$500M mixed-use development slated for site near Houston Texas Buffalo Bayou Park.
Another big development is coming to the Buffalo Bayou Park area.
Roberto Contreras, president and CEO of Houston-based DC Partners, told the Houston Business Journal he plans to start an approximately $500 million mixed-use development at the southeast corner of Allen Parkway and Gillette Street in early 2018. The 6.01-acre project is expected to feature a luxury hotel, housing, shops and an office tower. Gensler designed the overall master plan layout for the site.
The company, along with Tianqing Real Estate Development LLC, bought the property from HTX Real Estate Partners in a deal that closed in May. Contreras said he could not disclose the cost of the deal.
Contreras said the luxury hotel, the first phase of the project, would have about 150 to 180 rooms and would open around 2020. He said other details about the hotel, retailers, housing or office space have not been finalized yet.
"We're still in the process of planning the development," DC Partners COO Acho Azuike said.
The development also will feature easy accessibility to Buffalo Bayou Park.
"With all the work already put in the park, we're really excited about being a compliment to the area," Azuike said.
Various projects have surfaced around the Buffalo Bayou Park area over the past few years. For instance, the second phase of Regent Square, a highly anticipated mixed-use project just south of Allen Parkway that's been delayed for years, is starting to move forward.
Upon completion, Regent Square should include roughly 400,000 square feet of shops and restaurants, 240,000 square feet of office space, 950 multifamily units and 4,200 parking spaces. The planned walkable community is near Buffalo Bayou along Dunlavy and West Dallas streets.
Last June, Alliance Residential Co. also announced planned to build a four-story, 365-unit apartment project on 4.5 acres at Gillette and West Dallas streets, just south of Allen Parkway. That project would be just south of DC Partners' project.
In 2015, Buffalo Bayou Park itself reopened through a $58 million public-private partnership. The Houston Business Journal named the project a 2016 Landmark Award winner in the Community Impact category.
By Jack Witthaus
HBJ