The third piece of a mixed-use project five years in the making is finally underway in Houston, and it’s even bigger than planned.
Dallas-based Stonelake Capital Partners announced plans in 2017 for the third phase of development at the Park Place River Oaks complex, which would have consisted of two four-story apartment buildings clocking in at 105,000 square feet each.
It was supposed to be completed by 2019, but the plans changed when the firm announced it was going to build a single, 15-story office tower at the corner of Westheimer and Mid Lane instead. That building would have totaled 200,000 square feet.
Stonelake’s new plans have emerged, signaling what phase three will be and when it will begin. The new plans describe a 543,200-square-foot 17-story office tower at 4100 Westheimer Road, costing $60 million.
It is set to begin construction in July 2023 and be completed by January 2025. It is at least 171 percent bigger than previous plans and will feature a nine-level, 270,000-square-foot podium garage.
Stonelake assembled five tracts to develop the 11.5 acre, 835,000-square-foot Park Place River Oaks site back in 2010.
The site now includes two residential buildings in addition to the upcoming office tower, including an eight-story, 344-unit community delivered in July 2016 and a 297-unit high-rise that opened in April 2017.
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