Houston Hardy railcar yard to 350 unitsHouston Hardy railcar yard to 350 unitshttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=13252015-04-07T09:10:00Z2015-04-07T06:45:00Z

HOUSTON - A luxury four-story, 350-unit Class A apartment project is planned on a portion of Hardy Yards, a long-vacant railcar maintenance yard in Houston’s Near Northside neighborhood. The $58.5 million project will be called Residences at Hardy Yards.

Lee Zieben is developing the project, which involves a unique public-private partnership between the Zieben Group, the City of Houston, the Houston Housing Finance Corp. and CommunityBank of Texas that aims to redevelop the industrial site and kickstart future development just north of downtown.

Zieben acquired a nearly five-acre parcel in Hardy Yards from Austin-based landowner Cypress Real Estate Advisors on March 2. The site — at North Main and Burnett streets, just north of I-10 near the University of Houston Downtown — closed for approximately $10 million, Zieben said.

Residences at Hardy Yards will be one of the first truly mixed-income apartment projects in the Bayou City, which was made possible by a $14.5 million investment from the City of Houston through federal disaster relief funds after Hurricane Ike in 2008.

About half of the luxury apartment complex — 171 units — will offer market-rate rents as high as $1.90 per sf. The remaining 179 units will be workforce housing, targeting renters with household incomes ranging between $35,000 and $45,000.

Zieben said the project will attract professionals working downtown as well as teachers, police officers and firefighters looking for luxury living on a bargain. Zieben Group plans to break ground on the project spring 2016. Construction is expected to take 36 months.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/news/2015/04/06/houston-developer-closes-on-prime-property-near.htmlRead more at {Source}

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