A bustling, popular, and extremely valuable shopping center in Montrose may be the site of a major redevelopment. Skanska USA Commercial Development, the company behind downtown’s Bank of America Tower and other high-end projects across the United States, has purchased a nearly three-acre tract at the southwest corner of Westheimer Road and Montrose Boulevard.
The Houston Chronicle was the first to report Skanska’s purchase.
Skanska purchased the tract of land for a whopping $27 million acquisition, which closed this week and represents one of the highest prices paid for land in the area, the Chronicle notes. Just what will happen to the beloved shopping center, which houses a popular Half Price Books and Spec’s, is a little up in the air, as Skanska has to reveal plans.
However, locals might expect a multi-family, retail, and office tower, according to a Skanska press release. The company notes that it will launch a master-planning process meant to engage architects to explore design options.
“It’s one of those storied sites where people have always wondered what’s going to happen to it,” Matt Damborsky, executive vice president at Skanska USA’s local office, told the Chronicle.
As CultureMap previously reported, Montrose is in the midst of revitalization. The Montrose Collective, a new project from Heights Mercantile developer Radom Capital, broke ground in February. Constituting five buildings on Westheimer along Grant and Crocker — including the property that's home to Uchi and the former home of shuttered Greek restaurant Theo's — the project will transform Montrose with over 100,000 square feet of office space, more than 50,000 square feet of retail space, and the relocated branch of the Houston Public Library that's currently on Montrose Boulevard.
When it opens in late 2021, The Montrose Collective expects to be home to six new restaurants and 15 retail shops.