Montrose and Westheimer
Is this strip center ready for a makeover? Big changes in store for primeMontrose property
Much of the building is currently vacant.Photo by Whitney Radley
We're anxious to see what PM Realty Group has in store for 1011 Westheimer.Google Maps
Houstonians may soon see a makeover on a prominent city block: The former Tower Community Center (now a nondescript and half-filled strip center) on the corner of Montrose and Westheimer has been sold to PM Realty Group.
The new owner has not announced what it plans to do with the plot, but commercial real estate intermediary HFF had earlier touted the property as a "value add retail center or a prime redevelopment opportunity ideal for multi-family, hotel, retail, medical, or mixed use development."
At the very least, the bland building needs a facelift and more convenient ingress and egress to the bordering thoroughfares.
The Houston Chronicle noted that PMRG has recently forayed into residential development, so we're guessing a mixed use mid-rise or high rise, with commercial development on the first floor and apartments — or even a hotel — above. The owners of the Hotel San Jose in Austin have been looking for a Montrose or Midtown property to develop a hotel for several years, according to several sources.
Half Price Books, Spec's Liquor, 3-6-9 China Bistro and Papa John's Pizza, plus a stand-alone Jack-in-the-Box, have long been the only tenants occupying the 2.86-acre property, which was first listed in March, with an asking price believed to be $10 million. Neither seller or buyer disclosed the sales price.
At the very least, the bland building needs a facelift and more convenient ingress and egress to the bordering thoroughfares.
Swamplot was tipped off that the seller will issue a press release with more details next week.
