This week in Houston real estate: construction down, apartment permits up and more

by Baylea Jones

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Houston apartment permits second highest in nation

According to RealPage, a real estate data analytics provider, the amount of apartment permits in the city increased 200% year over year to more than 20,000 units. Due to such a drastic increase, Houston ousted Dallas, taking the number two spot for apartment starts in April while New York claimed the top spot.

Allen Parkway condo plans unveiled

A luxury mixed-use development on Allen Parkway, aptly dubbed The Allen, will feature 14 floors of hotel rooms and 99 condo units, the Houston Business Journal reported. Residences in the upscale tower will start at $1 million and include amenities like a spa, concierge and valet service, as well as pet-friendly perks. A sales gallery is now open and residents can expect a move-in date in 2022.

Construction down fourth consecutive month

For the fourth month in a row, both nonresidential and residential construction has declined in Houston, according to the Houston Chronicle. Spending for nonresidential construction fell 25 percent while residential construction saw a 20 percent drop. This is on par with national trends, as private residential and nonresidential construction have also declined 7.6 percent and 2.6 percent respectively.

New neighborhood coming to Bridgeland community

Parkland Village, which debuted spring of last year, is the second of four planned villages in the Bridgeland community located northwest of Houston. Parkland Village’s latest development, a neighborhood named Parkland Square, will feature 178 homes and begin showing model homes to potential homebuyers this fall. Parkland Square aims to be an all-inclusive community with shopping, dining, and recreational activities on site.

METRO extension planned

A proposal to add 75 miles of bus transit and 16 miles of light rail service is being finalized by Houston METRO board members. The long-term plan is expected to cost $7.5 billion, but first, citizens have to approve a $3 billion ballot measure this November. The METRO has been a hotly debated topic among Houstonians with many fearing traffic and congestion related to construction. Over 60,000 people rely on the METRO every day and an expansion would serve even more residents and could impact real estate values in areas along planned routes. 

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