Houston historic Texaco building $95M redo moves forwardHouston historic Texaco building $95M redo moves forwardhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=64612013-09-02T12:24:00Z2013-09-02T09:00:00Z

HOUSTON - The historic Texaco building at 1111 Rusk in Downtown Houston has been purchased by Provident Realty Advisors Inc., who plans to redevelop it into downtown’s next luxury high-rise.

The project's unit count will be 309 with an average unit size of about 1,065 sf. The plan also includes about 8,000 sf of ground floor retail and a 550-car garage.

Rents will be comparable to One Park Place in downtown with its target market as the urban dweller.

The building will cost about $95 million to redevelop with first units expected to be delivered within 13 to 14 months and completion set for 20 to 24 months after construction starts.

As soon as the developer can get the permit approved, initial construction is set to begin.

The high-rise gained an incentive through the Downtown Living Initiative program and will be connected to the tunnel system. In addition, the building’s historic façade will be repaired using funds from the TIRZ No. 3.

Houston Business Journal
Houston-The Woodlands-Sugar Land
http://www.bizjournals.com/houston/blog/breaking-ground/2013/08/exclusive-developer-moves-forward.htmlRead more at {Source}

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