(Read more on the multifamily market.)
CHICAGO-Hines Interests LP, based in Houston, is planning an office tower with more than one million sf at 200 N. Riverside Plaza, with a 200-room hotel next door. The 50-story office tower will have between one million sf and 1.3 million sf and a value of about $400 per sf, or more than $400 million, says Tom D'Arcy, vice president at Hines. The cost of the hotel is about $325,000 per key, or approximately $65 million, he says.
The office building was designed by Pickard Chilton, based in New Haven, CT. There have been no leases signed for the office building at 200 N. Riverside Plaza but "we are in discussions with a number of interested companies," D'Arcy says. The asking lease rate for the office space is between $30 per sf and $35 per sf net, D'Arcy tells GlobeSt.com.
Hines plans to have the building 25% to 30% preleased before starting construction. Construction on the buildings will likely start in 2009, D'Arcy says. The office building will have between 20,000 sf and 25,000 sf of retail geared toward the office tenants, such as a bank, sundry shop, copy center and fitness center, D'Arcy says.
The hotel will be constructed to the north of the office building and will have either 19 stories or 20 stories, D'Arcy says. The majority of the 200 rooms in the "boutique" hotel will be orientated toward the river, D'Arcy says. The hotel will have a restaurant and meeting space as well. "We have had a lot of interest in the hotel," he says.
The development will also have a public plaza of more than one acre, D'Arcy says. The public plaza will have a walkway along the riverfront. D'Arcy said they chose the location because there is a confluence of three parts of the river that provides "a very large open area of water, which is obviously a protected view."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
