|Houston residential projects hit Downtown Living Initiative goals||Houston residential projects hit Downtown Living Initiative goals||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=11542||2015-12-22T06:00:00Z|
HOUSTON - Developers have finally exhausted the Downtown Living Initiative in 2015, a major milestone for residential development in downtown Houston.
Two years ago, Houston city planners launched a tax incentive program to spur residential development in the city’s central business district. Last year, the Houston City Council approved an expansion of the Downtown Living Initiative that doubled the amount of residential units that could receive $15,000 in tax breaks per multifamily unit built downtown.
Today, 18 residential projects are planned or under construction in downtown. 11 projects totaling 2,729 units are under construction and seven projects totaling 2,458 units are planned for Houston’s commercial center.
Now, just 45 units remain before developers hit the 5,000-unit cap.
1. 500 Crawford: The Finger Cos. is building a seven-story, 400-unit apartment project, which is expected to be complete by third quarter 2015.
2. 1111 Rusk: Provident Realty Advisors and EFO Holdings LP are redeveloping the old Texaco building into a 323-unit apartment project, expected to be completed at the end of 2015.
3. Block 334: Alliance Residential Co. is building a five-story, 207-unit apartment project, one block north of SkyHouse Houston. The project is expected to be complete in the 1Q 2016.
4. Catalyst: Marquette Cos. is building a 28-story, 361-unit apartment tower on Block 52. The project is expected to be completed in 4Q 2016.
5. Aris Market Square: Hines is building a 32-story, 274-unit apartment at the southeast corner of Travis and Preston. The project is expected to be complete 2Q 2017.
|Houston Business Journal||Houston-The Woodlands-Sugar Land||Multifamily|| http://www.bizjournals.com/houston/news/2015/12/15/year-in-review-major-milestone-met-for-residential.html|
To see the full list of developments in progress and planned, see the Houston Business Journal.