Real Estate Deals Booming in Montrose
Montrose is attracting tons of new real estate development. New high rise apartment buildings along Montrose Boulevard, Dallas, Alabama and Richmond are just a few of the new multi-family projects already going up in the neighborhood. Over the current 5-year period, nine upscale mid-rise and high-rise apartment buildings with 2,500 units already are or will be constructed in the district. Combine these with a midrise office building, a midrise condominium and a number of restaurant and club projects, new commercial real estate investment in the district will total over $330 million for the 2013-2017 period. The multi-family towers are attracting young, well educated professionals who work inside the loop, and empty nesters from the suburbs, both groups excited to be closer to the amenities the neighborhood provides.
“We’re very pleased with our predevelopment sales. We’ve already sold 10 units out of 34 total units planned. This means we’re definitely going ahead with the project,” said Michael Carroll at one of the boutique developments, 3615 Montrose, when reached for comment.
There are also new developments coming for the arts. The Museum of Fine Arts Houston announced a dramatic $450 million redevelopment and expansion project, to be designed by Steven Holl Architects. The new complex will consist of two new three story buildings – a 164,000 square foot exhibit hall complementing the existing Law and Beck buildings across the street, and a new 80,000 square foot Glassell School of Art to replace the original. Parking will be underground.
The district’s reputation as an arts center will be further enhanced by the construction of the Menil Drawing Institute (MDI) on the campus of The Menil Collection. This new addition is being designed by architects Johnston Marklee. The MDI, projected to be completed in 2019, will be only the first of several new facilities to be constructed on the campus.
These developments are bringing the Montrose District to the attention of commercial real estate investors, developers and brokers throughout the country looking to develop new projects.