(HOUSTON) Hines, the international real estate firm, along with investment partners, Cresset Wealth Advisors and Levy Family Partners, today revealed plans for The Preston, a luxury for-rent residential high-rise community located at the corner of Preston and Milam Streets. Adjacent to Market Square Park and the landmarked Hogg Palace residential building, the residences will lie at the convergence of Houston’s Central Business District, Theatre District and Historic District, offering immediate access to the city’s major urban, cultural and sports facilities. The project, located on the site of the former Houston Chronicle parking garage, also neighbors Hines and Ivanhoe Cambridge’s 1-million-square-foot office tower, which is under construction at 800 Texas Avenue.
Comprised of 373 luxury residences, the 46-story high-rise tower will stand taller than any other downtown residential community and will boast panoramic views of the Central Business District, Market Square Park, Sesquicentennial Park and Buffalo Bayou, as well as long views to the Heights area and beyond. Positioned diagonally on its site on the north side of downtown, the building’s distinct facade will become an important contribution to the Houston skyline.
“Rotating the building diagonally to Houston’s grid provides wider uninterrupted views from all the residences,” said Jorge Munoz, Principal of Munoz + Albin, the project’s design architect. “The massing and geometry of the tower are a response to the building’s immediate context, maximizing long distance views, natural light and direct views of Market Square Park.”
While modern in its origins, The Preston will depart from the strict rigor of modernism to create undeniably welcoming and livable spaces. Each single-level floorplan will be spacious and light-filled, featuring flexible living spaces and floor-to-ceiling windows to maximize views. Natural materials and finishes will create an inviting sense of warmth with luxurious millwork and fixtures, including Quartz countertops, stainless-steel Bosch appliances and wide-planked wood flooring complimenting Italian-made custom cabinetry throughout.
The building’s 10 penthouse residences, on levels 44 and 45, will range in size from 1,739 to 2,927 square feet with large outdoor living rooms, freestanding bathtubs and ultra-luxurious finishes rivaling the finest of condominium residences. Select penthouses will feature outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.
Residents of The Preston will have access to an array of outstanding amenities, including a 24-hour concierge; valet parking; 46th-level sky amenity deck capturing panoramic views of the skyline with private resident dining room and catering kitchen; 10th level zero edge pool, cabanas, daybeds, yoga lawn and private terrace; state-of-the-art gym with on-demand virtual fitness classes; coworking and conference spaces; guest suites; multiple social lounges with complimentary beverage and coffee bars; pet spa; bike shop and 6,800 square feet of curated street-level retail and restaurants onsite.
“Over the past 10 years, downtown’s nucleus has shifted to the north, and Hines new office and residential developments have led the way with projects including 811 Main, 609 Main at Texas and Aris Market Square,” said Kevin Batchelor, senior managing director, Hines. “We look forward to delivering our most impressive residential community to date in this new urban hub. Residents will enjoy a walkable, big-city lifestyle in a living environment that exudes luxury and style.”
The Preston’s prime location between Market Square and the Arts District boasts a WalkScore of 97, with more than 50 bars and restaurants, 40 million square feet of office space, and multiple cultural institutions in the immediate vicinity. Nearby attractions include the Buffalo Bayou Park System, Jones Hall, The Wortham Theatre, Sesquicentennial Park, the Toyota Center and Minute Maid Park, among others. Bravery Chef Hall, Coterie and the soon-to-open Lyric Market are all within walking distance of The Preston, and over 50,000 square feet of retail is currently underway within one block of the project site.
Conveniently located near the METRORail red line on Main Street and several bus lines, The Preston is also easily accessible from US 59, Memorial Drive, IH-10 East, IH-45 North, IH-10 West, Allen Parkway and IH-45 South via automobile.
Hines has assembled a stellar Houston-based design team for The Preston, including Munoz + Albin, design architect; Mayfield and Ragni Studio (MaRS), interior architect; TBG, landscape architect; and Harvey Builders, general contractor.
Construction will commence March 2019 with completion slated for the third quarter of 2022. Pre-leasing will begin October 2021. For more information and rental rates, visit www.ThePreston.com (site coming soon).
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About Cresset Wealth Advisors and Levy Family Partners
Cresset Wealth Advisors and Levy Family Partners are Chicago based real estate investment firms managing family office capital. Executive team members Eric Becker, Avy Stein, Larry Levy, Jeffrey Cherner and Michael Miller will leverage their experience to identify prime development opportunities and act quickly to creatively structure transactions. The Fund seeks to create institutional quality assets focused on office, retail, multi-family, industrial, residential and mixed-use properties in primary markets throughout the US.