search

The Real Deal Logo

Trending

Pinnacle Bank buys back Fort Worth office tower for $12 per sf Pinnacle Bank buys back Fort Worth office tower for $12 per sf “Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conference“Multifamily is in the crosshairs”: Execs talk distress, opportunities at Milken conferencePNK Group brings $55M industrial project to fast-growing North Texas townPNK Group brings $55M industrial project to fast-growing North Texas townGoldman Sachs and Ballast ready to surrender SF apartments to lenderGoldman Sachs and Ballast ready to surrender SF apartments to lender
Development
Houston

DC Partners’ $290 million condo-hotel combo nears completion

35-story tower is first phase of 6-acre development

DC Partners’ $290M Hotel-Condo Combo Nears Completion in Houston
DC Partners CEO Roberto Contreras and a rendering of Residences at Allen (DC Partners, Residences at Allen)

A luxury tower on Buffalo Bayou Park is nearing completion after four years of construction. 

Residences at the Allen, a $290 million addition to the Houston skyline, will complete the first phase of local real estate developer DC Partners’ 6-acre mixed-use development, the Houston Chronicle reported. 

This 35-story building, located at 1711 Allen Parkway, will house 99 condos and a 171-key Thompson Hotel, which is expected to open its doors by year-end. 

A majority of the residences have already sold — 20 are still available — despite the challenges posed by Houston’s current sluggish housing market. Townhomes and condos experienced their 14th consecutive monthly decline last month falling 10 percent year-over-year with 590 closed sales, according to HAR. 

Residences at the Allen have hefty prices. Non-penthouse units start at $1.8 million, while the remaining four penthouses command a starting price of $3 million. Amenities include valet, concierge, room service and access to the Thompson Hotel’s spa, pool and helipad. The first wave of residents is expected to move in this fall. 

Sign Up for the undefined Newsletter

DC Partners has shifted its plans for the next phase of development. It is planning residential and retail instead of previously planned office space.

“As we continued to work on the site and see how the area evolved, we wanted to make it less dense and create some more green space to better complement Buffalo Bayou Park,” said Acho Azuike, COO of DC Partners. 

The firm has also put the finishing touches on the Pavilion at the Allen, a futuristic retail building housing a 34,000-square-foot gym operated by EoS Fitness and the upcoming Mexican steakhouse, Toca Madera, spanning approximately 11,000 square feet. Additionally, restaurant owner Noble 33 is planning a lavish Mediterranean restaurant called Meduza Mediterrania, set to open on the rooftop next spring.

—Brandon Sams

Read more

Companies and People
DC PartnersRoberto Contreras
Tags
CondosHotelHoustonTexas