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.