Feb 16, 2022, 6:17pm EST
High Street Residential, the residential subsidiary of Dallas- based Trammell Crow Co., has topped out on a 43-story multifamily tower on the east side of downtown.
The project is at 808 Crawford St., next to the 12-acre Discovery Green park, and was previously known as Block 98. It is now known as Parkside Residences at Discovery Green
When it is completed later this year, the tower will have 309 luxury apartment units.
Parkside Residences will offer a mix of studio, one-, two- and three-bedroom apartment units, including two-story corner loft units with upgraded finishes on select levels throughout the tower. The top floors will be dedicated to penthouses with what High Street Residential described as “condo- quality finishes and appliances.”
The units will all have 10-foot ceilings, floor-to-ceiling windows, blackout shades, chef-quality kitchens with Bosch or Thermador appliances, quartz countertops, European- made custom cabinetry, and spa-like bathroom features, the company said in a news release.
Residents will also have access to a such amenities as a lounge and clubroom, including a catering kitchen; a fitness center; two guest suites, which residents’ guest can use for short-term stays; a work-from-home suite offering conference rooms and a variety of working pods; and multiple outdoor seating areas with grills and views overlooking Discovery Green.
The building’s 43rd floor will feature 270-degree views and a rooftop pool with indoor and outdoor lounges and a cantilevered observation deck. It also will offer direct access to the downtown skywalk/tunnel system.
Pre-leasing is slated to begin in the spring, and the first residents will start moving in this summer, the company said.
Houston-based Ziegler Cooper Architects is the project’s architect, and Dallas-based Andres Construction is the general contractor. Other design partners include Walter P Moore, SCA Consulting Engineers, Kudela & Weinheimer, Wylie Consulting Engineers and Waldrop + Nichols.
The project broke ground in July 2020.
The new apartment tower near downtown comes at a time when demand for units in Houston is higher than it has been in over a decade.
A recent report by Dallas-based CBRE (NYSE: CBRE) found that multifamily occupancy across Houston is approaching 92%.
Just last year, the market absorbed 36,568 units — more than three times the total units absorbed in 2020.
With that level of demand, developers have rushed to get projects off the ground.
In 2021, developers delivered 18,965 units in Houston, and another 14,774 units are under construction, according to CBRE.
Rents are also on the rise, CBRE found. During the fourth quarter, the average monthly rent in Houston went from $1,155 to $1,184. Houston-based Apartment Data Services found similar increases during 2021. For Class A apartments, the average rent growth was even more pronounced, rising by $253, or 17.8%, to $1,675 a month as of the end of the year.