AmReit, the Houston-based real estate development with properties concentrated in five of the top metropolitan markets in the southern U.S that agreed to be acquired by Edens Investment Trust firm for $763 million, recently announced an update for its $1 billion redevelopment of Uptown Park in Houston.
AmReit reported the following:
- Uptown Park – The Palazzi: Palazzi is projected to be a 16-story, 238-unit luxury multi-family rental building with over 14,000 sq. ft. of ground-level retail space and structured parking. Construction on the $134 milllion residential development project on the 1.118 acres is anticipated to begin in the second half of 2015.
- 1670 Post Oak – An agreement between AmREIT and Lynd Development, the Lynd-controlled venture is to be a 40-story, 350-unit high-rise multi-family project over ground-floor retail with structured parking. Total project costs are estimated to be approximately $146 million (excluding land cost) and construction could begin within the next 12 months.
- 800 Post Oak – In a joint venture agreement with Trammell Crow Company, the Inverness Townhomes site will be the site of 591,000 sq. ft. of office space and 19,000 sq. ft. of retail space with structured parking. The site is approximately 2.9 acres and is located at the northwest corner of Post Oak Blvd and Uptown Park Blvd. The joint venture anticipates closing on the land during the first quarter of 2015 and construction on the $280 million project could begin within the next 12-15 months.
- The Tower at Uptown Park – A mixed use development project at the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Blvd. The current development plan contemplates a 37-story mixed-use project including a 310-room hotel, 236–unit luxury multi-family rental project over 18,000 sq. ft. of retail space and structured parking, a $200 million project expected to be developed in the next 12 to 15 months.
Edens develops, owns and operates 100 centers in primary markets throughout the East Coast. Edens has regional headquarters in Boston, New York, Washington, D.C., Atlanta, Miami and Columbia, SC. The Edens purchase of AmREIT, which has been approved by the board of directors, is currently expected to occur in the first quarter of 2015.