preview, asking a few conference participants about current projects they're most excited about.
Kerry French, senior vice president and managing director, NorthMarq: “The quality of new office and multifamily development is dramatic, with multiple projects achieving higher-level LEED certification, along with amazing new amenities.”
Laurie Baker, senior vice president of fund and asset management, Camden Property Trust:
“We recently began construction on Camden McGowen Station, a $90 million development community with 315 apartment homes scheduled to open in 2017. The project has a prime location on the light rail system in Midtown Houston and will be adjacent to a new city park, restaurant and other attractions. We believe this community will be very well-received and be delivered at a point in mid-2017 when most other new supply has tapered off.”
Paul Layne, executive vice president, master planned communities, The Howard Hughes Corp.:
“One Lakes Edge – 390-unit luxury apartment community fronting Lake Woodlands in Hughes Landing; 3 Hughes Landing Office Tower – opens at the end of 2015 in Hughes Landing; Twin Exxon Mobil office towers in Hughes Landing; Embassy Suites and Westin Hotel opening December 2015.”
David Boyd, co-managing director, Boyd Commercial/CORFAC International:
“I'm most excited about the petrochemical plant expansions taking place due to the low price of feedstocks such as natural gas. The west side of town is definitely slowing down due to curtailment of upstream oil activity. But the heavy industrial manufacturing base serving the downstream activity located around the Port of Houston is investing billions of dollars in new projects that will be ongoing for years.”
Sandy Benak, leasing manager, Granite Properties Inc.:
“We have three potential developments that are on hold right now pending an uptick in demand. We continue to work all of them in anticipation of future need.”
Louis Cushman, vice chairman, brokerage services, Cushman & Wakefield:
“All in the CBD, the new Hines office project at 609 Main, the new 1,000-room convention center hotel [plus other new hotels], the changes in store for the George R. Brown Convention Center, the new high-rise residential developments, and the $46.5 million makeover of the Alley Theatre, all of which will make for a more vibrant, 24/7 environment.”
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