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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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real estate report

Houston new home prices are falling while sales climb, report says

Amber Heckler
Jun 25, 2026 | 4:00 pm
New housing
Photo by André François McKenzie on Unsplash
Houston's housing market is showing good signs ahead of summer, according to the report.

A new HomesUSA.com report tracking the sales of new homes in the Houston metro has revealed a promising increase in May's new home sales, and improving prices are allowing new homes to sell at a slightly faster rate than in April.

The New Home Sales Report tracks three-month moving averages across Houston's housing market and also tracks real estate data in Dallas-Fort Worth, Houston, and San Antonio.

New home sales in Houston rose to 2,169 closed transactions in May, up from 1,958 in April, and they sold for near asking price with the average sales-to-list price ratio at 95.34 percent. The average price for a new home in the Houston area fell to $398,646 last month, a $4,355 decrease from April, the report found.

Current new home prices are still over $5,000 more expensive than they were this time last year, but the month-to-month downward trend could help ease prices further into the summer.

The average days on market — meaning the average time it takes to sell a new home — also showed a slight improvement month-over-month, at 108.90 days, down from 110.70 days in April.

New homes in the city are taking longer to sell now than they were a year ago, when the days on market was 96.26 days in May 2025. However, the report adds clarification that new homes typically spend more time on the market than existing homes because many are listed for sale while still under construction.

HomesUSA.com CEO Ben Caballero predicted May's new home sales could be "the highest for the year if interest rates remain at the current level or higher."

"May brought another encouraging increase in Houston new home sales, but the market is about where it was a year ago," he said. "Houston builders are seeing homes sell a little faster than they did in April, which is good news. But higher inventory, stubborn mortgage rates and mixed year-over-year comparisons show this spring market still requires patience, pricing discipline and close attention to buyer demand."

Houston nearly leads the nation with the second-highest rate of new home construction in 2026.

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