Retail developer Greatland Investments Inc. will kick off a redevelopment project in first quarter 2018 on a high-profile site at a popular gateway to the Heights Hike & Bike Trail in northwest-central Houston.
The 0.3-acre tract at 3215 White Oak Dr. is one of the largest sites zoned for new development in the Heights Historic District South. It presently holds a car wash, four-plex multifamily rental and one single-family home. Leases will expire at year’s end with Greatland Investments, opening the door for a ground-up project to further fuel the district’s burgeoning demand for critically acclaimed restaurants, bars and boutiques.
“We want to add to the excitement and bring new-to-market tenants,” says Austen Baldridge, an associate with Houston-based NewQuest Properties. He and colleague John Nguyen, also an associate, are marketing the project for the local developer, who assembled and acquired the site earlier this year.
The Heights is a hotbed of redevelopment activities and opportunities emboldened by today’s urban passion for distinctive retail and restaurant concepts, many chef-driven. The walk-able district is made up of seven historic neighborhoods featuring tree-lined streets with architecturally significant, stately Queen Anne and Craftsman-style homes built in the late 1800s.
Greatland Investments plans to develop 4,000 sf of class A retail with bike racks and on-street and surface parking at the hard corner of White Oak Drive and Columbia Street. The development site has direct access to the Heights Hike & Bike Trail, a 6.8-mile paved amenity leading to the city center and University of Houston’s downtown campus.
“This is a destination location within the Heights. We want to bring tenants to the neighborhood that will make 3215 White Oak the first choice for breakfast, lunch, dinner and drinks,” Baldridge says.
As a sample of what’s to come, the NewQuest team is negotiating with a Houston newcomer for a brand-new, high-end coffee concept. The 1,250-sf lease could be finalized in the near future.
The Heights is one of Houston’s oldest neighborhoods and its finest example of 19th century architecture. The district is home to some of the city’s priciest residential real estate with a median price of $249 per sf versus Greater Houston’s $154. The Heights’ median home price currently is $499,000 and its median rent is $2,200 per month. The average annual household income hovers $120,000 within a three-mile radius of Greatland Investments’ development site.
Full story: citybizlist