Two more towers for Houston's Downtown Living InitiativeTwo more towers for Houston's Downtown Living Initiativehttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=16842015-02-20T11:12:00Z2015-02-20T00:00:00Z

HOUSTON - Two new residential projects are planned for downtown — a historic renovation of the 21-story Great Southwest Building, originally known as the Petroleum Building, and a new 24-story apartment tower.

Dallas-based Todd Interests is developing the Great Southwest Building located on the eastern half of Block 72, bounded by Texas Ave., Austin St. and Capitol St.

The existing office tower will be renovated into 162 residential units, and plans also call for the addition of 11 townhouses on Austin and Capitol, all lining an internal parking garage.

Illinois-based Marquette Cos. is developing the 304-unit, 24-story apartment tower planned for Block 114 located just a block northeast of Minute Maid Park.

Both projects have been approved for the Downtown Living Initiative, which now has nearly reached its cap. The program offers developers up to $15,000 for each unit built in a multifamily complex of at least ten units.

The Downtown Living Initiative is capped at 5,000 units, and there are now 17 projects totaling 4,955 units approved for the reimbursement, though some agreements are still pending.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/morning_call/2015/02/two-residential-towers-approved-downtown.htmlRead more at {Source}

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