(HOUSTON) — Hines, the international real estate firm, along with investment partner Cresset-Diversified QOZ Fund, today announced the start of construction on The Preston, a luxury for-rent residential high-rise community in downtown Houston. The project, located on the site of the former Houston Chronicle parking garage at the corner of Preston and Milam Streets, neighbors Hines and Ivanhoé Cambridge’s 1-million-square-foot office tower, which is under construction at 800 Texas Avenue.
“We are excited to kick off construction on our most impressive residential community to date,” said Kevin Batchelor, senior managing director, Hines. “With its world-class architecture, balance of amenities and services, and irreplaceable location in downtown’s new urban core, The Preston will set a new standard for high-rise living in Houston.”
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 façade will become an important contribution to the Houston skyline.
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. Hines-owned Aris Market Square’s 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.
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. Jones Lang LaSalle (JLL) arranged construction financing and equity.
The Preston is slated for completion in the third quarter of 2022. Pre-leasing will begin October 2021.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 214 cities in 24 countries. Hines has approximately $120.6 billion of assets under management, including $66.5 billion for which Hines provides fiduciary investment management services, and $54.1 billion for which Hines provides third-party property-level services. The firm has 128 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,348 properties, totaling over 444 million square feet. The firm’s current property and asset management portfolio includes 512 properties, representing over 223 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 the Cresset-Diversified QOZ Fund
Cresset Partners and Diversified Real Estate Capital launched the Cresset-Diversified QOZ Fund in the Fall of 2018, which invests in Qualified Opportunity Zones across the United States with the goal of creating positive and measurable social impact and the potential for substantial risk-adjusted, tax-advantaged returns. The Cresset-Diversified QOZ Fund is raising $500 million in capital commitments. Executive team members, Eric Becker, Avy Stein, Larry Levy, Jeffrey Cherner and Michael Miller will leverage their experience to identify prime QOZ 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 QOZs.*
*The contents hereof are not to be used as the basis for making any investment decision and are not a recommendation of, or solicitation for, the subscription, purchase or sale of any security, including the fund mentioned herein.