Construction has begun on this 21-story tower off Allen Pkwy!!
A long-delayed residential project near downtown, primarily targeting well-paid professionals with upscale apartments and condos and a cluster of retail, entertainment and offices, is finally under way.
More than five years after announcing plans for the 24-acre Regent Square project off Allen Parkway, GID Development Group has begun construction on the first building, a 21-story apartment tower called The Sovereign.
It represents an important milestone for GID, which had planned to break ground before the national economy went into a tailspin.
"We went through a tough cycle in the real estate market and the overall economy," said James Linsley, president of Boston-based GID.
The project was one of several that were shelved or canceled as demand for space dried up and lenders stopped financing major commercial real estate projects.
GID said it remains committed to Regent Square, which is to go up in multiple phases on land abutting Allen Parkway near Dunlavy and Dallas, on the site of the old Allen House Apartments. The development could take 10 years to complete.
Plans include about 400,000 square feet of retail, restaurant and entertainment space; more than 1,500 residential units; and 250,000 square feet of office space in what the developer refers to as an "urban district" where residents can walk to everything. The walkable nature of the project extends beyond its borders, Linsley said, with a pedestrian trail around Buffalo Bayou and high-end shops and a new Whole Foods a short distance away.
Additional construction could begin in about a year as the company is "moments away" from signing up a major retail tenant, Linsley said.
The project is being built with financial assistance from the city of Houston, through the Memorial Heights Tax Increment Reinvestment Zone, or TIRZ.
City assistance
In the spring of 2009, the Houston City Council voted to assist the project with up to $10 million in reimbursements for public improvements the developer agreed to make. At that time, the project was being pitched as an $850 million development.
The agreement was later amended to include the public infrastructure around The Sovereign. Linsley said that includes burying overhead utilities, upgrading drainage in the area and creating wide sidewalks with mature street trees, but he would not discuss the monetary details.
Mayor's support
In a statement, Mayor Annise Parker expressed her support.
"This project is yet another reflection of Houston's economic upturn, which the rest of our nation is still trying to achieve after a severe recession," Parker said. "It shows the city's dedication to continuing to bring jobs and economic growth to Houston."
The apartment tower will be built at 3233 W. Dallas and include 290 units. It was designed by Houston-based Ziegler Cooper Architects to achieve a LEED Silver rating from the U.S. Green Building Council.
Initial occupancy is slated for March 2014.
The apartments will start at the ground level to help create a pedestrian-friendly environment at the sidewalk. Units in most high-rise buildings start above the garage.
The developer said the apartments will have top-of-the-line finishes, such as kitchens with wine refrigerators. The eighth floor will be The Sovereign Club and include such amenities as a yoga studio, a massage room, a catering kitchen and private dining rooms.
Unit sizes will range from around 590 square feet for a studio apartment to 1,415 square feet for a two-bedroom unit. The average size will be around 1,000 square feet.
GID would not say what it plans to charge for rent.
"We will be priced near the top of the market," Linsley said.
"The primary market audience will be well-paid 25- to 45-year-old professional singles and couples renting as a lifestyle choice," he said. "They may be a little bit averse to homeownership."
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