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12-Story Apartment Building With Retail At 124 Crosstimbers St.


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  • The title was changed to 124 Crosstimbers St. 12-Story Apartment Building With Retail
  • 2 months later...
54 minutes ago, Urbannizer said:

Mixed use development going in at Yale and Crosstimbers. U-shaped building with 9 floors of residential over 3 floors of garage, 500 units, 16,000 sf of ground floor retail. Architects are Korb + Associates Architects and Identity Architects. Plan to break ground by the end of the year.

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7 hours ago, Urbannizer said:

 

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John "Johnny V" Vassallo's CJ Development group bought a 5.22-acre property in the Independence Heights area of Houston for a new mixed-use project.

Houston-based CJ Development paid an undisclosed amount to purchase the property at 124 Crosstimbers St., near the intersection of Crosstimbers and Yale streets, from Gross Investments, which is also based in Houston.

Vassallo, a partner in CJ Development, has roots in Milwaukee as a real estate investor and operator of restaurants including Mo's Irish Pub. He is an active developer in the Houston market and currently plans to start construction this year in Wauwatosa on the 28-story Drew Tower.

Vassallo said his plans for the Houston site include a 12-story, 500-unit multifamily development that will have about 16,000 square feet of retail space on the ground floor. Milwaukee architect Jason Korb of Korb + Associates Architects is a designer on the Houston project with Houston-based Identity Architects.

While the terms of the Houston land transaction were not disclosed, Harris County Appraisal District records said the property was valued at $3.4 million as of Jan. 1, 2021.

David Cook and Meredith Cullen of Cushman & Wakefield’s land brokerage team represented the seller in the deal. Houston-based Gulf Capital Bank provided financing for the transaction.

“Crosstimbers and Yale represented a rare opportunity to develop a strategic piece of real estate in north Houston,” Cullen said. “We were familiar with CJ Development’s previous development requirements. This site offers excellent ingress and egress to all areas of the city, and we knew this would be the right time to discuss the possibility of selling with (Gross Investments president) Shawn Gross.”

Vassallo told the Houston Business Journal that he was attracted to the property because it lies on a clear path of growth heading up Yale Street, which is in line with the uptick in development Independence Heights has seen in recent years. Vassallo pointed to Fidelis Realty Partners’ Yale Marketplace development as an example of the recent work being done in the area. Yale Marketplace is a 61,000-square-foot neighborhood shopping center anchored by a Whole Foods 365 location that won an HBJ Landmark Award in 2019.

“There are some great things happening there, and we saw an opportunity with a mixed-use development,” Vassallo said. “Meredith really has a great deal of insight about how the community works, so this was an easy purchase for us.”

The U-shaped building will have nine floors of apartment units sitting on top of a three-story garage. The third floor will be devoted to a range of amenities, including a swimming pool and a fitness center, among other features.

Vassallo said his team has already held initial meetings with city officials and plans to break ground by the end of the year.

Cullen said he was excited about CJ Development’s plans for the site because he thinks a mixed-use development that is predominantly composed of high-end apartment units will fit well with the types of development underway in Independence Heights.

“There had been very little retail in the area for years, but that has started to change,” Cullen said. “Now that there are businesses catering to those with disposable income, it’s not only driving people to move there, it’s creating new jobs for people. It’s such a historic area that I really see Independence Heights becoming one of the backbones of Houston.”

Cullen added, “What Johnny plans to do with the site will be the first major mixed-use project in the immediate area.”

Vassallo's Drew Tower in Wauwatosa has gained a needed city approval, but faces appeals filed by a neighborhood opposition group. That project would have 65 apartments and about 80,000 square feet of leasable offices.

 

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  • The title was changed to 12-Story Apartment Building With Retail At 124 Crosstimbers St.
Posted (edited)

This area has a ways to go but with Gatlin’s new restaurant opening up next door, the other apartment building going up next to CVS and Sears finally being sold, that section of crosstimbers between Yale and shepherd is going to be totally different. 
 

The Pineforest business park has a lot of potential for redevelopment. 

Edited by LBC2HTX
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7 hours ago, LBC2HTX said:

This area has a ways to go but with Gatlin’s new restaurant opening up next door, the other apartment building going up next to CVS and Sears finally being sold, that section of crosstimbers between Yale and shepherd is going to be totally different. 
 

The Pineforest business park has a lot of potential for redevelopment. 

Who purchased the Sears property?

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