Martin Fein, a veteran of Houston’s multi-family development business, is chiming in the Inner Loop apartment construction boom with a large project just south of the Highland Village shopping center.

Fein will construct three projects with a total of 552 units on a 10-acre tract at West Alabama and Las Palmas.

The aging Willowick Court Townhomes project is being torn down to yield the 10 acres. Obtaining a parcel of land that large in such a prime location is a rare feat. Developers such as Fein have been prowling around the Inner Loop and the Galleria area looking for old apartments, small office buildings or vacant churches that can be razed to create sites to build apartment projects.

Houston’s apartment market has been noted as one of the best in the nation and lenders are eager to finance new projects because of the rising rents, high occupancy and unprecedented quick lease-ups on new units. The influx of young professionals to Houston, strong job creation and a fast-growing energy industry has made the local multi-family market hot.

Most of the new construction has been centered in the Inner Loop area, which enables apartment dwellers to have quick commutes to key employment centers. Most of the new projects are high-rise or mid-rise because the land is so precious.

Fein’s project, called Willowick Park, will have three multi-family projects: Aria at Willowick Park, a seven-story rental building; Olympia at Willowick Park, an eight-story rental building; and The Townhomes at Willowick Park.

Rental rates for all three projects will range from around $1,100 to more than $5,000.

Slated for occupancy in 2014, the overall project was designed to highlight the site’s mature live oak trees. This part of Las Palmas Street has one of the thickest oak canopies (read: shade) in Houston.
Steinberg Design Collaborative and Ziegler Cooper Architects designed provided architectural services for Fein. One of the nation’s best known multi-family financiers, Hal Holliday of CBRE, assisted with arranging the financing.

Hines to Make Mark in San Francisco

Hines, the Houston real estate firm founded by Gerald D. Hines in 1957, has announced plans to build a 61-story office project in San Francisco.

It will be the tallest building on the West Coast, when completed in a few years. The building, called Transbay Tower, will be 1,070 feet tall – taller than the 853-foot TransAmerica Pyramid, which is currently San Francisco’s tallest building.

The building, developed by Hines in a joint venture with Boston Properties, will be located in the South of Market (SoMa) district. Designed by Pelli Clarke Pelli Architects, the tower will be part of a transit-friendly neighborhood that is envisioned as the “Grand Central Station of the West Coast.”

Using some of the world’s most famous architects, Hines has developed a number of iconic skyscrapers in downtown Houston, including Pennzoil Place and Bank of America Tower, and the Galleria-area Williams Tower, giving the city a remarkable skyline. It will be a treat to visit San Francisco to see the Transbay Tower impacting skyline of the Golden Gate City.

The Ultimate Kemah

Thanks to Tilman Fertitta, owner of Landry’s Restaurants, Kemah has become a lively place in recent years. Ferittta’s Kemah Boardwalk has a ferris wheel, roller coaster and other rides, along with several restaurants and a hotel.

Kemah has come a long way from the sleepy fishing village it was back in the 1960s. As a regional tourism draw, Kemah is a fun family place attracting customers to its Galveston Bay location, about halfway between Houston and Galveston.

The leadership of the City of Kemah is looking for ways to make it an even bigger tourist attraction. The city is exploring the opportunities to develop its 30-acre waterfront tract located on Galveston Bay along SH 146 between FM 518 and the League City Parkway.

The 30 acres are viewed as an ideal spot for a resort hotel and spa with a convention center, according to the Bay Area Economic Partnership. Keep your eye on this tract.

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