HOUSTON—Downtown renewal began in the mid-1990s, and since then, more than $6.1 billion of buildings, parks and infrastructure have been completed. Additionally, there are new businesses relocating to the central business district and with that, another 1.5 million square feet of office space under construction, as well as seven new hotel high-rises dotting the city's skyline.
More than $1 billion of construction has been completed in the last two years with another $1.7 billion underway—nearly one-third of these projects being residential developments, GlobeSt.com learns. And, the success of two of Houston's most beloved urban parks–Discovery Green and Market Square Park–have been credited for being the economic catalysts for growth in the eastern and northern end of Downtown Houston, respectively.
With regard to the significant amount of residential projects, there is another catalyst named Catalyst Houston. Marquette broke ground in late 2014 on the 359-unit 28-story luxury high-rise apartment building in downtown with approximately 7,400 square feet of ground floor restaurant space for Irma's Restaurant. Marquette is utilizing the downtown living initiative (Chapter 380), which is effectively a development grant provided to the first 5,000 units to be developed in downtown Houston. The project will receive a $5.4 million benefit from the grant.
Catalyst Houston encompasses a city block on the northeast side of the CBD and is situated one block from Minute Maid Park. Catalyst features high-end finishes including floor-to-ceiling windows, two amenity floors including a full-sized rooftop pool and downtown views. Aside from the retail space, the property will have a 589-space private parking garage situated above the retail space and below the residential units.
The project is slated to deliver units in the coming months. This development is part of a collection of Catalyst developments, including one in Chicago.
Not to be outdone by the CBD, Daikin North America LLC's $417 million 4.1 million-square-foot manufacturing facility is expected to employ more than 6,000 employees by mid-year. The new campus at 19001 Kermier Rd. in Waller, TX is expected to generate $3.9 billion in annual economic impact for the Houston region and it is cranking up new development in the area.
The Daikin Texas Technology Park allows the Japanese HVAC giant to consolidate manufacturing, engineering, logistics, marketing and sales for Goodman, Amana and Daikin brand unitary heating and air conditioning products in one location, just outside of downtown.
The facility is designed to better serve customers, employees and the environment, and to encourage collaboration and innovation. With engineering and manufacturing in one location, product innovations can quickly be tested and implemented into manufacturing processes. Closer collaboration between manufacturing and logistics allows for quick and efficient delivery of needed products to better meet customer needs, GlobeSt.com learns.
The technology park includes an energy management system, a white roof to reflect the Texas heat and energy-efficient LED light to produce improved illumination. Office interiors are LEED certified and the flood control retention pond is also used for landscape irrigation.
With all of this activity, combined with a strengthening economy, a growing urban population and culinary/entertainment destination status, Houston has been transformed since that renewal began in the 1990s.
HOUSTON—Downtown renewal began in the mid-1990s, and since then, more than $6.1 billion of buildings, parks and infrastructure have been completed. Additionally, there are new businesses relocating to the central business district and with that, another 1.5 million square feet of office space under construction, as well as seven new hotel high-rises dotting the city's skyline.
More than $1 billion of construction has been completed in the last two years with another $1.7 billion underway—nearly one-third of these projects being residential developments, GlobeSt.com learns. And, the success of two of Houston's most beloved urban parks–Discovery Green and Market Square Park–have been credited for being the economic catalysts for growth in the eastern and northern end of Downtown Houston, respectively.
With regard to the significant amount of residential projects, there is another catalyst named Catalyst Houston. Marquette broke ground in late 2014 on the 359-unit 28-story luxury high-rise apartment building in downtown with approximately 7,400 square feet of ground floor restaurant space for Irma's Restaurant. Marquette is utilizing the downtown living initiative (Chapter 380), which is effectively a development grant provided to the first 5,000 units to be developed in downtown Houston. The project will receive a $5.4 million benefit from the grant.
Catalyst Houston encompasses a city block on the northeast side of the CBD and is situated one block from Minute Maid Park. Catalyst features high-end finishes including floor-to-ceiling windows, two amenity floors including a full-sized rooftop pool and downtown views. Aside from the retail space, the property will have a 589-space private parking garage situated above the retail space and below the residential units.
The project is slated to deliver units in the coming months. This development is part of a collection of Catalyst developments, including one in Chicago.
Not to be outdone by the CBD, Daikin North America LLC's $417 million 4.1 million-square-foot manufacturing facility is expected to employ more than 6,000 employees by mid-year. The new campus at 19001 Kermier Rd. in Waller, TX is expected to generate $3.9 billion in annual economic impact for the Houston region and it is cranking up new development in the area.
The Daikin Texas Technology Park allows the Japanese HVAC giant to consolidate manufacturing, engineering, logistics, marketing and sales for Goodman, Amana and Daikin brand unitary heating and air conditioning products in one location, just outside of downtown.
The facility is designed to better serve customers, employees and the environment, and to encourage collaboration and innovation. With engineering and manufacturing in one location, product innovations can quickly be tested and implemented into manufacturing processes. Closer collaboration between manufacturing and logistics allows for quick and efficient delivery of needed products to better meet customer needs, GlobeSt.com learns.
The technology park includes an energy management system, a white roof to reflect the Texas heat and energy-efficient LED light to produce improved illumination. Office interiors are LEED certified and the flood control retention pond is also used for landscape irrigation.
With all of this activity, combined with a strengthening economy, a growing urban population and culinary/entertainment destination status, Houston has been transformed since that renewal began in the 1990s.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
