Marquette Cos. to Break Ground on 364-Unit M-F Project in Downtown Houston
- Apr 24, 2014
Naperville, Ill.-based The Marquette Cos. plans to break ground on Block 52, a 364-unit apartment building in downtown Houston.
The property encompasses a city block on the northeast side of the Houston CBD and is situated one block from Minute Maid Park.
Among the many premier features, the 29-story structure will showcase two amenity floors including a full-size, resort-style rooftop pool; it will also sport a 589-space private parking garage and approximately 7,700 square feet of ground-floor retail/restaurant space.
Apartment units will range from approximately 600 to 1,800 square feet in size, with rental rates ranging from $2.70 to $2.80 per square foot, as reported by the Houston Business Journal.
The multifamily project is expected to be complete in summer 2015.
Marquette is utilizing the Downtown Living Initiative (Chapter 380) for the development of the high-rise complex and will reportedly receive a $5.5 million benefit from the grant.
In an effort to drive more residential momentum in downtown Houston, the city council recently approved the expansion of the Downtown Living Initiative (DLI) from a cap of 2,500 residential units to 5,000 units by June 30, 2016. This will add 7,500 new residents to downtown, bringing the total to a little over 11,000, according to Downtown Houston.
The DLI is a program that incorporates financial and other benefits to promote the development of mixed-use residential projects. The initiative requires developers to comply with essential guidelines that aid in creating supportive urban designs, with residential streets featuring trees, enhanced lighting, active ground-floor uses and appropriate sidewalk design.
DLI’s first project, SkyHouse Houston, is set to open this summer at 1625 Main St. A joint venture of Batson-Cook Development Co., Peter W. Dienna and Simpson Housing, the 24-story luxury high-rise will include a mix of studio, one- and two-bedroom apartment homes with high-end finishes and amenities.
Rendering of Block 52 in Houston via The Marquette Cos. official website.