Houston: $125M mixed-use Kirby Collection gearing upHouston: $125M mixed-use Kirby Collection gearing uphttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=17962015-02-06T13:06:00Z2015-02-06T10:00:00Z

HOUSTON - New York-based Thor Equities is gearing up to break ground on the $125 million Kirby Collection, a million-plus-sf mixed-use project in Upper Kirby, despite the current oil slump.

"The oil issue is a silver lining for us," said Jack Bousquet, a developer at Thor. "We think we'll get more favorable construction costs and some of the competition will fade."

Demolition of the site's former buildings is finished, and construction is set to start in April or May, Bousquet said. It's slated to be complete third quarter 2017.

The project will encompass the block bounded by Kirby Dr., West Main St., Colquitt St. and Lake St.

It will include:

•  a 25-story, 385,000-sf residential tower,
•  a 13-story, 210,000-sf Class A office building, and
•  67,000 sf of high-end retail along Kirby Dr.

The residential tower will include 199 apartments averaging just under 1,500 sf. There will be seven two-story, ground-level townhomes along Lake St., and the sixth-floor plaza level will have seven two-story residential loft spaces with private yards.

Thor bought the land in 2008. In May 2014, Thor's request to replat the property from commercial use to unrestricted was approved through the Houston Planning Commission.

tags: Houston apartments, Houston office, Houston Transwestern Metro Outlook Year-End 2014, Houston Market Data

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