City View Terrace, a 12-story, 336-unit luxury apartment complex with ground-floor retail space, is coming to EaDo with hopes of becoming a catalyst for development in the area.
Developer Premier Regional Center of Sugar Land is behind the move, setting a groundbreaking date sometime in April with estimated completion in 2017. The $60 million project is a joint venture between two business partners, Abdul Dawood and Dan Nip.
"The project is anticipated to generate over 700 jobs for Houston," a statement promises, "making a positive and pioneering step toward the revitalization of East Downtown Houston."
City View Terrace will be located on a city block near the northeast intersection of Interstate 45 and Highway 59 and within close proximity to the Toyota Center, BBVA Compass Stadium and Minute Maid Park. The plans call for five floors of parking with seven floors of residential units above. Floor plans include one- to three-bedrooms from 700 to 1,200 square feet with units ranging in price from 1,750 to $2,750.
The project is also set to include 45,000 square feet of retail and restaurants space on the ground floor. Shared amenities highlighted in the plans are a resort-style swimming pool, rooftop terrace, fitness center and a spa and sauna.
The plans call for five floors of parking with seven floors of residential units above.
City View Terrace is being financed through a mix of sources, including the EB-5 program, which Congress created in 1990 for qualified foreigners seeking to invest in a business that will benefit the U.S. economy and create or save at least 10 full-time jobs for U.S. workers. The employment-based preference immigrant visa is a section of the Immigration and Nationality Act. The basic amount required to invest is $500,000.
"With over 800 million dollars in commercial development to be completed by 2017, the current residential unit capacity in downtown will fall short of satisfying the ever-growing demand," a Premier Regional Center brochure about the property reads. "For this reason, the city of Houston is welcoming needed residential projects like City View Terrace."