HOUSTON—Construction is underway on the first high-rise development in the evolving Midtown neighborhood. The luxury residential tower at 2850 Fannin St. is being built by Caydon, a privately owned Melbourne, Australia developer with experience in residential, commercial, retail and hotels. This is the company's first US development and its goal is to set the tone for rehabilitation in the surrounding community.
Despite the challenges brought by Harvey, the project is still on schedule for completion. Future tenants will be able to move in starting early 2019.
“Caydon is driven by customers and has built a strong reputation in Melbourne by consistently delivering successful projects that revitalize communities,” said Joe Russo, principal of Caydon. “We have selected one of the most vibrant, active neighborhoods of Houston for our first US residential project, offering our future residents a wide variety of dining, shopping and entertainment venues. Our vision for the tower on Fannin Street is to create an iconic landmark with modern residences that will thrive for years to come.”
Caydon offers a lifestyle experience for residents through the creation of retail and entertainment hubs. The Caydon team looks to leave a positive future impact in each project, Russo says. Every development must create a connection with the neighborhood and complement, not compete, with the surrounding environment.
“For our first project in the US, we wanted to be in a city that resembles the culture and livability in Melbourne, Australia,” Russo tells GlobeSt.com. “We saw great potential in the Midtown area in Houston as it is the most diverse city in the country with a large influx of millennials, booming economy and job growth. Caydon has a long-term plan for this area with '2850' becoming a destination of choice and enhancing the city's skyline.”
Designed by Houston-based Ziegler Cooper Architects, the project will feature 27 stories of 357 apartment units. Amenities include an expansive pool with swim-up bar, yoga studio, dog park and sky lounge with downtown views.
Conveniently located near the Metro Rail between Houston's two major employment centers with access to highways, future tenants will be near downtown and Texas Medical Center. The project is also adjacent to Midtown Park and the nightlife of Montrose.
Russo was joined by Andy Icken, Houston chief development officer; Matt Thibodeaux, executive director of Midtown Redevelopment Authority; William Franks, board chairman of Midtown Management District; Patrick Walsh, director of planning and development Houston; and Brian Cook, vice president of HOAR Construction to celebrate the recent groundbreaking.
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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.
