Home > multifamily, New Construction > $75 million luxury apartment project breaks ground in Houston’s Museum District

$75 million luxury apartment project breaks ground in Houston’s Museum District

January 22, 2015 Leave a comment Go to comments

 

A longtime Houston developer has embarked on a $75 million luxury apartment project in the Museum District.

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Tema Development Inc. broke ground Dec. 2 on Hermann Park Residences, located at 1699 Hermann Drive near Jackson Street. The seven-story, 224-unit building will sit on 2.25 acres across from Hermann Park, within close proximity to the Houston Museum of Natural Science and the Museum of Fine Arts.

The project is expected to be completed in late 2016.

Hermann Park Residences will feature 311,000 square feet of studios, one- and two-bedroom units and five penthouse suites. The units, which boast high-end fixtures, millwork materials and stainless steel appliances, will overlook Hermann Park or a courtyard.

The apartment project also features a 12,000-square-foot courtyard with a fountain, and a 9,000-square-foot amenity area. Common amenities include a rooftop sky lounge, cafe bar, club, conference area, fitness center, yoga room, swimming pool with a sunbathing ledge, fire pit, barbecue area, common-area Wi-Fi, bicycle storage and an electric car-charging station.

 

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Tema Development also is building a 144,000-square-foot, five-story structured parking garage behind the apartment project. Residents can drive into the garage, park in one of 351 spaces and enter into the apartment complex at each level.

Houston-based Morganti Group Inc. is the general contractor, Dallas-based Corgan Associates Inc. is the architect and Houston-based Greystar Real Estate is the property manager.

Tema Development, which was established in 1981, also developed The Parklane, a 35-story luxury condominium tower at 1701 Hermann Drive in the Museum District. The developer is planning two other projects in the Museum District, including a 42-story apartment northwest of The Parklane, which was developed in the early 1980s.

 

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The inner loop neighborhood has become a prime location for upscale, multifamily projects due to its rich neighborhood amenities and close proximity to downtown Houston and the Texas Medical Center. With median rent at $2,280 per month, the Museum District also is Houston’s most expensive neighborhood to rent an apartment, according to San Francisco-based Zumper.

 

 

Fueled by Houston’s hot multifamily market, several luxury residential projects have launched this year in the Museum District.

  • Dallas-based StreetLights Residential broke ground on The Carter, a 20-story, 305-unit apartment tower half a mile north of Hermann Park.
  • Houston-based Hines is developing The Southmore, a 24-story, 233-unit apartment tower less than a mile north of Hermann Park.
  • Houston-based Surge Homes Development LLC is planning a four-story, 55-unit condominium project less than a mile north of Hermann Park.

Paul Takahashi covers residential and multifamily commercial real estate for the Houston Business Journal.

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