Plans are a'changing for the $1.2 billion redevelopment of Uptown Park, including a multifamily residential project called The Palazzi at Uptown Park, possible acquisition of more land for commercial use and negotiations for a five-star-brand hotel.
Officials at AmREIT, owner of Uptown Park, included the information in a recent second-quarter and dividend report obtained by CultureMap.
A 40-story, 356-unit residential tower with two stories of retail is planned on a 1.58 acres at the corner of northwest corner of Post Oak and San Felipe.
The company also plans a 40-story, 356-unit residential tower with two stories of retail on 1.58 acres at the northwest corner of Post Oak and San Felipe, known as The Courtyard at Post Oak, about a half-mile from Uptown Park. AmREIT has entered into a letter of intent with a "regional multi-family developer" for this project, with total costs estimated at $142 million. Construction could begin within the next 12 months.
The Palazzi at Uptown Park, described in the report as a "lower profile residential project," is anticipated to include about 200 residential units and about 40,000 square feet of retail. The Palazzi is proposed for the "Baker site," located on the northwest portion of Uptown Park, which includes the building now occupied by Baker, an upscale designer and manufacturer of home furnishings, as well as Peluche Decor and Bella Rinova.
The Palazzi will cost about $80 million. Construction is anticipated to begin in 2015.
The Palazzi project replaces previously-announced plans for a 26-story luxury rental tower with 250 units on the "Baker site." AmREIT's agreement with Crimson Real Estate Advisors to build the rental tower on that site has "expired and was terminated," the report notes.
More development plans include:
- A four-star-brand hotel at the southeast corner of Uptown Park, with the possibility of 243 hotel rooms, 234 residential units and up to 20,000 square feet of retail space. AmREIT is in "exclusive" negotiations for this estimated $204 million undertaking; construction could begin within the next 18 months.
- The acquisition of land for 560,000 square feet of office space and 16,000 square feet of retail space where Inverness Townhomes now stands at the northwest corner of Post Oak and Uptown Park boulevards. AmREIT plans to purchase the entire site and form a joint venture with Trammell Crow Co., with estimated project costs at more than $225 million. Construction could begin within the next 12 to 15 months.
The Houston Chronicle detailed the proposed plans in an article about AmREIT's rejection of a buyout offer from Regency Centers Corp. Radkey Jolink, marketing manager at AmREIT, confirmed the report to CultureMap but declined further comment.
The $1.2 billion transformation, announced by AmREIT officials in February, will turn Uptown Park into a denser urban development. 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.
Rendering of The Palazzi at Uptown Park includes a retail and residential combination.
