Office tower planned near River Oaks
15-story building represents recent change in plans for 11.5-acre property
Developers expect to break ground in January on a 15-story building, a change in plans for the site.
Developers are planning a 15-story office tower at the corner of Westheimer and Mid Lane, the newest building to be added to an 11.5-acre mixed-use development called Park Place | River Oaks.
Stonelake Capital Partners, a real estate investment firm with offices in Houston, Dallas and Austin, said it expects to break ground on the 200,000square-foot building in January.
The proposed tower, however, represents a recent change in plans for the site.
Last year, Stonelake had a pair of four-story buildings designed for the property. Each was to have two stories of retail space and two stories of office.
So far, the company has built two high-end apartment buildings on site at 4200 Westheimer, just west of Highland Village.
The first is an eight-story apartment building with 344 units called The James. It was completed in July 2016 and is now 95 percent leased, the company said.
The second is a 17-story multifamily tower with 297 units called The Ivy. It opened in 2017 and is now 85 percent leased.
A portion of the 3.7 acres of undeveloped land at Park Place will remain as open green space, Stonelake’s Kenneth Aboussie said.
“We are committed to maintaining a large park for open space,” Aboussie said. “Having a well-designed urban park in the center of the development will be one of many features that distinguishes Park Place.”
Colvill Office Properties has been hired to lease and market the new office building. Lease negotiations are under way.
“Houston continues to see strong demand by tenants in the market desiring a walkable community with immediate access to residential, retail, restaurant, hotel, and entertainment venues, all within a new, high quality office building to ensure strong employee morale and productivity,” Chip Colvill of Colvill Office Properties said in a statement.
The new office building was designed by Beck Architecture. It will have a landscaped terrace on the ninth floor available to all tenants.
Brad Beasley and Connor Saxe of Colvill Office Properties will be responsible for leasing Park Place.
Harvey Builders will construct the building. Initial occupancy is planned for spring 2020.
“We believe this is the right time to deliver to the Galleria area a new, Class A, luxury office building with first-class amenities,” William Peeples, a vice president with Stonelake, said in the statement. “Stonelake is creating a place where companies who office at Park Place will set themselves apart from their competition by offering their employees amenities and an environment that is unmatched in Houston.”
“This is the right time to deliver ... a luxury office building.” William Peeples, Stonelake vice president