3 Houston Real Estate Projects to Look Forward to in 2020
The first half of 2020 has been anything but normal, to say the least – but Houston real estate is still on an exciting path forward despite the challenges that the coronavirus pandemic has brought. In Harris County, the construction industry has still been able to operate as an essential business through the stay-at-home orders, and there are several projects that are still set to deliver in 2020 that will continue to establish Houston as a hub of opportunities. Here are a few projects to keep your eye on in the second half of the year.
The 47-story, 1.14MS SF office tower on the former site of the Houston Chronicle is set to be completed by late October. Hines, who developed the project, will relocate its global headquarters with a 15-year lease to the top six floors. Already 40% leased, the tower promises restaurants, public gardens, a fitness center and an 11-level parking garage in addition to its customizable workspaces, and has already been pre-certified by the U.S. Green Building Council for energy efficiency and design. Among its many green features is a rainwater harvesting and condensate recovery system that will be able to fulfill the property’s irrigation needs.
Village Towers – Tower I
Memorial City has been undergoing a mixed-use makeover, and adding to the list of new developments is Village Towers, a retail and office complex under development by Moody National at Bunker Hill and I-10. Their headquarters will occupy the top floor of Tower I, which is set to be completed this month and is 91% leased. It will be one of two six-story office buildings with ground-floor retail space that add to the area’s up-and-coming identity as a luxury shopping and dining hub.
The historic Missouri-Kansas-Texas rail line that once passed through the Houston Heights has since been converted to a hike and bike trail, and the M-K-T project will build on its legacy with five adapted industrial buildings on 12 acres that has 1,000 feet of linear frontage to the trail. Designed by architect Michael Hsu (known for his Houston and Austin designs for brands like Shake Shack, Local Foods, P. Terry’s and Uchi), the development is on track to open in late summer or early fall with 100K SF of retail and restaurant space, 100K SF of creative office space and four acres of green space for public usage for year-round events.
With the effects of the pandemic on the second quarter to be determined, it’s clear that Houston will continue to benefit from its real estate industry that brings positive change to both the Bayou City’s skyline and its outlook for the future.