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    Changing Houston

    Iconic Houston building that dates back to the 1920s could become another luxury apartment tower

    Barbara Kuntz
    Barbara Kuntz
    Feb 18, 2015 | 3:19 pm

    Preliminary plans are circulating showing the 1927 Art Deco-style Great Southwest Building, formerly the Petroleum Building, as one of the latest possible residential towers for downtown Houston.

    The Downtown Living Initiative recently approved an incentive for Dallas-based Todd Interests' proposed redevelopment of the iconic 21-story building located at 1314 Texas Ave. An early rendering of the reconfiguration includes 162 units, as well as 11 townhomes and a parking garage.

    The rendering also shows the word "Petroleum" in an Art Deco-style font running vertically on the building's exterior. Today, the words "Great Southwest" occupy a similar position on the structure.

    "We're still working through a lot of details and are in a flux of what we exactly want to do with this project," Robert McFarlane, president of Todd Interests tells CultureMap. "The rendering was just a part of the application process. It's just a form of an idea of what we might be doing. We're still considering multiple options."

    "The rendering was just a part of the application process. It's just a form of an idea of what we might be doing. We're still considering multiple options."

    The Great Southwest Building stands as one example of Art Deco-style structures in Houston. The 2007 book, Houston Deco: Modernistic Architecture of the Texas Coast by authors/historians Jim Parsons and David Bush, describes the landmark in glowing terms:

    "This transitional building, inspired by Mayan pyramids, introduced the stepped-back skyscraper to Houston, a type later refined in the Gulf Building. The Petroleum Building's decoration features Mayan relief figures, a characteristic Art Deco use of exotic design motifs. Except for the installation of plate glass windows, the building's appearance remains substantially unchanged."

    The architects behind the original Petroleum Building were Alfred C. Bossom with Maurice J. Sullivan and Briscoe & Dixon.

    The incentive program initially approved by the Houston City Council in 2012 offers developers up to $15,000 per unit built in a multifamily complex housing at least 10 units. The council extended the cap of total units allowed under the program from 2,500 to 5,000 last year. Designed to lure residential builders downtown, the Downtown Living Initiative has already given the thumb's up to 16 projects with 4,955 units — just 45 units under the cap.

    SkyHouse Houston, the first project approved for the program, now stands as the only completed development. Six other initiative-reimbursed projects are still under construction.

    An early rendering showing redevelopment plans for the Great Southwest Building, originally the Petroleum Building, in downtown Houston.

    Great Southwest Building former Petroleum Building Todd Interests rendering February 2015
    HoustonArchitecture.com
    An early rendering showing redevelopment plans for the Great Southwest Building, originally the Petroleum Building, in downtown Houston.
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    millennial magnet

    Houston stars among 30 hottest U.S. metros for millennial homebuyers

    Amber Heckler
    Jul 20, 2026 | 1:30 pm
    Houston neighborhood
    Photo by Jose Losada on Unsplash
    Houston is a millennial magnet.

    Houston and its surrounding cities have already proved to be magnets for millennials, and now a new national housing report has established the city as one of the 15 hottest destinations for millennials, whose local homeownership rate has nearly doubled since 2018.

    The number of millennials who own their homes in Houston has grown from 227,365 to 418,698 households over the last five years (84.2 percent), according to a new housing analysis from RentCafe.

    The study compared homeowner growth rates versus renter growth rates of millennials — based on Pew Research Center's definition as individuals born between 1981 and 1996 — across 107 U.S. metro areas from 2018 to 2023.

    Houston ranked No. 29 in the overall list of U.S. metros that have seen the highest increase in millennial homeowners since 2018. About 49 percent of all Houston-area millennials own their homes, with the remaining 51 percent renting, the report found.

    Houston also ranked 22nd in the national list of cities with the biggest growth rates among millennial-age renters. The number of millennial renter households jumped from 397,410 to 439,371 in five years, a 10.6 percent hike.

    About 5.3 million millennials have become homeowners over the last five years nationwide, RentCafe's analysts said, which represents a massive 74 percent increase in millennial-owned households. The growth rate of renters was much lower in comparison.

    "At the same time, the number of millennial renters in the U.S. rose by a modest 5 percent, adding approximately 600,000 households," RentCafe said. "This brings the total number of millennial homeowner households to 12.4 million, close to the 12.6 million millennial renter households."

    While the rate of millennial homeowners is on the rise, the same can't be said for Gen Zers. Less than 15 percent of all Gen Z households in Houston own their homes, while the vast majority are renters, a separate RentCafe study found.

    Elsewhere across the state, Austin (No. 7) and San Antonio (No. 10) ranked among the top 10 U.S. cities with the biggest growth rates among millennial homeowners.

    The top 10 U.S. metros with the highest gains in millennial homeowners are:

    • No. 1 – North Port, Florida
    • No. 2 – Lakeland, Florida
    • No. 3 – Jacksonville, Florida
    • No. 4 – Stockton, California
    • No. 5 – Oxnard, California
    • No. 6 – Palm Bay, Florida
    • No. 7 – Austin, Texas
    • No. 8 – Tuscon, Arizona
    • No. 9 – Deltona, Florida
    • No. 10 – San Antonio, Texas
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    news/real-estate

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