$100 million, 33-story tower planned near Memorial Park (June 6, 2024)

Houston-based Zieben Group plans to build a 33-story office, residential and retail tower in the Uptown neighborhood near Memorial Park.

Courtesy of Gensler

Rendering of Woodway Tower

The local developer plans to begin construction on Woodway Tower, at 11 Riverway Drive, in January, the Houston Business Journal reported. Plans for the 617,000-square-foot building include 11 residential floors with 125 apartments, five office floors, a penthouse and restaurants on the top floor.

Zieben Group President and CEO Lee Zieben told HBJ that the offices will target users looking for smaller boutique spaces and will eventually house the Zieben Group headquarters. He expects the development to cost about $100 million. No lender has yet been selected.

Zieben purchased the land in 2021. Gensler is the project architect and Zieben is in talks with Tellepsen as a potential general contractor, according to HBJ.

“I felt like 100,000 square feet of high-end boutique and office space was very manageable and that the Galleria area could absorb that,” Zieben told HBJ. “But the same thing with multifamily: I didn’t want to enter the market with a ton of high-end multifamily, and so I thought this was a unique opportunity for the market.

SALES

Alterra IOS, which has an outdoor industrial storage portfolio of more than 230 properties, has acquired its 17th property in the Houston area. The location, at 9605 Galveston Road in Houston, spans 9.77 acres and includes 31,000 square feet spread across three buildings. Alterra acquires the vacant property and begins efforts to lease it.

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Colliers sold 347.69 undeveloped acres on Riley Road near FM 1774 in Waller County to Ersa Grae Corp. Ersa Grae plans to develop a single-family community in partnership with Avanti Properties Group.

James Kadlick, Chris Hutcheson and Harrison Kane of Colliers represented Ersa Grae.

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Jetstream of Houston LLP has purchased an 81,000-square-foot manufacturing campus at 4133 Southerland Road and 4135/4201 Dayco St. in Houston from Apex Dayco LLC. John Ferruzzo and Matthew Morrison of Transwestern represented the seller while Tim Thomas and Austin Honey of LandPark Brokerage Services represented the buyer.

LEASES

Courtesy of Bryan Malloch/Stream Realty Partners

Port logistics center

Tigerhawk Logistics plans to expand and relocate within the Portside Logistics Center, leasing 328,000 square feet in Building 1. This brings its footprint to 135,000 square feet. As part of the expansion, Stream’s construction management team is building a custom-designed office space for Tigerhawk Logistics within Building 1.

Portside Logistics Center, a joint venture between Principal Asset Management and Stream Realty Partners, is at 4838 and 4908 Borusan Road in Baytown. Tyler Maner and Jeremy Lumbreras of Stream are the leasing agents for the project.

Grant Hortenstine and Pearce Martens of CBRE represented Tigerhawk.

CONSTRUCTION & DEVELOPMENT

Shree Rang Krupa of Texas LLC, owned by hotel developer Kenny Rama, plans to develop a 60-room Studio 6 Extended Stay hotel at 500 Rayford Road in the spring. Construction is expected to begin in the coming months and delivery is expected in the first quarter of 2026.

Josh Cheatham and David Alexander of Newcor Commercial Real Estate represented the buyer in the acquisition of the one-acre Rayford Road parcel. Gus Lagos of Marcus & Millichap represented the seller, Woodlands Warehouse LLC.

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Tricoast Homes has launched Summer Place, its first exclusive community, at 347 Summer Place Drive in Montgomery. The 10-acre gated community will offer 67 single-family homes.

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Kids’ Meals Inc. broke ground on a 50,000-square-foot facility at 8790 Hammerly Blvd. in Spring Branch that will serve 26,000 children per day throughout the Greater Houston area by 2031. The nonprofit organization provides free meals to children ages 5 and younger who are food insecure.

Pin Oak Interests is the project manager, Kirksey Architecture is the architect and Satterfield & Pontikes Construction Co. is the general contractor. Lead investor BlueHub Capital made a $32.5 million investment in the New Markets Tax Credit that brought $6.2 million directly to Kids’ Meals.

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Lowe’s plans to build a 94,000-square-foot store as part of the Magnolia Village retail project at 4427 Magnolia Village Drive in Magnolia. Parkside Capital sold 10 acres to Lowe’s and developed Magnolia Village in conjunction with Gulf Coast Commercial.

Construction is expected to begin this year. The store is expected to open in 2025.

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Courtesy of Transwestern

HeightsMED

Wolf Capital Partners and Transwestern Real Estate Services have completed the interior renovation of HeightsMED, the only Class A medical office building in Houston Heights. The 120,000-square-foot building at 427 W. 20th St. features a refreshed lobby and common areas on levels three and four.

Over the past year, 38,000 square feet of leases have been signed in the building. Justin Brasell and Christian Connell of Transwestern represented Wolf Capital Partners in lease negotiations.

Phase 3 of the renovation began in April and will include an exterior façade redesign, a new vehicle access and arrival experience, an outdoor patio with seating areas and two additional interior floor renovations. CTC Contractors continues to serve as the general contractor for the project, which is expected to be completed in the fourth quarter of 2024.

FUNDING

Lone Star PACE, an administrator for Texas’ Property Assessed Clean Energy program, facilitated $46.6 million in C-PACE financing for a mixed-use development near Houston’s Buffalo Bayou Park.

A $31 million loan was administered for The Thompson, a 172-room luxury hotel located at 1711 Allen Parkway. Another loan of more than $15 million was issued for an adjacent 53,000-square-foot commercial pavilion at 1755 Allen Parkway.

Lone Star PACE partnered with lender Nuveen Green Capital for the financing. Improvements covered by the loans include building envelope, lighting, HVAC and plumbing improvements.

The Thompson Hotel is the anchor of The Allen, a luxury mixed-use destination led by real estate development and investment firm DC Partners. The adjacent mixed-use clubhouse includes retail, restaurants and a health and fitness club. A 99-unit condo tower is also on site.