Throughout Houston, mixed-use properties seem to be all the rage. Currently, there are at least 20 of these developments in the pipeline around Houston. But what is a mixed-use property?
Defining Mixed-use Property
On a fundamental level, mixed-use properties combine different elements into a single development. Typically, a development mixes residential developments and commercial units. For example, you could have a single building with ground-level retail or office spaces combined condos or apartments above. In contrast, you could have a planned community that places residential units next to commercial areas. Regardless of the specific form, mixed-use projects cater to the growing desire for residences to be within walking distance to amenities like shopping and entertainment.
Mixed-Use Developments in Opportunity Zones
Currently, several mixed-use projects are in the works in Houston’s EaDo (East Downtown) and East End areas. What’s more, these specific projects are located within opportunity zones. For example, The Cameron (711 North Milby, a 60,000 SF Art Deco-style building), will be transformed into a mixed-use development. Kaldis plans to open The Cameron in fall 2019.
Also, Midway plans to redevelop the East River site into a multi-use community. Touted as a ‘walkable live-work-play environment’, this Houston mixed-use development will have residential units, office space, retail, restaurants, and entertainment once completed. This project is currently in pre-development.
And about 25 miles northeast of Downtown Houston, The Signorelli Co. will transform Porter, TX’s North Houston Opportunity Zone into a 1,400-acre master-planned community. Since it is such a large undertaking, this project will be completed in phases. Currently, a number of businesses in the 240-acre Valley Ranch Town Center commercial area are already open and residences are under construction.
Other Houston Area Mixed-Use Properties
Here are a few of Houston’s other mixed-use developments:
Situated in Houston’s Upper Kirby District, this is another of Midway’s mixed-use projects. Midway will complete The 11-acre, multi-building complex project in two phases. At the moment, the completed Phase I has 270 residential units, 25,000 SF of retail, 225,000 SF of office space, and a 6-acre urban park. What’s more, the planned Phase II will add an additional 200,000 SF of office space.
Although Phase I completed in 2015, Phase II of this mixed-use property will finish GID Development Group’s Regent Square project. Once completed, it will have 600 residential units, 50,000 SF of street-level retail, and green space near Buffalo Bayou Park. Sited on 24 acres near the border of Montrose and River Oaks, the development will add to the existing 21-story Sovereign at Regent Square residential project which GID completed in 2015.
Although this Houston mixed-use development doesn’t include residential units, it will have 100,000 SF of retail space and 100,000 SF of office space. It will also include a 2,000-foot urban boardwalk running through several acres of park space. Currently under construction, this 12-acre redevelopment project is Radom Capital and Triten Real Estate Partners’ second Houston project (the first was Heights Mercantile). MKT will deliver in Q1 2020.
Scheduled for a fall 2019 delivery, Ziegler Cooper Architects designed the seven-story Buffalo Heights project for owners BKR Memorial (the Gordy family). With 230 residential units, 35K SF of office space, and 96,000 SF of other spaces, this mixed-use property is currently under construction. Also, the project will have a 96,000 SF urban H-E-B supermarket which will cater to urban clientele.
With 99 residential condos, The Allen mixed-use property is a luxury development near Downtown. Specifically, the $500M project will offer views of both Downtown and Buffalo Bayou Park. In addition, it will have a high-end hotel and 333,000 SF of office space along with retail. The project is a joint venture between Houston-based DC Partners and Tianqing Real Estate Development LLC. This proposed project is currently in pre-development.
River Oaks District
Once completed, this two-phase project will consist of 100 residential units, 200,000 SF of retail (90,000 SF Phase II), and 200,000 SF of office, a movie theater, and more. Oliver McMillan is the developer behind Phase I of this mixed-use property. Brookfield is behind Phase II.
Park Place River Oaks
Currently under construction, Stonelake Capital Partners is the developer behind this Houston mixed-use development. Although this project won’t have residential units, it will include 207,000 SF of office space, a hotel, and a 1-acre park, along with retail spaces.
The Driscoll at River Oaks
Currently under construction, this 30-story luxury high-rise will have 318 residential units and 10,000 SF of retail. Located at West Gray Street, the property will offer views of the Downtown Houston skyline and put residents within walking distance of River Oaks Shopping Center. Developed by Weingarten Realty and The Hanover Co., The Driscoll should deliver in summer 2020.
The Ion Innovation Hub
Once completed, The Ion will have 270,000 SF residential property will have 280,000 SF of office along with a yet to be determined amount of retail space, restaurants, and other amenities. As the future hub of the Houston Innovation District, this redevelopment project could be a game-changing Houston property. The Houston Innovation District will stretch four miles from Downtown to the Texas Medical Center. The Ion has been under construction since breaking ground in July. Its expected completed date is sometime in late 2020. The firms behind the project are James Carpenter Design Associates, SHoP Architects, James Corner Field Operations, and Gensler.
Investing in Houston Mixed-use Development
Throughout the Houston metro area, mixed-use properties have become quite popular. Whether these are located in developed areas (like East Downtown) or in suburban areas (like Porter, TX), developers are banking on their popularity. If you’re interested in learning more about Houston mixed-use development, contact CXRE today. Our team of Houston experts can guide you towards investment or leasing opportunities.