Houston's Galleria-area site's unrestricted height, densityHouston's Galleria-area site's unrestricted height, densityhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=12362015-04-20T15:51:00Z2015-04-20T09:30:00Z

HOUSTON - An affiliate of Dallas-based multifamily developer Trammell Crow Residential has purchased a prime site next to the Galleria mall.

The site Trammell Crow Residential purchased is unrestricted in terms of zoning, use, height and density, according to HFF.

A Trammell Crow representative confirmed it will be the Alexan 5151 project listed on the company's website.

The four-story project is expected to break ground in June, deliver its first units in December 2016 and be complete in September 2017. Plans call for 397 units averaging nearly 962 sf.

The 3.86-acre site, within the Lakes on Post Oak office and residential complex, is directly across Hidalgo St. from the Nordstrom at the Galleria.

HFF marketed the property for the sellers, a joint venture between an affiliate of Connecticut-based Five Mile Capital Partners LLC and Florida-based Crocker Partners.

They acquired the 1.2 million-sf Lakes on Post Oak complex in 2011, and last year they sold three of the office buildings in the complex.

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