The Houston Business Journal was the first to report that Dallas-based Provident Realty Advisors Inc. closed on the building at 1111 Rusk Street last week with plans to convert it into 309 high-end rental units in a $95 million project.
The ornate 410,000-square-foot property, which was built in 1915 and has been vacant since 1989, will receive tax incentives through the Downtown Living Initiative program and its historic facade repaired through TIRZ funds.
The first units could be completed within a year.
The Houston Chronicle reports the project will include a nine-story parking garage with spots for 550 cars. The developer has also drawn up plans for a 28-story high-rise atop the garage that could add another 200 units.
Retail is planned for the first floor, with a connection to the underground tunnel system and nearby BP Group Place. Developers are thinking big, as renderings of the project that CultureMap obtained show prominent H&M signs on a prime corner. The casual fashion retailer, which currently only has suburban Houston store locations, did not immediately return a request for comment. In the past, an H&M spokeswoman has said the company never comments on rumors.