HOUSTON | 3000 Weslayan | FT | FLOORS

[Urbannizer]

Developer: Morningside Capital
Architect:
Type: Residential
Location: 3000 Weslayan, Upper Kirby
Construction Timeline: Late 2019/Early 2020 Start Date - Completion


3000 Wesleyan sold, will become high-rise residential

The developer who recently acquired a Class B office building near River Oaks is mulling redeveloping the property into a high-rise residential project, he told the Houston Business Journal.

In November, Houston-based Morningside Capital closed on 3000 Weslayan, a six-story, 81,505-square-foot office building across the street from PM Realty Group's 2929 Weslayan, Houston's tallest residential tower outside of downtown. When asked about the company's redevelopment plans for the office building, Morningside co-founder Chris Calato suggested another project in the vein of PMRG's luxury development.

"You don’t have to have a great imagination to see what could go there," Calato said. "You could look right across the street."

Calato said that, at the earliest, Morningside Capital would look at redeveloping the property in late 2019 or early 2020. The office building is at least 90 percent occupied and tenants have a redevelopment clause in their lease that allows Morningside to cancel any office lease with 12 months notice.

Calato didn't disclose the purchase price of the building. The building was appraised at $8.3 million in 2017 by the Harris County Appraisal District.
Morningside Capital bought the property from Houston-based McCord Development. McCord Development owns and operates Generation Park in northeast Houston.