Source: The Downtown District
The Houston Downtown Management District and Central Houston Inc. unveiled their 20-year plan for the city — “Plan Downtown: Converging Culture, Lifestyle and Commerce.” The proposal calls for the development of 12,000 multifamily units to support an expected population growth of 7,500 to 30,000 over the next 20 years; 4,000 hotel rooms, including a cluster around the convention center; and a “Green Loop,” a 5-mile circuit of transportation and recreation connecting neighborhoods to downtown, according to the Houston Downtown Management District.
In other Houston Real Estate news:
- Surge Homes’ Parc at Midtown is a finalist for the Best Condominium Community in the 2017 National Association of Home Builders awards. A mix of condominium concepts, the development just began welcoming its first residents. The project came about when Surge Homes President Louis Conrad realized that there were few millennial-friendly, affordable options in Midtown. The NAHB awards are in January, according to the Houston Chronicle.
- An Australian developer, Caydon, secured funding for a $200 million residential tower in Midtown. The 27-story tower will be built at 2850 Fannin St. and will be the first high-rise property in Midtown. It will have 357 units, including studio, one- and two-bedroom apartments and will be designed by Houston-based Ziegler Cooper Architects, according to the Houston Business Journal.
- The Turner Multifamily Impact Fund acquired a number of buildings across the country, including Bridges of Cypress Creek in northwest Houston. The fund is managed by Los Angeles-based real estate investment firm Turner Impact Capital. It focuses on affordable workforce housing by acquiring and preserving critically needed rental housing for families who earn less than the area’s median income but too much to qualify for subsidized housing. Bridges of Cypress Creek, located at at 17710 Red Oak Drive, consists of 314 units in 25 two-story residential buildings that were originally built in 1980, according to the Chronicle.
- At a new master-planned community in northwest Houston, the first 100 homebuyers will have a tree planted in their honor in the village’s new, 25-acre Settlers Park. Parkland Village is based on the concept of living within a park with meadow-like landscaping, wildflowers and grass in open areas. Additionally, two pedestrian tunnels will connect Parkland Village to 140-acre Josey Lake, which works as a transitional space between Parkland Village and Lakeland Villages, which opened in 2006. More than 15 homebuilders have been announced for Parkland Village, which is scheduled to open in the spring, according to BuilderOnline.