Downtown’s Market Square Tower is filling up faster than expected.
More downtown residents add to the district’s neighborhood feeling
“I really enjoy the way downtown is coming back.” Philip Schneidau, Woodbranch Investments CEO
Apartment renters have claimed more than 90 percent of the units in downtown’s tallest residential project: the 40-story Market Square Tower that has gained attention for its glass-bottomed sky pool above Preston Street.
The leasing milestone, reached in December, shaved three months off Woodbranch Investments Corp.’s projected 15-month timeline and signals downtown is no longer limited to 9-to-5 office workers and theater-goers. Bars, restaurants and parks are catering to a growing population, thanks to incentives provided by the Downtown Living Initiative.
“I really enjoy the way downtown is coming back,” Woodbranch Investments CEO Philip Schneidau said. “In the evening, people are walking around in Discovery Green and Market Square Park. It’s really getting to be a nice neighborhood feel to it after hours, versus the business feel during the day.”
Downtown has grown to about 6,000 residential units, up from 2,500 at the start of 2014, according to the Central Houston and the Downtown District.
For more than 20 years, Houston-based Woodbranch Investments operated the site at 777 Preston, just west of Market Square Park, as a parking lot. The location near the theater district made it a natural spot for the company’s first residential project, a 500foot tower.
“You don’t get a second chance to decide how tall it is,” Schneidau said. “Once you decide, you can’t add 10 stories later.”
Market Square Tower, managed by Greystar Management Services, boasts amenities such as spas with hot and dry saunas, tanning booths and massage tables, 24-hour concierge service, a movie theater, ballroom, sky lounge, virtual golf simulator, basketball court, rooftop sky gym and training studio, poker suite and billiards, bike storage and two pools. A CVS store recently opened on the garage’s ground floor.
Rents, which vary based on the size of the unit, average $3 per square foot, Schneidau said. About two-thirds of the 463 units are one-bedroom floor plans, with others offering up to three bedrooms. Sizes range from 564 to 1,950 square feet, plus four penthouse units starting at close to 3,000 square feet.
Jackson & Ryan Architects designed the tower, which wrapped up construction in July.