0
0
0

Developers Seek Middle Ground with Mid-Rise Developments

by Houston Agent

Mid-rises throughout Houston's Loop, similar to this one on St. Joseph Parkway, are poised to sweep through the area.

As nearly every one in Houston knows by now, high-rises are not particularly popular with the Bayou City’s residents, and a new wave of developments inside the 610 Loop seem to have bared that in mind.

As reported by Clifford Pugh for Culture Map, the developments feature a number of four- to six-story buildings that are more “mid-rise” than high-rise, and that feature all the luxury amenities that are to be expected for premium city real estate.

In addition to a six-story, 431-unit complex next to the West Dallas Whole Foods Market that Finger Companies will break ground on next month, Hanover Company is planning a five-story apartment complex on West Gray, Hines is planning a six- to eight-story building next to The Galleria, Post Properties is building a mixed-use mid-rise in Post Midtown Square and the Dinerstein Companies has broken ground on a boutique mid-rise with 237 units on McCue.

Neil Brown, the chief development officer at Archstone Apartments, said in Pugh’s article that the primary target of the new mid-rises is young, affluent professionals who are skeptical of homeownership.

“They have seen home prices lose their value and don’t want to be tied down in case they have to move for a job,” Pugh writes. “But they are open to the good life.”

In constructing the properties, Brown said he and other developers are engaging in a “nuclear arms race for amenities” to attract buyers. The mid-rises offer such features as demonstration kitchens, music rooms, a Click Cafe with Internet access and coffee, and even bicycle repair shops.

“We’re trying to put in a lifestyle that you can’t even find in a house,” Brown said. “By providing more than they can get in a home, it encourages them to stay in an apartment a little longer.”

Related articles

Join the conversation

Oops! We could not locate your form.