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Downtown Houston Development Continues Despite Covid-19

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Downtown Houston Development Continues Despite Covid-19 MEDIA CONTACTS Angie Bertinot / Central Houston [email protected] / 713-650-3022 Whitney Radley / The CKP Group [email protected] / 832-930-4065 x 106 FOR IMMEDIATE RELEASE JANUARY 19, 2021 DOWNTOWN HOUSTON DEVELOPMENT CONTINUES DESPITE COVID-19 More than $1.9 billion in construction projects currently underway with more on the horizon HOUSTON, TX — While the Greater Houston Area begins to recover from the COVID-19 pandemic, Downtown Houston has shown its trademark resilience and grit in the face of the unexpected. Over the past year, office employees have adapted to working from home, hospitality groups have rolled out new services options and staycations, residential properties have adopted technology to conduct virtual space tours and the construction sector has continued grow. More than $1.9 billion in construction projects are currently underway in Downtown Houston, an area defined by IH-45 to the west and south, Highway 59 to the east and IH-10 to the north. “In recent years, Downtown Houston has transitioned from a central business district to a prime destination to live, work, play and stay,” said Bob Eury, president and CEO of the Houston Downtown Management District. “While the pandemic has resulted in some set- backs, we’re seeing confidence in the market: businesses and office employees have adapted to the new normal with agility, developers are leveraging the opportunity to maximize construction across all sectors and the area remains a culinary and cultural destination for Houstonians and visitors.” Office Projects Downtown Houston remains a dynamic business center with a workforce of approximately 158,000 employees and more than 51 million square feet of office space. Building owners have taken advantage of reduced building occupancy to accelerate office construction and redevelopment projects, with more than 12.8 million square feet of Class A office space renovations throughout 14 buildings completed or near completion over the past year. New construction and renovations are underway on projects representing more than 1.5 million square feet of office space: • 1550 on the Green, a recently announced 375,000-square-foot, 28-story office tower adjacent to Discovery Green and the Hilton Americas-Houston, built by Skanska and part of a larger mixed-use project called Discover West • Texas Tower (845 Texas), a new 47-story premier office tower with an 11-level garage - MORE - Page 2 Downtown Houston development continues despite COVID-19 downturn • JPMorgan Chase & Co. Tower and the tallest tower in Texas, will be getting sweeping changes with a dramatic trapezoidal glass pyramid entry and urban garden, collaborative work areas, conference center and sky lounge for the exclusive use of tenants • 1001 Fannin, with updates to the main lobby, fitness center, tenant lounge and conference center • Heritage Plaza (1111 Bagby), with the addition of a new exterior glass curtain wall and updates to the main lobby and 13th-floor sky lobby • TC Energy Center (700 Louisiana), formerly Bank of America Center, with renovations including an upscale restaurant, creative office space, new tenant lounge and conference center, a lobby coffee bar and new mezzanine-level collaborative workspaces • Amegy on Main (1801 Main), including updates to the building lobby, common area amenities and a new parking garage • Allen Center (1200 Smith), featuring extensive renovations to the three-tower, 3.2 million square foot property, including an updated conference center, a new fitness center, a second-floor outdoor terrace and updated retail bays and tenant mix • Houston Center (909 Fannin and 1221 McKinney), featuring major updates to the four- building, 4.4 million-square-foot mixed-use complex to create a more inviting street- level presence, various greenspaces including a new central plaza and improved tenant amenities such as conference venues and lobby coworking spaces • Life Time and Life Time Work (1201 Main), a 56,000-square-foot fitness center and adjacent 38,000-square-foot coworking space at GreenStreet Residential Projects Much of Downtown Houston’s growth in recent years can be attributed to the city’s focus on increasing the residential population in the area. There are currently approximately 11,000 residents within Downtown, largely in part to the success of the city’s Downtown Living Initiative, a tax incentive program created in 2012 and funded by the City of Houston, Downtown Redevelopment Authority (DRA) and the Downtown District to encourage new multifamily residential mixed-use developments in Downtown. Construction is underway on five Downtown multifamily properties containing nearly 1,400 new additions: • Fairfield Residential (1801 Main), a new 10-story, 286-unit Class A residential building • Sovereign the Ballpark (100 Crawford), a new 6-story, 229-unit residential building • Brava (414 Milam), a luxury 46-story high rise with 373 units, which will be Downtown’s tallest residential building • A yet-unnamed 43-story tower by High Street Residential, the residential subsidiary of Trammell Crow Co., with 309 luxury apartment units, next to Discovery Green (808 Crawford) • McKee City Living (625–650 McKee), a 4-story, 120-unit multifamily affordable- workforce residential project in the Warehouse District - MORE - Page 3 Downtown Houston development continues despite COVID-19 downturn Public Space Projects Downtown will add to its list of attractions for residents and visitors with two major public space projects breaking ground in 2021: Lynn Wyatt Square for the Performing Arts, formerly Jones Plaza, will provide an inviting green oasis in the heart of the Theater District that enhances Downtown life and accommodates a wide range of outdoor performances and special events (opening expected mid-2022); and Southern Downtown Park, a new neighborhood park at 1519 Fannin, will be redeveloped by the DRA to feature a fast-casual café operated by Tout Suite, dog runs, tranquil seating areas and a flexible event lawn, with a public art program and events calendar geared toward area residents (opening expected spring 2022). Also underway is POST Houston (401 Franklin), which promises to become a landmark destination for Houston. The 500,000-square-foot mixed-use development will include an international food hall, 150,000 square feet of office and coworking space, retail, concert venue and a 5-acre rooftop garden, farm and event space. Phase one of the development is expected to open fall of this year. Food & Beverage Downtown continues to draw award-winning chefs and restaurateurs: The Nash, an eclectic bar and restaurant with a menu developed by chef Omar Pereney, opened at The Star (the former Texaco building) earlier this month; local franchisee of The Halal Guys recently announced the opening of their fifth Houston-area location—and its largest one to-date—in the lobby level of 609 Main at Texas; Common Bond will open a full-service restaurant with a bakery, full bar and 4,900-square-foot dining area this year at Understory, the food hall in Bank of America Tower; The Palm, a long-time dining institution announced it would be opening their second location at GreenStreet; and James Beard Award-winning chef Chris Shepherd will open Georgia James Tavern, a casual offshoot of his restaurant group’s upscale steakhouse Georgia James, at Market Square Tower (777 Preston) this spring. POST Houston also revealed in December the first vendors that will populate its 53,000 square foot Post Market food hall. The headliner is Salt & Time Butcher Shop, an award- winning butcher shop from Austin, joined by The Butcher’s Burger, a recently introduced burger concept from the owners of Salt & Time; Lea Jane’s Hot Chicken, a hot chicken concept developed by Chef Nick Graves currently operating out of Kung Fu Saloon on Washington Avenue in the Heights; Taco Fuego, a food truck from South Houston known for its charcoal-grilled dishes; GELU Italian Ice, a Colorado-based Italian ice shop serving over 30 flavors of frozen treats that are dairy-free, gluten-free, fat-free and cholesterol-free; and, SOUPreme, a Vietnamese concept from Tuan and Thy Tran. More Space: Main Street, an economic revitalization initiative from the City of Houston, Downtown District and Houston Metropolitan Transit Authority (METRO), is expected to roll out in the next couple of months with their first street patios. The program will temporarily close select blocks on the north- and southbound lanes of Main Street to vehicular traffic to allow restaurants and bars to create expanded patios in the roadway, making it safer for patrons to return to Downtown establishments and helping the food and beverage industry recover from the devastating impacts of the pandemic. Page 2 Downtown Houston development continues despite COVID-19 downturn Hospitality Projects Downtown’s hospitality sector has historically been dominated by business and convention traffic which experienced a dramatic downturn caused by the COVID-19 pandemic. As 2020 wound down, though, tourism officials anticipate a much busier convention season gaining momentum by mid-2021. On the bright side, Condé Nast Traveler announced the results of its annual Readers’ Choice Awards during October with The Lancaster Hotel (701 Texas) coming in sixth on the Top 20 Hotels in Texas list thanks to its recent multi-million-dollar renovation. In addition, Downtown’s hospitality sector saw several renovation projects announced and completed during 2020. The Four Seasons Hotel Houston announced in December the unveiling of its multi-year guestroom renovation and extensive ballroom and event space transformation that will commence in January 2021. The guestroom redesign is part of a multi-phase enhancement project while the ballroom redesign highlights a reconfiguration of the space to create a new Grand Ballroom with 150 percent more gathering space. The Hilton-Americas Houston’s $54 million guestroom and meeting space transformation was completed during 2020 and the opening of Downtown’s newest hotel, the 150-room Hyatt Place Houston Downtown, is expected early in 2021.
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