Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-The Morgan Group and Trammell Crow Co. have combined forces to acquire a 24-acre infill property that will be built out as an urban lifestyle center with up to 600 residential units and 400,000 sf of retail space. The estimated $180-million project is expected to deliver in 2008.

The property, which is under contract following a competitive bidding, takes up the corner of Richmond Avenue and Weslayan Street, now home to the Houston Independent School District’s headquarters building and an elementary school. The Morgan Group-TCC JV is backed by a behind-the-scenes institutional investor that’s part of a deal valued at “north of $35 million,” according to Carleton Riser, vice president of development with the locally based Morgan Group. He tells GlobeSt.com that the approximate cost of reconstruction and renovation will be $180 million. Gensler’s Houston office has been named as the project’s master planner and design architect.

Riser says the JV plans to gain access to the site in the summer 2006. “We’ll then begin demolishing existing structures and start construction from the ground up,” he says.

Preliminary preleasing for the commercial component will begin in the fall. “We haven’t officially rolled out the marketing plan,” Riser says. “We need to get along in the design process before we can enter into different discussions with different people in regards to this concept.” He adds the Morgan Group and the Houston team for Dallas-based TCC intend to debut the project at the International Council of Shopping Center’s Southwestern regional meeting in San Antonio.

The retail component calls for a variety of specialty stores, numerous restaurant venues and an upscale health club. “This is a large piece of developable infill property that is unique,” Riser says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.