Hines begins construction on luxury residential tower in downtown Houston, US

WCN Editorial Team 5 Apr 2019 NORTH AMERICA BUILDINGS

International real estate firm Hines, along with investment partner Cresset-Diversified QOZ Fund, has commenced construction on a 46-storey apartment high-rise, The Preston, in downtown Houston, US.

The luxury for-rent residential high-rise community is located on the site of the former Houston Chronicle parking garage at the corner of Preston and Milam Streets.

It neighbours Hines and Ivanhoé Cambridge’s office tower, which is under construction at 800 Texas Avenue.

Hines senior managing director Kevin Batchelor said: “We are excited to kick off construction on our most impressive residential community to date.

“With its world-class architecture, balance of amenities and services, and irreplaceable location in downtown’s new urban core, The Preston will set a new standard for high-rise living in Houston.”

The Preston, which will comprise 373 luxury residences, is expected to be downtown Houston’s tallest residential community.

Hines said that the tower will offer panoramic views of the Central Business District, Market Square Park, Sesquicentennial Park and Buffalo Bayou, as well as long views to the Heights area and beyond.

The company said: “The Preston’s prime location between Market Square and the Arts District boasts a WalkScore of 97, with more than 50 bars and restaurants, 40 million square feet of office space, and multiple cultural institutions in the immediate vicinity.”

The Preston is scheduled to be completed in the third quarter of 2022, and pre-leasing is expected to commence in October 2021.

Hines has selected a Houston-based design team for The Preston, which includes design architect Munoz + Albin; interior architect Mayfield and Ragni Studio (MaRS); landscape architect TBG; and general contractor Harvey Builders.

Jones Lang LaSalle (JLL) has provided construction financing and equity for the project.

The Preston is situated within walking distance to the Hines-owned Aris Market Square’s Bravery Chef Hall, Coterie and the soon-to-open Lyric Market.

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Image: Rendering of The Preston from Market Square Park. Photo: Courtesy of Munoz + Albin.

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