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Dec. 7, 2012

PM Realty Buys Greenway Plaza Site for New Mixed-Use Development

By Georgiana Mihaila, Associate Editor

Having recently broken ground on what could become Houston’s tallest apartment building—the 2929 Weslayan project—PM Realty Group has now purchased a 4.97-acre site with plans for a two-phase, mixed-use project.

PM Realty Group and its equity partner, the INDURE Fund, closed on the 3333 Richmond Ave. property on Nov. 16 but only recently released information about its plans. Located in the Greenway Plaza submarket, at the southeast corner of Richmond Avenue and Buffalo Speedway, the site includes an existing 97,000-square-foot office building, a two-story parking garage, surface parking and approximately three acres of excess land.

The mixed-use development will include a 400,000-square-foot, 18-story, Class A, LEED-certified office tower; a 3.5:1,000-density, seven-level structured parking garage; and an amenity package including a ground-floor restaurant and terrace atop the parking structure that will be accessible to office tenants. This phase of the development is scheduled for groundbreaking in late 2013, with a completion anticipated in late 2014 or early 2015.

According to a company release, the 400,000-square-foot Class A office building is already 20 percent pre-leased to two tenants, one of them the seller of the property, Solvay America Inc. The company—represented in the transaction by Trey Strake, Tim Relyea and Matt Trozzo of Cushman & Wakefield Inc.—will occupy approximately two floors in the new building.

The second phase of development will call for the demolition of the existing 97,000-square-foot structure in order to make room for a single high-rise tower comprising a full-service hotel on the bottom half and a 250-unit high-end apartment building on the top half. The hotel and apartments will be joined by a high-end-resort-styled amenity deck, to which both hotel guests and apartment residents will have exclusive access.

PM Realty Group has selected an architectural design team consisting of Elkus Manfredi, lead design architect; Sasaki, lead landscape design architect; OJB, landscape architect of record; and Kendall Heaton, architect of record. It has commenced the full design process.

The development team will be led by industry veteran Dan Leverett, executive vice president & managing director of development for PM Realty Group.

Image courtesy of PM Realty Group


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