going up

Twin tower retail and residential high-rises break ground in Upper Kirby

Houston’s newest mixed-use development broke ground this week, as Nashville-based Southern Land Company (SLC) launched its latest project, a new luxury mixed-use destination in Houston's prestigious Upper Kirby district.

Fashioned as two buildings on one property, 2811 Kirby Drive and The Lily River Oaks sit between West Alabama Street and Westheimer Road. In press materials, Southern describes the project as "a design-forward, complementary development that will further enhance one of Houston's most distinguished areas."

Two towers anchor the project’s 953,000 square feet, rising from a shared parking podium that will feature approximately 15,000 square feet of ground-level restaurant space.

The Lily River Oaks is a 38-story apartment tower featuring 331 rental residences, including 18 penthouses. Future residents will enjoy amenities such as a rooftop indoor and outdoor spaces and a seventh-floor garden deck. The seventh floor will also include a residential spa, guest suites, and a fitness center available to both residents and office tenants.

Meanwhile, 2811 Kirby, the project’s 10-story tower, offers four stories of Class AA office space totaling approximately 107,000 square feet. Stream Realty Partners, the firm partnering with SLC on the project, is leading leasing efforts for the office space.

"After meticulous planning and preparation, we are excited to break ground on a one-of-a-kind mixed-use community," said Tim Downey, SLC founder and CEO, in a release. "Today marks an important milestone in our mission to deliver a landmark destination where locals and visitors can live, work, and gather, and that exemplifies SLC’s hallmark standard of extraordinary placemaking."

2811 Kirby and The Lily River Oaks mark the latest expansion of SLC's growing Texas portfolio, which includes Tucker Hill, a single-family community in McKinney; Lunaroya, a single-family community in Dripping Springs; and Deco, a 27-story luxury mixed-use community in downtown Fort Worth. They’ve also developed and sold mixed-use and multifamily properties in Plano, Dallas, Keller, and Allen.

Solomon Cordwell Buenz (SCB) is the new development’s architect and interior designer; Kimley-Horn helms its civil engineering; and DeSimone Consulting Engineering leads the structural engineering. SLC is the leading landscape architecture and horticulture for the project.

Construction is slated for completion in 2028.

Tower of 2811 Kirby and The Lily River Oaks

Photo courtesy SLC

2811 Kirby and The Lily River Oaks is a multiuse space including offices, restaurants and retail, and luxury living.

high-rises construction

Going Down

This Houston suburb saw top-20 biggest drop in housing prices in U.S.

Photo courtesy of City of Katy

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Good news for potential Houston-area homebuyers: Housing prices in the metro have come down as much as $12,000 since last year.

Typical home values in one particular suburb, Katy, have fallen 3.44 percent since February 2025. That's the 15th biggest drop in housing prices nationwide, according to a new report.

The new housing study from SmartAsset analyzed home values across the 100 biggest metro areas using Zillow’s Home Value Index tool for single-family homes, condos, and co-ops. Home value data was sourced for the month of February in 2021, 2025, and 2026.

The findings revealed housing prices in Katy are now standing at $335,844, down from $347,801 last year. In Houston, prices have fallen from $270,036 to $261,976 this year.

Here's how much cheaper housing prices are Spring:

One year change: -0.69 percent
Typical home value in 2025: $363,916
Typical home value in 2026: $361,396

Housing prices in the Houston area have been on the decline since 2024, a separate study found, but SmartAsset said they're still about 23 percent higher than they were in 2021. And compared to Houston's pre-pandemic housing market in 2019, prices have ballooned by 38.5 percent.

Houston homeowners are now entering the best time of the year to sell their houses, which could add a sudden sense of competitiveness for buyers.

Home prices elsewhere around the U.S. have seen varying changes, according to the report.

"Between 2025 and 2026, the typical home value in large U.S. cities actually declined by 1.04 percent, with values dropping in 70 percent of cities," the report's author wrote. "But the full range of changes from market to market ran the gamut from -9.1 percent to +5.01 percent, putting both hopeful buyers and homeowners in starkly different environments across the nation."

The top three U.S. cities where home prices increased the most since 2025 are Toledo, Ohio (No. 2); Lincoln, Nebraska (No. 2); and San Francisco (No. 3).

housing prices housing market real estate smartasset reports houston katy spring