Project in brief: In 2006, Houston-based Interfin Companies purchased a well known local restaurant known as The State Grille and a nearby small office building on 2.6 acres of land near at the intersection of Weslayan and West Alabama. The site was cleared in 2008, after the company had announced plans to build a 27-story highrise
at the site. In the wake of the downturn in the economy, Interfin held onto the site for some time, until PM Realty picked it up in 2011.
After the deal, PM announced a proposal that would see a 35 story, 250 unit apartment tower with parking and retail in the base. RTKL is noted as the architect with the project. Construction expected to commence in Q2 of 2012.
PM Realty Press Release: http://www.pmrg.com/press/releases/p...family-project
Full Story from the Houston Business Journal
Luxury high-rise apartments planned inside the Loop
Premium content from Houston Business Journal by Jennifer Dawson, Reporter Date: Friday, September 23, 2011, 5:00am CDT
PM Realty Group LP PM Realty Group LP Latest from The Business Journals Hicks buys Clear Lake buildings919 Milam purchase seems like old timesHouston buildings in separate distress Follow this company plans to build a 35-story apartment tower on a prime site inside the Loop, where the Confederate House, formerly State Grille, served diners for more than 50 years.
The Houston-based company acquired the 2.6-acre site on the northeast corner of Weslayan and West Alabama Aug. 22 for an undisclosed price from Interfin Cos., which assembled the tract five years ago with no specific plans for development.
“We were actively out looking at sites,” said Roger Gregory, PM Realty’s CFO. “This was the site we really felt was best-suited for high-rise multifamily.”
And just last month, a promotional sign with a more defined rendering of the base appeared at the site. The address on the sign, however, refers to the office building the developer owns across the street.
Photo from Swamplot/GoingupCity