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TCC's $80M Retail Center To Lead 24-Acre MXD

HOUSTON-Trammell Crow will start work soon on the 256,700-sf Greenway Commons, the retail piece for 24-acre site that it bought nearly three years ago with the Morgan Group.

By John McCloud | Updated on July 26, 2007

HOUSTON-Trammell Crow Co. is ready to break ground on a 256,700-sf retail center on what the company calls a “rare” 24-acre urban infill site inside the 610 Loop. Greenway Commons will be part of a mixed-use project that TCC is doing with locally based Morgan Group Inc. and financial backing from institutional investors advised by Prudential Real Estate Investors.

The JV’s mixed-used project is located at Weslayan Road and Richmond Avenue between the Uptown Galleria area and Greenway Plaza office market. TCC’s 15.4-acre portion of the project, penciled for a summer 2008 delivery, will feature a 164,000-sf Costco with a 45,000-sf rooftop LA Fitness health club, four-level parking structure, 39,000-sf, two-story retail building and two pad sites. Morgan will build a four-story, 526-unit luxury apartment complex on the remaining 8.8 acres. It will break ground in December, with delivery eyed for one year later.

“Neither of us knew what to do with 24 acres, but we both knew we wanted to be in this location so we decided to go in together on a project,” Morgan COO Stan Levy tells GlobeSt.com. The site is the former headquarters of the Houston Independent School District, which sold the property in 2004 to capitalize on the land’s substantially increased value. TCC, Morgan and the Newark-based PREI won a sealed-bid auction to acquire the site for $38 million. Because the school district did not want to move until a new headquarters building was ready for occupancy, the deal did not close until mid-2006.

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