Houston developer says the time is right to resurrect Midtown apartment project
Winther Investment has returned to the Houston apartment scene with a seven-story midrise going up in Midtown.
The Houston-based apartment development and management company broke ground on one of two blocks it acquired in October 2013 just south of the Pierce Elevated at Austin. It initially planned to start the development in October 2016.
“We put it on hold because of the soft economy of Houston then, and also there was a lot of supply of apartments,” said Frederic Gautier-Winther, head of Winther Investment.
“A year and nine months later, we feel like the economy of Houston is stronger than what we thought, and also there’s been a good absorption of apartments.”
Steinberg Dickey Collaborative designed the 216-unit apartment building at 2111 Austin with five levels of apartments atop two floors of parking. Frost Bank provided financing. H Midtown, part of Winther Investment group, is developing the project. Completion is planned in spring 2020.
Amenities will include a pool,
fire pit, fitness center, clubhouse and a sky lounge on the top floor with views of downtown.
Inside, the units will have classic style finishes with more crown molding and trim than popular modern loft style projects.
Rents will start around $1,300, Gautier-Winther said. Units will average 830 square feet, with mostly one-bedroom plans. There will be a few three-bedroom units and efficiencies, in addition to two-bedroom plans designed for professionals.
The two Midtown blocks, bounded by Austin, Gray, Crawford and Webster, appealed to Gautier-Winther because nearby townhomes owned by residents give it a neighborhood feel.
The location is close to restaurants and bars, but it’s not as noisy, and there will be curbside parking in front. It’s easy to walk to downtown or bike to area bars.
The second project, on the block east of La Branch across from the St. Joseph Professional building, is planned for a highrise that will probably rise 21 stories, Gautier-Winther said.
Construction could begin in late 2019 or early 2020 just as 2111 Austin is finishing up.
It would add to two other projects that are changing the Midtown skyline. Caydon, an Australian developer, is building a 27-story apartment tower at 2850 Fannin, and PMRG and AECOM Capital recently broke ground on a 29-story apartment building at 3300 Main along the Metro rail line.
Winther Investment has developed 3,500 units in the U.S. since 1994.
The company continues to own and manage its developments, including its first project, the Park at Westcreek near the River Oaks District.