Home > multifamily, New Construction, Uncategorized > Multifamily development boom set to transform downtown Houston

Multifamily development boom set to transform downtown Houston

Downtown Houston is set for a major transformation once new multifamily developments come on tap, industry watchers said.

With 10 new multifamily buildings on tap for downtown Houston and more are likely on the way, experts predict the new construction will help transform the area into a place where Houstonians can live, work and play, an ideal that the area has long struggled to achieve.

Marquette Tower Rendering

“We are working at a higher density, which is refreshing to see,” said Bob Eury, executive director of the Downtown Management District. “We have always had plenty of land in this city.  The whole idea of adding the Downtown Living Initiative is to encourage the building out of the core of downtown. With that you’re going to get more walkability, and more people not having to depend on their cars. These new projects are changing the game.”

Approximately 4,000 people live downtown, according to Eury, and that number will increase by 7,500 once the new units come on line over the next few years. He credits new jobs, a strong economy and the Downtown Living Initiative for attracting so many new high-rise projects to the area.

Between 1994 and 2013, for every six jobs created, one apartment unit was absorbed. That trend will continue, reports the Houston office of CBRE. The Greater Houston Partnership expects 69,800 new jobs to be created in 2014.

And as the saying goes, retail follows rooftops. Eury said downtown will attract additional retail as the multifamily construction comes to fruition, and more focus be on making the area more walkable by adding sidewalks and connecting green spaces.

The Bayou Greenways 2020 Project  broke ground in October on the first segment of a seven-year plan to connect green spaces along Houston’s bayous. The first phase will target White Oak Bayou and will create more green space along White Oak Bayou, with a new trail segment between Shepherd Drive and W. 11th Street to connect to the existing trail, replacing the MKT Bridge over White Oak Bayou.

Jenny Aldridge covers real estate and construction for the Houston Business Journal.

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