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Year in Review: Residential projects heat up in downtown Houston

December 24, 2014 Leave a comment Go to comments

 

Although the Downtown Living Initiative was launched in 2012, it took a couple of years for residential construction to really heat up in downtown Houston.

The city of Houston’s Downtown Living Initiative has sparked downtown redevelopment. The initiative offers $15,000 per unit in tax breaks to developers building multifamily projects downtown.

In April, the Houston City Council approved an expansion of the Downtown Living Initiative, doubling the amount of residential units that could receive a tax break. The cap has been expanded from 2,500 to 5,000 residential units, which means the total cost of the subsidies could reach $75 million. The city wants to increase the number of downtown residential units from more than 2,600 currently to about 10,000 over the next couple of years.

At least 14 projects are on tap to revive the central business district. Five projects are under construction and at least nine more are planned, according to Central Houston.

Developers announced a flurry of new projects this year, including Market Square Tower, the tallest residential high-rise in downtown Houston being developed by Woodbranch Investment Corp. and Oakmont Group.

Also this year, Novare Group Inc. — the first beneficiary of the Downtown Living Initiative — finished building SkyHouse Houston, a 24-story, 336-unit apartment tower. The Atlanta-based developer announced its second SkyHouse tower — SkyHouse Main — adjacent to SkyHouse Houston in September.

SkyHouse Houston

Atlanta-based Novare Group Inc. — the first beneficiary of the Downtown Living Initiative — finished building SkyHouse Houston, a 24-story, 336-unit apartment tower in downtown Houston.

Reprint from Houston Business Journal       by Paul Takahashi   Reporter

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