NewQuest Properties announces the sale of a premier Galleria land tract.
April 2, 2012
NewQuest Properties represented the seller, Whitney National Bank, in selling 3.4662 acres on Post Oak Boulevard and Transco One Drive in the heart of the Galleria. Cullen Kappler represented NewQuest Properties and Brian Austin with Alliance Communities represented the buyer.
The buyer, Alliance Communities, plans to develop a 272 unit multi-family building with a parking garage on the site. The 5 story building will commence construction this month. The project is scheduled to be completed during the first quarter of 2014. This site was one of the few remaining vacant land parcels in the vicinity.
This development opportunity, with existing lake amenity, has easy access to Loop 610, Highway 59 and the Westpark Tollway. The galleria has more than 24 million visitors annually making it the number one shopping and tourist attraction in Houston and the 4th largest retail complex in the United States.