Phase Two Delivery of Regent Square is Much Anticipated
The mixed-use district will eventually span 24 acres along W. Dallas Street between historic College Memorial Park Cemetery and Waugh Drive, with phase two featuring a multifamily project and retail.
HOUSTON—Retail leasing of the second phase of GID Development Group’s Regent Square commenced earlier this month as the master plan was unveiled for the urban site, steps from Buffalo Bayou Park and at the axis of River Oaks and Montrose. Groundbreaking is anticipated in fall 2019.
“The timing for the Regent Square phase two delivery in the first quarter of 2021 has been much anticipated,” Mark Raines, JLL managing director, retail advisory services, tells GlobeSt.com. “The Houston market has been awaiting the type of quality development GID is known to deliver and in a location with retail leasing opportunities that will be desired by many.”
The mixed-use district will eventually span 24 acres along West Dallas Street between historic College Memorial Park Cemetery and Waugh Drive. The district’s first phase and eastern anchor, the Sovereign at Regent Square, is a 21-story residential tower completed in 2015. Located at West Dallas and Dunlavy streets, phase two will occupy approximately 8 acres of the multi-phased master plan and feature a 600-unit multifamily project and 50,000 square feet of street-level retail.
The retail will ring a central plaza designed by Houston-based OJB Landscape Architecture, which will encompass two activated green spaces, a signature water feature and a pedestrian promenade. Designed by CBT, phase two was conceived as a scaled and site-specific three-dimensional design that will allow residents and visitors to engage with the programmed urban environment.
“Our goal for Regent Square is the creation of an exemplary, urban mixed-use district in the heart of Houston. Phase two, the core of the master plan, is poised to establish the project as a dynamic, walkable place as it weaves high-quality restaurants, retail and residential into the fabric of the surrounding neighborhoods,” said James Linsley, president, GID Development Group.
Much like the Sovereign did when it debuted, GID expects the phase two apartment building to set a new precedent for rental offerings in the area with 60,000 square feet of exterior and 16,000 square feet of interior amenity space. Floorplans will range from studios with separate sleeping alcoves to large two-bedroom units.
JLL has been tapped to oversee retail leasing for the mixed-use project.
“JLL is honored to be leasing the retail portion of this game-changing development that will create a key connection between River Oaks and downtown, embracing and complementing adjacent Buffalo Bayou Park with unmatched opportunities for pedestrian-oriented retail and restaurants in this sought-after Inner Loop corridor,” said Matt Parsons, JLL SVP, retail advisory services.
Supply has outpaced demand for retail space in Houston during the last four quarters, although as construction continues to moderate, the tide should turn, according to a report by NAI Partners. Net absorption increased to 785,000 square feet in the first quarter compared to the previous quarter at 545,000 square feet while leasing activity involved 1.5 million square feet. The retail market saw overall average asking rates rise yet again by $0.58 per-square-foot quarter-over-quarter to finish at $17.90—surpassing last quarter’s all-time high—on a triple-net basis. A year ago, average rates were at $16.47, representing an 8.7% increase, says NAI Partners.