Houston: 14 multifamily projects tap into downtown

HOUSTON – Five residential projects are under construction and at least nine more are planned in downtown, according to Central Houston’s third quarter real estate report.

The City of Houston’s Downtown Living Initiative has further sparked downtown development, according to the nonprofit’s report. The initiative offers $15,000 per unit in tax breaks to developers building multifamily projects downtown.

SkyHouse Houston was taken off Central Houston’s list, because the 24-story, 336-unit building recently opened and was the first beneficiary of the Downtown Living Initiative.

Under construction:

•  500 Crawford, a seven-story, 397-unit project being developed next to Minute Maid Park — slated for completion May 2015;

•  The Old Texaco Building, a conversion project to 323 units located at 1111 Rusk — expected to reopen 4Q 2015;

•  Block 334, a 207-unit complex located one block north of SkyHouse Houston — expected to open 2Q 2015;

•  Market Square Tower, a 40-story, 463-unit tower located next to Market Square Park — expected to be complete 1Q 2017;

•  A 148-unit apartment building bounded by St. Joseph, Chenevert, Pierce and Hamilton.

The list of planned projects is available online.