Home > multifamily, New Construction, Uncategorized > Never Mind the Oil: Med Center Area Y-Plan Apartment Tower To Start Climbing in Less Than 2 Weeks

Never Mind the Oil: Med Center Area Y-Plan Apartment Tower To Start Climbing in Less Than 2 Weeks

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The Millennium Tower

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The Dinerstein Cos. will break ground Jan. 26 on a new luxury apartment tower near the Texas Medical Center.

The 22-story high-rise will be located at 1911 Holcombe Blvd., between MacGregor Way and Cambridge Street, just south of Hermann Park. The tower joins several new residential and commercial projects planned for Houston’s medical sector.

The Millennium Tower

The yet-unnamed project — dubbed The Millennium Tower on its website for now — will feature 375 apartment units on 16 floors over a six-story parking garage.

Common amenities include a deck with an infinity-edge pool, fitness center with separate yoga area and an outdoor fitness area. Residents will have views of Hermann Park, the Texas Medical Center and downtown Houston.

 

The Millennium Tower

Solomon Cordwell Buenz, based in Chicago, is the architect. Gilbane Inc., based in Providence, Rhode Island, is the general contractor.

Dinerstein, a Houston-based apartment and student housing developer, is building another midrise apartment project nearby. The Millennium Kirby is under construction at 7600 Kirby Drive, near Main Street southwest of Hermann Park. It is expected to be completed later this year or early 2016.

Dinerstein’s marketing director Emily Prevost said the company is pushing ahead with its high-rise project despite economic concerns stemming from the plunging oil prices.

 

The Millennium Tower

In the past six months, crude oil prices have dropped from more than $100 a barrel to below $50 a barrel. While consumers are rejoicing at the pump, Houston’s oil and gas companies are announcing budget and job cuts. If low oil prices are sustained, observers fear the energy cuts may trickle down to the multifamily market.

Prevost said Dinerstein is banking on the high-rise’s location near Houston’s other major industry — health care — to mitigate the effect of falling oil prices.

“The medical center will shield us from the oil situation,” Prevost said. “It’s one of the best medical centers in the world.”

The Texas Medical Center is spurring new residential and commercial development in the area.

The Millennium Tower

 

In November, TMC officials announced plans for a new research campus on a parking lot near the Baylor College of Medicine’s new McNair campus along Old Spanish Trail. The following month, the Urban Land Institute presented plans to redevelop the vacant Astrodome into an indoor park with rock climbing walls, zip lines, skatepark, run/bike trails and a swimming pool. Earlier this month, the Hermann Park Conservancy opened the door to its new gardens and pavilion.

Developers have begun to take notice, and are planning new luxury homes and apartments in the area, including hundreds of single-family lots near the Texas Medical Center. Olf 7171 Grand LLC, Medistar 521/90 LLC and Ardmore Property LLC are listed on a city of Houston plat record for Ardmore Court, located on 26.8 acres northwest of State Highway 288 and the Interstate 610 Loop. The community will feature 433 single-family lots ranging in size from about 1,630 square feet to 2,400 square feet.

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

 

 

 

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