Hometown Glory

Building right: Hines wins major green building award

Gerald D. Hines, chairman and founder of the Houston-based Hines real estate development firm, has received the President’s Award from the U.S. Green Building Council (USGBC) in recognition for his firm’s outstanding track record in sustainable development.

The U.S. Green Building Council organizes the LEED (Leadership in Energy and Environmental Design) program that certifies the sustainability programs and energy efficiency of buildings. In recognizing Hines, the organization said: “Hines is a longtime leader in the real estate industry with an unparalleled commitment to green building.

"With more than 100 million square feet of LEED-certified space, Hines has built a legacy of sustainability that continues to expand and evolve.”

The company has $1.7 billion of projects under development in Houston alone.

Also receiving awards at the organization’s Greenbuild International Conference in Philadelphia were: Mike McNally, president of Skanska USA; Greensburg, Kansas Mayor Bob Dixson; Joel Ann Todd, chair of the LEED Steering Committee and the Intel Corp.

Hines has a number of environmentally-friendly developments underway around the world. But none is more environmentally ambitious than LPL Financial at La Jolla, a 13-story, 415,000-square-foot building under construction in the San Diego area. That building will be “net-zero” meaning it will produce as much energy as it uses. In addition to being constructed with extremely high energy-efficiency standards and green materials, LPL Financial will have on-site fuel cells that convert carbon-neutral methane into electricity.

Hines founded his company in Houston in 1957. The company currently has $1.7 billion of projects under development in Houston alone, including a 47-story downtown office tower at 609 Main and a 33-story residential tower across from downtown’s Market Square, at Travis and Prairie. In addition, Hines is developing the 21 Eleven apartments on the site of the former Café Adobe restaurant on Westheimer; the 25-story Southmore residential tower in the Museum District at Southmore and Caroline streets; the 17-story 2229 San Felipe office building and the 46-acre Somerset Green infill residential community off of Old Katy Road.

Hines’ historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,283 properties representing more than 516 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as master-planned communities and land developments. Hines has offices in 111 cities in 18 countries

Ralph Bivins, former president of the National Association of Real Estate Editors, is founding editor of RealtyNewsReport.

Gerald D. Hines, chairman and founder of the Houston-based Hines real estate development firm (File photo)

Photo by © Fulton Davenport PWL Studio

Gerald D. Hines, chairman and founder of the Houston-based Hines real estate development firm (File photo)

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bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.