Home > Uncategorized > Luxury apartments will replace Central Presbyterian Church

Luxury apartments will replace Central Presbyterian Church

September 29, 2011 Leave a comment Go to comments

The Morgan Group is preparing to break ground on its third high-end apartment complex in the Greenway Plaza area.

 
Central Presbyterian Church merged with another congregation, opening up its land, which the Morgan Group bought to build this apartment complex. (Artist rendering by Morgan Group)
  / HC

The Houston developer just closed on the former Central Presbyterian Church property at the northeast corner of Richmond and Cummins, where it will build a four-story project with 341 studio, one- and two-bedroom units.

The church congregation merged with St. Philip Presbyterian Church on San Felipe, and the building has been vacant for about two years.

The Morgan Group put the 4.5-acre property under contract last October.

The company also built and owns two other multifamily projects in the Greenway Plaza area totaling about 800 units.

The timing is right for a third, said Carter Bechtol, Morgan’s senior vice president of development, citing limited new supply and growing demand.

After a down period in the construction market, multifamily occupancy has improved as the Houston area continues to add jobs and the single-family housing market remains under stress.

Reprint from Houston Chronicle    by Nancy Sarnoff

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