At bottom of apartment tower pool, a long view
Apartments in the new Market Square Tower will have wood floors, over sized bathtubs and custom close ts. But what will stand out most about the building isn’t in any of the units.
When it opens later this year, the 40- story tower will have a rooftop pool with a see-through bottom that extends 10 feet beyond the building’s southern facade.
“We had a lot of debate whether we should do something that bold,” said Philip Schneidau, CEO of developer Woodbranch Investments Corp. “It’s been done in Europe and a couple places in the U.S., so we said, ‘Yeah, lets do something with a little extra appeal.’”
The tower at 777 Preston will actually have two pools, as well as a theater-inspired screening room, an indoor basketball court and a children’s room that will look like “Disney designed it,” Schneidau said. A game room geared more for the adult residents will have shuffleboard, Skee-Ball and other arcade games. On a recent construction tour of the building, a leasing manager likened it to a smaller version of Dave & Buster’s.
Despite the building’s over-the-top extras, the developer could have a tough time filling up the property’ s 463 apartments with the Houston
economy much weaker than it was when the project was announced two years ago.
With a number of new buildings coming online, average occupancy in downtown’s rental market is 67.6 percent, according to data from Transwestern, a commercial real estate firm. By comparison, occupancy for all of greater Houston is 90.3 percent.
The leasing office for Market Square Tower opened a few weeks ago, and 18 units have been rented. Current specials include two months free on a 12-month lease.
“When we built this, we were kind of pessimistic in our rents. We wanted to make sure if the market flattened out we’d be OK, so we’re all right with the market,” Schneidau said.
About 60 percent of the units will be one-bedrooms averaging around 1,000 square feet. Rent for a studio starts at $1,805 per month, and one-bedrooms start at $2,135. On the top end, a penthouse is priced at $16,100.
Jackson & Ryan Architects designed the building, which is just off Market Square Park on the southern half of the block bounded by Preston, Louisiana, Milam and Congress. An exiting garage on the northern half of the block connects to the tower and will serve its residents.
The first units will be ready in October.
Grocery face lift
The Randalls grocery chain is remodeling its 14-year-old store in Midtown and has received a variance from the city’s development code to make substantial changes to the property.
Since Randalls opened the Midtown location in 2002, the area around it has experienced tremendous growth in residential units and additional retail. The grocer says plans include a store makeover and a wider selection of items.
The changes are coming while a new Whole Foods Market is slated for a site just a few blocks away.
A Randalls spokeswoman said its store will have more natural and organic offerings and a wider selection of wines and craft beers, but that the changes are not a response to future competition. Other improvements will include new checkout stands, a larger deli with a grill and more bakery items.
The Midtown Randall sis on a block bounded by Louisiana, Milam, Webster and Hadley. Other than a strip of parking along the Hadley side, the store takes up much of the block.
The Houston Planning Commission on Thursday approved zero-foot building setbacks along Louisiana and Webster, and removed the “visibility triangle” requirement at that intersec- tion to match the reduction in building setbacks.
As part of the changes, Randalls has proposed upgrades to the pedestrian areas along the two roads, including new sidewalks, trees and installing a “green screen,” a decorative screen with climbing plants, on the facade of the building expansion.
Heights Venture Archi- tects designed the expansion for Randalls.
The Whole Foods will be part of a larger development with apartments slated for two blocks between Elgin and Anita along Smith and Brazos.
Mall redo underway
Donning hard hats and big smiles, developers and Baytown officials stood out- side the San Jacinto Mall for photos Thursday morning as they launched a multi year redevelopment of the struggling east-side shopping center.
Fidelis Realty Partners, which purchased the 35-year-old property last summer, will begin by knocking down the former Ward’ s and Be al ls buildings.
The company said it would reveal designs for the new center next year. It has been considering demolishing all or most of the property and rebuilding a 1 millionsquare-foot open-air retail center in its place.
The redevelopment will occur over the next five years. The city has offered more than $22 million in cash incentives and sales tax rebates, plus a 10-year property tax abatement, for the project. Fidelis must open the revamped mall by 2020 and create $50 million in property value.
The mall is on a 107-acre site at the southwest corner of Interstate 10 and Garth Road. It will remain open for business throughout the process, Fidelis said. The company is working with Boucher Design Group on plans.
In a statement, Fidelis CEO Alan Hassenflu said the development will include “highly sought after tenants and be recognized as a family-friendly center where the community can congregate to enjoy shopping, dining and entertainment options in an inviting, spacious and aesthetically pleasing environment.”
The mall is currently anchored by Macy’s, J.C. Penney, Marshalls and Sears.