Real Estate Rumblings
Giant Uptown Park makeover begins with deal to build luxury rental tower
A 26-story luxury rental tower with 250 units marks the first inked deal in the $1.2 billion redevelopment of Uptown Park shopping center. Patrinely Group recently signed the agreement with AmREIT, the owner of Uptown Park, to build the $90.7 million structure on what is called the "Baker site," according to a report in the Houston Chronicle. The project includes the apartments as well as ground-floor retail and underground parking.
That 1.118 acres on the northwest portion of Uptown Park includes the building occupied by several retailers, including Baker, an upscale designer and manufacturer of home furnishings; Peluche Decor and Bella Rinova.
Construction is scheduled to being next year with no completion date announced. AmREIT officials did not return several phone calls to CultureMap for more information on the tower.
The $1.2 billion transformation, announced by AmREIT officials in February, will turn Uptown Park into a denser urban development that will include several high-rise residential towers, office buildings, a hotel and more retail space. The existing one-story shops and restaurants will be demolished at a gradual pace and replaced with taller buildings that yield more revenue. The transformation of the 17-acre center is expected to take years.
Uptown Park was developed by Interfin and purchased by AmREIT in 2005. The center's current tenants include McCormick & Schmick’s, M Penner, Elizabeth Anthony, Crave Cupcakes, Café Express and about 40 other stores and eateries in the 169,000 square feet of retail space.