Downtown Houston's residential growthDowntown Houston's residential growthhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=45892014-03-24T10:59:00Z2014-03-24T10:00:00Z

HOUSTON - Downtown Houston’s residential population could more than double over the next several years with projects underway and a dozen proposed for the city center.

The boom is being fueled in part by a city program offering developers up to $15,000 for each apartment or condominium they build in a multifamily complex of at least ten units. They must meet design guidelines on how the project looks at street-level.

Of the projects proposed, three have been approved for the incentive program, and agreements are pending on the others.

Approved projects include a 33-story tower planned near Market Square Park; a 38-story building by Discovery Green; and a ten-story structure on the southern end of downtown.

According to the Houston Downtown Management District, since the program went into effect more than a year ago, the following developments have broken ground:

•  Alliance Residential Co.: five-story, 207-unit building at Main and Bell;
•  Texaco Building: 323 units at Capitol and San Jacinto;
•  SkyHouse Houston/Novare Group: 24-story, 336-unit building with retail at Fannin and Leeland; and
•  Finger Co.: seven-story, 397-unit building with retail at Prairie and Crawford

Current downtown data are shown below.

Downtown residential
Rental or for sale units 2,614
Occupancy 90.8%
Estimated population 3,060
Units under construction 1,263
Units proposed 2,251
Total units* 6,128
Estimated population* 7,635

*Numbers assume completion of all proposed projects.

For more Multifamily, see Houston Market Data Sources.

Houston Chronicle
Houston-The Woodlands-Sugar Land
http://blog.chron.com/primeproperty/2014/03/downtowns-residential-boom/Read more at {Source}

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