Glitz! Cartier, Dior, Hermès to shine in River Oaks Houston

HOUSTON – Four major luxury retailers, Cartier, Dior, Hermès and Tom Ford, have signed agreements to open stores in the 15-acre, mixed-use development in the River Oaks District. The development is located on Westheimer Rd., near the Galleria.

Hermès will be housed in a two-story building with space totaling 10,117 sf. Dior will also build two stories, spanning 9,056 sf. Cartier will have 6,040 sf, and Tom Ford will have 4,906 sf.

OliverMcMillan broke ground on the 15-acre project last summer. The complex is scheduled to open in spring 2015 with 252,000 sf of retail, restaurants, cafés and a cinema, along with 92,000 sf of office space and 279 residential units.

Matt Keener, senior vice president of brokerage retail properties for CBRE’s Houston office, recently told the Houston Business Journal that the River Oaks District charges up to $150 per gross square foot for rent.

The average retail rental rate for the Houston area is $21.94 per square foot, with a vacancy rate of 7.3 percent, according to 2014 first quarter reports.