Joint Venture to Construct 336-Unit Luxury Houston Community
Houston—In a joint venture, Simpson Housing, Novare Group, Batson-Cook Development Company and Peter W. Dienna broke ground on a 336-unit community in Houston.
The community, called SkyHouse Houston, is a 24-story luxury high rise located in the Central Business District of Houston. The apartments will feature 9-foot ceilings, stainless steel appliances, granite counter tops, wood floors, balconies and high-speed wiring.
On the top floor of the community will be a “Sky House,” which will include a clubroom, fitness center, pool and grilling area.
The City of Houston awarded SkyHouse Houston with a tax abatement of $15,000 per apartment unit, subsidizing the high construction costs and acting as an incentive for other new development in the area. The construction is expected to create 500 jobs and bring in 400 residents to the area.
“This community is the first to break ground downtown in the tax abatement zone established by the City of Houston,” Jim Borders, president, Novare Group, tells MHN. “Its walking proximity to both work and play for the downtown employment base has us very bullish on the project. That, and the lean construction techniques of our contractor that allow for rapid, cost efficient delivery, should bode well for the success of the project.”
SkyHouse Houston will be in walking distance from the Toyota Center, Minute Maid Park and BBVA Compass Stadium. Additionally, the community will be near the Bell Station Metrorail stop.
“Houston is one of the strongest markets in the United States and is underserved in terms of new apartment product, particularly in the downtown area,” Mark Stewart, director of investments, Batson-Cook Development Company, says. “SkyHouse Houston is unlike anything else being delivered right now with high-rise views, high-end finishes and a world-class amenity deck, all specifically targeted to the next generation professional work force. SkyHouse will be an asset that Houston will be proud of.”Tags: Batson-Cook Development Company, luxury, Mergers and Joint Ventures, New Development, Novare Group, Peter W. Dienna, Simpson Housing