Kimpton plans its Houston debut; Transwestern goes big on spec industrial
Boutique hotel company Kimpton Hotels & Restaurants announced plans last week to open its first project in Houston, part of a multi-block development under way in Midtown. The San Francisco-based operator of more than 60 hotels worldwide will partner with Australian developer Caydon on the project, which could open at the end of 2022.
The Houston hotel will have 204 guest rooms, a restaurant and café, a rooftop pool and bar and more than 14,000 square feet of meeting space, Kimpton said.
The Laneways project, named after the pedestrian alleys of Melbourne, is Caydon’s multi-phase residential, hospitality and retail complex slated for three blocks bounded by Tuam, Main, Fannin and McGowen.
Caydon recently opened its first tower there, Drewery Place, a $200 million, 27-story apartment building.
Spaces coworking opening second Houston location
Spaces is opening its second coworking facility in Houston. The new CityCentre location offers more than 60,000 square feet of workspace options, including dedicated desk space, private offices and seven fully-equipped meeting rooms.
Spaces, owned by Switzerland-based International Workplace Group, also has a location at 2925 Richmond Ave., and plans to open a Galleria-area location next year.
Spaces was founded in 2008 and, as of May, operated 185 locations around the world.
Canadian boosts local apartment holdings
Western Wealth Capital of Canada expanded its U.S. multifamily portfolio with the acquisition of three Houston apartment complexes totaling 940 units, bringing its local total to 10 developments.
The seller and the locations of the three recently purchased properties were not disclosed. The complexes were built in 1983 and mostly have original interiors and below-market rents, according to the buyer. The properties are candidates for improvements such as interior upgrades and in-suite washer/ dryer installation.
David Wylie and Matt Saunders with Newmark Knight Frank, Jennifer Ray and Ryan Epstein with Berkadia, and Chris Curry, Todd Marix, Chris Young, and Joey Rippel with HFF (now JLL) brokered the transactions.
Transwestern building space in NW Houston
Transwestern Development Co. started two big projects in the third quarter, including one that will add more than 800,000 square feet of speculative distribution space in northwest Houston, a growing region for retailers and e-commerce operators.
The Houston-based company started construction on Sam Houston Distribution Center, a three-building, 833,720square-foot industrial park near the Sam Houston Race Park. The project, at Wind Mill Park Road and Fallbrook Pines Drive, is planned for completion in the second quarter.
Ben Newell, a partner at Transwestern development, is leading the development, while Transwestern Commercial Services is handling the leasing. The project, on a 60-acre site acquired in partnership with institutional investors advised by J.P. Morgan Asset Management, was announced earlier this year.
The buildings range from 138,720 square feet to 494,800 square feet with ceiling heights from 32 feet to 36 feet to accommodate higher racking systems. The project is near distribution centers for Amazon, Serta, Foxconn, Aramark, The Home Depot and Siemens. Land is available for additional trailer storage or build-to-suit projects.