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Parkside Residences: 43-Story Residential High-Rise At 808 Crawford St.


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Colorado Group Plans $80M Mixed-Use, Infill Project

By Jennifer D. Duell

Last updated: July 19, 2005 08:23am

HOUSTON-Within three years, a mixed-use project is expected to rise on Block 98, a piece of vacant land adjacent to the new city park and the George R. Brown Convention Center. Two companies from Colorado Springs, LandCo Properties LLC and Equity Edge LLC, have formed a partnership to transform the 1.5-acre tract into two residential high-rises with ground-floor retail space.

Block 98 is bordered by Rusk, Crawford, Walker and LaBranch streets near Toyota Center. Each tower will contain 150 units that will be priced "for the young, single professional," says Michael Raider, LandCo's COO. He tells GlobeSt.com that construction will begin in about three years. "That's when the market will be ready," he says, explaining one tower will have rental housing and the other will be condos. "I am not sure that we'll break ground on both towers at the same time."

Raider, a Houston native, was eyeing Block 98 about a year before he closed the deal with Crescent Real Estate Equities Co. for $6.5 million. "We see Houston as Denver about seven years ago with the new light rail, entertainment and park creation. Denver is just a huge residential market right now," he says, "and we think Houston is following right behind it."

Raider's not yet selected the project architect, but says he's hoping to use a local firm. The partnership, Block 98 Partners Ltd., obtained a $4.9-million loan from Southern National Bank of Texas to acquire the land. Tucker Knight, a director with Holliday Fenoglio Fowler LP's local office, arranged a three-year bridge loan with an adjustable interest rate.

The Block 98 development will be the second project that LandCo has tackled in Houston's CBD. The company recently acquired the former Days Inn Hotel at 801 St. Joseph Parkway for redevelopment into 251 luxury apartments and retail space. Construction is scheduled to begin in early 2006, with units delivering in early 2007.

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  • 8 years later...

Looks like one of those "this is what could potentially go here", pie in the sky, over the top renderings that never get off the drawing board.

I hope to god I'm wrong though. :)

I'd love to hear your reasoning as to how this resembles a "pie in the sky, over the top rendering".

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Is this only taking up the part of that block that is not occupied by the garage? 

 

That would be fairly skinny, but I guess the floors would be wide enough for units on each side with a hallway in the middle.  

 

Yes, and that strip of land was left unoccupied precisely for the purpose of eventually having a residential structure built on it.

Edited by Houston19514
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I thought the original intended purpose was for retail.

 

According to a Cite magazine article, the architects (Gensler) convinced the developer of Hess Tower (Trammel Crow) "that a 75-foot-wide strip . . . should be left empty to allow for the possibility of a residential development."

 

The GRBCC 2025 Master Plan also has the site designated for residential development.

Edited by Houston19514
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Regarding the confusion about the rendering at the top of this page: there is 1 large pic above 3 smaller ones.  The upper left of the smaller 3 appears to be The Austonian condos in Austin, also designed by Ziegler Cooper, which was completed a few years ago.  So, don't get in a tizzy how they can all be in the "Gables Post Oak" development.

 

 

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Really excited for this one.  With the three new hotels in the area, this is going to look really nice. 

 

I'm surprised something this big went on that little lot, I was expecting it to stay surface parking for decades.  Glad the pessimistic me was wrong! :D

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