Marquette Companies is spearheading a mixed-use expansion near White Oak Music Hall.
The Illinois-based development firm, led by CEO Darren Sloniger, is gearing up to develop a 20,000-square-foot retail and restaurant complex in Houston’s Near Northside, the second major component of the developer’s envisioned White Oak District, the Houston Chronicle reported.
Marquette is expected to start construction on the retail component next year, intending to transform the neighborhood into a thriving, walkable area.
The developer’s first major project in the district, the six-story Tempo at White Oak, is under construction at 2623 Keene Street, across the street from the retail development. The 304-unit apartment building, which includes retail space, is expected to come online in December, with rents ranging from $1,500 to $3,000.
“Our projects will add both residences and retail options to the neighborhood, turning the once dilapidated Keene Street into a walkable streetscape with shops, restaurants and local businesses,” Marquette Managing Director Chris Yuko said.
Yuko, a Houston resident for over a decade, was inspired to develop the district after attending a concert at White Oak Music Hall. “When the concert ended, we couldn’t find a place to go next, which drove the opportunity to create space for local restaurants and shops,” he said.
In addition to Marquette’s developments, a wave of venues has opened in the neighborhood recently, including H-Town Brewing on Glen Park Street last fall and Woodland Social on Woodland Street earlier this year, both of which have added to the area’s appeal as an entertainment hotspot.
Retail is one of the hottest asset classes in real estate, but development is relatively rare because of the high cost of construction and the difficult lending environment.
Other recent retail developments in Greater Houston include Johnson Development’s mixed-use redevelopment of Halliburton’s former campus in Westchase, and New Quest’s $90 million retail development in Tomball, which is 96 percent leased.
— Andrew Terrell
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