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Urbannizer

Waterworks Highline: Apartments with retail by Urban Genesis

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On 5/21/2019 at 10:37 AM, Urbannizer said:
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Boutique-style apartments to go up near Heights Waterworks

 

A three-block stretch in the Heights will soon see another apartment project line its sidewalks.

 

Houston-based Urban Genesis plans to close next month on less than an acre near the corner of West 20th Street and Lawrence, a few blocks from Braun Enterprises’ Heights Waterworks redevelopment project.

 

The project, tentatively named Waterworks Highline, would be close to Phoenix-based Alliance Residential's Broadstone Waterworks apartments. About a block away, a new Greystar project could go up on a tract of land at 512 W. 20th St.

 

“This has been a target market for us,” said Matt Shafiezadeh, who oversees strategy and investments for the group. Urban Genesis selects small tracts of land for more boutique-style apartment buildings with fewer units in popular locations. The retail scene along West 19th Street in the Heights led Urban Genesis to factor in about 5,000 to 7,000 square feet of retail space within the project, something like a smaller-scale Heights Mercantile, he said.

 

As more high-end apartment projects go up in the Heights, Shafiezadeh sees a growing need for apartments that rent about $200 to $400 below the rents in competing apartment buildings. He estimates an average $1,300 monthly rent for an apartment about 650 to 700 square feet in size.

 

Shafiezadeh expects to close in June and break ground by the end of 2019, if all goes according to plan. The four-story building with about 80 to 100 units would be where four homes currently stand. The homes belong to the same owner, Shafiezadeh said.

 

Tommy Leblanc with Avison Young represented both the buyer and seller in the deal, he said. Dallas-based UD Architects will design the project and Cardinal Construction will be the contractor. A construction loan provider hasn’t been chosen.

 

 

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Not sure how they'll be able to park the retail component without doing a structured garage (not just first floor podium). 

 

Assuming 3k sq ft of retail will be restaurant, they'll need at least 30 parking spaces for that piece alone. I don't know how they'll get there on less than an acre and no structured parking

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From the description, I think this is the 600 block of W 19th. The Greystar project is on the 500 block (former Chase building).

 

West of the parking lot on the SW corner of 20th and Lawrence (which was part of the Chase property), there are five properties which, together make up just under an acre (39,300 sf): 

 

  • #608: A bungalow (possibly subdivided) with garage apartment in the back
  • #616/618: Two bungalows
  • #620: A small, older multi-family building
  • #624: A bungalow
  • #626: A bungalow

 

#620 and #624 share the same owner, as do #608 and #626. None of the properties are owner occupied. 

 

 

The other two proposed Highline-branded projects (one near White Oak, one in Montrose) are similar in size. Both of these were 3 stories over a single parking level, which required a parking variance as the ratio was under CoH requirements. In order to add retail to this site, the developers have three choices:

 

1 - Double down on the parking variance, requesting a variance for the apartments AND the retail

 

2 - Go to two levels of parking, enough to accommodate the retail and the apartments without a variance

 

3 - Use surface parking (like the lot right next door on the corner of 20th and Lawrence) to meet part of the requirement.

 

 

I'd prefer #1 (however unlikely it is to be approved), would be happy with #2, but expect #3.

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So, no retail.

 

The other Highline projects have all requested parking variances to come in a few spaces below CoH minimums and keep parking to one level. Assume this will do the same.

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