Aecom Capital and real estate firm PMRG have announced financial close on equity and debt to develop 328 multi-family units and 14,967ft² of ground-floor retail in a luxury high-rise tower located on a 1.16-acre site at 3300 Main Street in Houston’s midtown district.
Broad Street Real Estate Credit Partners III (BSRECP III), a fund managed by the Merchant Banking Division of Goldman Sachs, will provide the construction loan.
The site is located between downtown Houston and the Texas Medical Center, adjacent to the Main Street stop of the METRORail Red Line.
Aecom Capital real estate’s senior managing director Timothy Haskin said: “We are excited to partner with PM Realty Group in the development of this new residential tower in the dynamic and burgeoning Mid-Town area of Houston.”
“3300 Main marks a continuation of Aecom Capital Real Estate’s strategy to invest in transit-oriented developments in transforming neighbourhoods with strong development partners.”
The 29-storey tower will feature canted bay window and balcony projections that will offer downtown views to the north and east, and continuous balconies on the south and around the amenity terrace, which will provide shade and optimal views of the activity below.
Residents will be able enjoy units averaging 1,114ft², a two-storey fitness centre and aqua lounge, and a 3/4-acre pool and amenity deck.
The amenity space will open onto Main Street facing east, while the pool terrace will face west.
Above the retail space, units will line the parking structure on Main Street, and the streetscape will feature two restaurants.
The 3300 Main Street building will be a LEED Silver residential tower. An architecturally-striking amenity building will reinforce the amenity deck as a place to be seen in this up-and-coming district adjacent to downtown Houston.
PMRG chairman and CEO Rick Kirk said: “PMRG is excited to partner with both Aecom Capital and BSRECP III on what will be the premier multifamily building in Midtown.
“This is the right building for a transit-oriented development and a building that is sure to attract discerning residents working in the CBD and the Texas Medical Center.”
Aecom Hunt will be the construction manager for the project.
Construction will commence immediately and is expected to be completed in 2020.