Originally Posted by AmREIT Press Release

AmREIT Monthly Income & Growth Fund IV, Ltd. has negotiated a development partnership with The Dinerstein Group to develop a planned 378 unit multifamily project consisting of 16 stories of residential over a 5 story parking garage. Estimated costs are $101 million and the project is anticipated to commence construction in 2015.

Originally Posted by Houston Chronicle

Developer doubles down in med center

Betting on the continued strong health of the Texas Medical Center, the Dinerstein Cos. is planning a high-rise apartment building at the corner of Cambridge and Holcombe, its second recent residential project in the area.

The tower, designed by Chicago-based Solomon Cordwell Buenz, will rise 21 stories and contain 375 units targeted to "renters by choice," said Brian Dinerstein, president of the Houston-based developer that builds multifamily projects in markets across the country.

The building's angled design was created to take advantage of views of downtown and Hermann Park, he said.

Demand for housing in the Medical Center/Bellaire submarket has pushed up occupancy 5.6 percent and rents 12.5 percent over a three-month period, according to an August report from Apartment Data Services.

Developers are building thousands of units inside the 610 Loop, acting on growing desire by Houstonians to rent -- often for a significant premium -- in properties close to where they work instead of buying homes in the suburbs.

Rents in Dinerstein's new building will start at $1,600 per month for a one-bedroom and go up to around $3,500. The average unit size will be just under 950 square feet. The building will have mostly one- and two-bedroom units.

One of the company's financial partners on the project is AmREIT, a Houston-based real estate investment trust that owned the land.

Full Article: http://www.houstonchronicle.com/busi...er-5734747.php

Originally Posted by Chron

Dinerstein to break ground on high-rise rental tower

Despite a potential slowdown in the Houston economy, the Dinerstein Cos. is not losing steam.

The apartment development firm is expecting to begin construction next week on a high-rise at Holcombe and Cambridge that it announced last fall.

Even with the plunge in oil prices and the escalation of in close-in apartment construction, the inner-city is still a smart play, said Clay Hicks, Dinerstein’s president of apartment management.

“People really want to live where they work and play and eat, and I don’t think that’s going to change,” said Hicks, who recently joined the company after 8 years at Greystar.

Originally Posted by shivtim (Post 6901392)

Wow, that base is absolutely hideous. Huge blank walls, a surface parking lot, and no sidewalk. Are people even allowed to walk into the building, or is a car required?

Originally Posted by shivtim (Post 6902622)

OK, I didn't realize this was in a flood zone. Even so, just because people in the area don't currently walk a lot doesn't mean developments shouldn't be designed for pedestrians. This building will house several hundred people, but it's built like a bunker for cars only, with no active uses at the street level and it doesn't even abut the street/sidewalk. It's kind of set back like a fortress. When I visited that area it seemed like there were quite a few people walking around, especially near Rice and the park. Seems like big new residential buildings should be built with pedestrains in mind, otherwise it's just going to be more of the same car-oriented design. If all of those things are within 4 blocks, shouldn't walking be encouraged?
Just my two cents. I've only been to Houston twice so maybe I'm off base.