Houstonians are about to get another luxe living option in downtown.
A $54 million, 229-unit luxury apartment project, dubbed the Regalia at the Park, will soon break ground at 100 Crawford in downtown Houston, a Colliers spokesperson told the Houston Business Journal. Upon its delivery in around 26 months, the property will include studio, one bedroom and two bedroom units, as well as a swimming pool, outdoor grilling and dining areas, a yoga studio, a fitness center and structured parking.
Pricing information on the apartment units wasn’t made available. The Regalia at the Park will occupy the entire downtown block bounded by Crawford Street, Commerce Street, North Jackson Street and Ruiz Street.
Jeffrey Donnelly and Dmitry Levkov with Colliers’ New York office arranged the project’s financing on behalf of the developer, Florida-based DLC Residential. Laredo-based IBC Bank provided the $35 million construction loan and Kansas City-based Platform Investments provided $8 million in financing.
Houston-based Mucasey & Associates designed the development. General contractor information wasn’t made available.
Several more multifamily projects are underway in downtown. Trammell Crow’s multifamily arm, High Street Residential, is expected to break ground on its unnamed 40-story project near Discovery Green soon. The project is being developed through the Downtown Living Initiative and needs to have a temporary certificate of occupancy by May 28, 2020, to receive the initiative’s incentives.
Trammell Crow Residential, which is not affiliated with Trammell Crow Co., is currently building the Alexan Downtown, an eight-story, 285-unit apartment midrise at 1410 Texas. That project also was approved for the Downtown Living Initiative, which offered $15,000 per unit in tax breaks to developers building multifamily projects downtown.
And Houston-based Camden Property Trust (NYSE: CPT) recently broke ground on its stalled downtown Houston apartment project. The first phase of Camden Downtown — formerly known as Camden Conte— will be a 21-story apartment tower featuring 271 units. The Class A tower will rise on part of a three-acre site bounded by La Branch, Bell, Austin and Pease streets near the Toyota Center.