HOUSTON | Camden Downtown Phase I | 255 FT / 78 M | 21 FLOORS - Page 2

Urbannizer · #21 Posted **Jan 27, 2016, 2:32 PM**

Camden Property Trust to Hold Off on Proposed Downtown Towers

Quote:

Camden Property Trust will not be breaking ground on its proposed downtown apartment project in 2016.

Ric Campo, Camden’s chairman and CEO, broke the news to a crowd of industry professionals at the Houston Apartment Association’s annual State of the Industry breakfast on Jan. 26.

“We’re committed to downtown,” Campo said. “But we’re not immune to job losses.”

“We very much plan to develop this site,” Campo said. “The question is when.”

Urbannizer · #22 Posted **Feb 9, 2017, 8:37 PM**

Camden mulls timeline for downtown Houston apartment project

Quote:

Camden Property Trust may not be breaking ground on its proposed downtown apartment project until at least 2020, company officials said.

The Houston-based multifamily developer (NYSE: CPT) remains bullish on downtown Houston, said Ric Campo, Camden’s chairman and CEO. However, the influx of 3,000 new apartment units downtown — coupled with the oil slump and high construction costs — is keeping Camden’s highly anticipated downtown plans at bay, for now.

“It's just a waiting game. Houston is a great city long term,” Campo told analysts during his company’s quarterly earnings call Feb. 8. “We’ll build that building at some point. ... Maybe we’ll have a window of opportunity to start building sometime in 2020 or 2021. We’ll watch it. (But) we are not compelled to do anything in this market until we see some moderation in construction prices.”

Urbannizer · #23 Posted **Jul 31, 2017, 7:46 AM**

Good news! Construction on Phase I will now begin by the end of the year.

From Camden's 2Q Market Update:

Quote:

Based on our view that there will be limited completions and competition from new developments in 2019 and 2020, we’ve decided to go forward with the construction of our Downtown Houston project, Camden Downtown. Construction will begin in the fourth quarter of this year with lease-up beginning in the fourth quarter of 2019 and stabilization expected in 2020.