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    1701 commerce commences

    Historically significant downtown building gets new life as mixed-use destination

    Steven Devadanam
    Mar 31, 2022 | 3:50 pm
    1701 Commerce St. Houston downtown
    The structure at 1701 Commerce St. has a new lease on life.
    Photo courtesy of Scarlet Capital

    A familiar Houston building is being resurrected in the heart of downtown’s warehouse district. Real estate development company Scarlet Capital announced the redevelopment of the structure at 1701 Commerce St., with plans to transform the unique space into a 20,000-square-foot mixed-use destination.

    J.W. Northrop Jr., a renowned architect who oversaw the construction of Rice University, designed the building for the J.L. Jones Warehouse company in 1927, per Rice records. A disciple of American Georgian design, Northrop crafted a red-brick facade and capped the building with an striking penthouse, making it a standout amidst the neighboring properties.

    Evocative of early 20th-century industrial design, 1701 Commerce St. features exposed brick, 12-foot ceilings, and sweeping downtown views from the rooftop. The building was occupied by the Wilson Stationery & Printing Company for decades; most recently, Lola Savannah utilized it as a coffee roasting facility, a press release notes.

    Boutique architectural studio HR Design Department oversaw design duties. “With appreciation for the minimalist dignity of Northrop’s utilitarian box, our approach lightly touches the exterior while adding vibrant accents that activate the original loading dock. Colors derive inspiration from the local context, namely a nod to our beloved Astros’ stadium,” the firm notes in a statement.

    “We are proud to restore this landmark to its original beauty,” said Scarlet cofounder Daniel Ron in a statement. “From boutiques seeking a unique space to make their own, to major brands looking for a landmark storefront or office, 1701 Commerce has something special to offer. The energy gravitating to downtown Houston is unprecedented and we’re thrilled to be contributing to this neighborhood.”

    Located just two blocks from Minute Maid Park and a quick jaunt to the George R. Brown Convention Center, the 1701 Commerce St. promises to be a central hub for retail and office tenants.

    “This northern pocket of downtown, near Allen’s Landing, has been at the heart of Houston’s economic growth from the beginning,” noted Scarlet cofounder Alexander Ron in a statement, “and the projects that bring out the most passion for us have always been adaptive reuse. It’s such a beautiful practice to give a second set of wings to these old, grand buildings from Houston’s early days.”

    downtownurban-renewal
    news/real-estate

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    housing affordability news

    This is how much Houston home prices have fallen since 2024

    Amber Heckler
    Jan 16, 2026 | 4:30 pm
    16403 Sheffield Run Drive, Houston home for sale
    Estately.com/
    This home at 16403 Sheffield Run Dr. in Houston's Berkshire Oaks neighborhood is on the market for $309,900.

    A new real estate analysis has revealed housing prices across the Southern United States have seen a major large-scale decline from 2024-2025, with Houston homebuyers experiencing the 11th-steepest "price correction" in the region.

    Houston-area buyers have a better chance of purchasing an affordable home this year after prices cooled 1.5 percent from 2024-2025, the study found.

    Online real estate marketplace Zoocasa compared year-over-year median price changes for single-family homes across 20 cities in the South based on local real estate data. The study also looked at housing affordability in the American West, Midwest, and Northeast.

    In Zoocasa's ranking of the Southern cities where affordability is improving the most, Houston ranked No. 11.

    In 2024, the median price for a single-family home in Houston was nearly $340,000, which has since dropped to $335,000 in 2025. Local sellers may not be happy about cooling prices, but it does make housing more attainable for first-time homebuyers.

    Better housing prices will surely attract even more new residents to the area, especially since Houston was the second-hottest destination for movers in 2025, and its suburbs are still booming in popularity.

    "Affordability is on the rise across Texas, with major cities seeing significant price corrections," the report said. "Most importantly for buyers, the median home price in each of these cities remains more affordable than the national median."

    The national median price of a home in the third quarter of 2025 was $426,800, according to the latest information from the National Association of Realtors (NAR).

    Housing affordability elsewhere in Texas
    Dallas was the No. 2 Southern city where housing is becoming more affordable. Dallas-Fort Worth's housing prices fell 5.71 percent from 2024-2025. The median price of a single-family home in North Texas fell from $397,700 to $375,000 during the one-year span.

    In Beaumont-Port Arthur (a metro area east of Houston), housing prices have fallen 4.62 percent year-over-year, making it the metro with the No. 5 steepest price correction in the South. Median home prices dropped to $217,000 in 2025, or $10,500 lower than the year before, the report found.

    Austin's housing prices fell 2.04 percent during the same time span, landing the Capital City in the No. 9 spot. The median price of a single-family home in Austin fell from $437,925 in 2024 to $429,000 last year.

    Surprisingly, San Antonio ranked near the bottom of the list with housing prices increasing by five percent year-over-year. Single-family homes in the Alamo City had a median price just under $300,000 in 2024, which spiked to $315,000 in 2025.

    Housing market predictions in 2026
    Zoocasa predicts the 2026 U.S. housing market is "poised for a steady revival" since mortgage rates have dipped nearly a full percentage point since this time last year. Current interest rates for a a 30-year mortgage are sitting at 6.16 percent, the study said.

    The NAR report additionally found that pending home sales have grown by 2.6 percent year-over-year from 2024.

    "Homebuyer momentum is building," said NAR Chief Economist Lawrence Yun. "The data shows the strongest performance of the year after accounting for seasonal factors, and the best performance in nearly three years, dating back to February 2023."

    The top 10 Southern cities where housing affordability is improving the most in 2026 are:

    • No. 1 – Naples-Immokalee-Marco Island, Florida
    • No. 2 – Dallas, Texas
    • No. 3 – Durham, North Carolina
    • No. 4 – Ocala, Florida
    • No. 5 – Beaumont-Port Arthur, Texas
    • No. 6 – Cape Coral-Fort Myers, Florida
    • No. 7 – Jacksonville, Florida
    • No. 8 – Atlanta, Georgia
    • No. 9 – Austin, Texas
    • No. 10 – Raleigh, North Carolina
    real estatehousing affordabilityreal estate reporthousing prices
    news/real-estate

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