The completion of Pearl Marketplace represents the continuation of a boom in luxury multifamily development in Houston. According to RENTCafé, high-end apartments made up 89% of the new developments in 2018 and 37% of the overall Houston market. “I remember working one summer in high school on a construction site, building our first project in Midtown called 2222 Smith,” Morgan said. “The neighborhood has come a long way since then and today boasts the highest walk score in Houston.” Mixed-use development is a growing trend in multifamily development in Houston and across the country. Midway is underway on a grocery-anchored mixed-use community on Washington Avenue. Buffalo Heights will feature a 96K SF H-E-B grocery store; St. Andrie, a 232-unit luxury community; and One Buafflo Heights, a 36K SF office portion. The site is owned by the Gordy family (BKR Memorial).
“Combining a Starbucks, a coffee shop, a restaurant, a grocery store or a hotel within or adjacent to an apartment building adds value, convenience, walkability and a unique experience for renters,” ApartmentData.com President Bruce McClenny said. “Apartment developers that have mixed-use built into their projects have an advantage over apartment properties that don’t have such enhancements.” Built in 2008, One Park Place was ahead of its time by having a Phoenicia Specialty Foods on the ground floor in Downtown Houston, he said. Properties such as the Domain at CityCentre Apartments and the Ascent at CityCentre Apartments that are built as part of a town-center concept also offer abundant options for dining and entertainment for residents.
Publication: Houston Business Journal