From a Houston Business Journal article from November 2016:
Riverway Properties has raised $25 million to acquire and redevelop urban properties. Riverway Capital Partners recently acquired its first redevelopment deal — the Berger Iron Works site — and is planning to revitalize the industrial metal shop into The Ironworks, a new mixed-use retail, dining and office project.
Highlights from the article behind the pay wall
- Riverway Properties isn’t giving up on its plans for a choice piece of land in Montrose.
The Houston luxury homebuilder was planning to build a seven-story, 34-unit condominium project at 3615 Montrose in August 2014, shortly before oil prices began to crash. The modern glass building, designed by New York- and Houston-based Philip Johnson/Alan Ritchie Architects, was planned for the former site of The River Cafe on the northeast corner of Montrose Boulevard and Marshall Street, a block away from the University of St. Thomas campus.
However, Riverway Properties shelved its plans after slower-than-expected sales amid the oil slump. Units inside 3615 Montrose ranged in price from $1 million to $2.25 million.
- Riverway Properties is currently leasing its former sales center out to a Houston nonprofit working with gay and lesbian homeless youth in the Bayou City. The homebuilder is also acquiring an adjacent tract of land — at 911 Kipling — to own the entire city block, which can accommodate a bigger project, Carroll said.
There are no immediate plans to develop the site, nor plans for what a future project could be, but Carroll said he is still bullish on Montrose.
“We still want to do something that’s grander there,” Carroll said.