HOUSTON—The developers behind SkyHouse Houston say they plan to break ground in April on the 24-story luxury apartment building.
Denver-based Simpson Housing LLP, Atlanta-based Novare Group and Batson-Cook Development Co. and Houston-based developer Peter W. Dienna will be the first development team to take advantage of Houston's downtown residential incentive program, says the Houston Business Journal.
The group recently closed on land at 1625 Main. Plans call for 336 units that will feature floor-to-ceiling glass, ceiling heights of more than 9 feet and high-end finishes, including stainless steel appliances, granite countertops, wood floors, expansive balconies and high-speed wiring.
In November, the Downtown Redevelopment Authority was told that the developers had applied for a tax payer-based incentive program, and that the project would be the first to take advantage of the new boundaries of the program.
The city awarded SkyHouse Houston a tax abatement of $15,000 per apartment unit, subsidizing the more expensive high-rise construction costs necessary on the small city blocks and representing a substantial incentive to drive new development in the submarket.
The project will feature a “sky house” on the top floor, including a fitness center, a club room, pool and grilling area.
JPMorgan Chase Bank NA is financing for the project, and Simpson Housing, Batson-Cook Development, and NGI Investments LLC, led by Jim Borders, are providing equity. The CBRE Group Inc. team of Robert LaChappelle, Jonathan Rice and Paul Berry arranged financing. David Cook and Jeff Peden of Cushman & Wakefield of Texas Inc.'s Houston office brokered the land.
Click Houston Business Journal to read the full story.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
