Weingarten Realty (WRI) is pleased to announce the development of an approximately 30-story residential luxury high rise within River Oaks Shopping Center on the north side of West Gray at Driscoll Street. The residential component of River Oaks will offer over 300 luxury living spaces and spectacular panoramic views of Houston’s skylines. Residents of the tower will have the rare opportunity to live within walking distance of excellent shops, restaurants and a top-performing Kroger. The tower will also be home to an estimated 10,000 square feet of ground floor retail.
Today, the center is a 320,000-square-foot specialty lifestyle center serving some of Houston's most affluent neighborhoods. With a daytime population of over 311,000 and an impressive median housing value of $502,055,River Oaks Shopping Center offers a balance of local and national retailers, unique entertainment and dining establishments.
Weingarten selected best-in-class, Houston-based companies Hanover Company and Ziegler Cooper Architectsto develop and design the residential tower.
Weingarten Realty’s Regional Development Director, John Anderson, is overseeing the development. “We are excited to partner with Hanover Company and Ziegler Cooper Architects, both local Houston-based companies offering exceptional experience in high rise living. They are the best partners to transform River Oaks Shopping Center to a first class mixed-use community,” said Anderson.
Gerald Crump, Senior Vice President for Weingarten, added, “The integration of a luxury residential tower is transformative for River Oaks Shopping Center and will further solidify it as a premier mixed-use project in Houston. Plans also include special attention to design, walkability, placemaking and additional retail parking to ensure the long term success of our retailers and enjoyment of our future residents.”
David Ott, Development Partner at Hanover Company, stated, “This is a unique opportunity for residents who want to live in luxury between Uptown, Midtown, Greenway Plaza and Downtown and have the convenience of a grocery store, best-in-class dining, shopping and services and the new Buffalo Bayou Park at their doorstep.”
Tentatively, ground breaking is scheduled for 2018 with an estimated delivery date in 2021. The future development area includes the building area east of Brasserie 19 in the spaces currently occupied by Local Pour, Café Ginger and adjacent parking.
About Hanover Company:
Hanover Company located in Houston, Texas, stands among the most active private real estate companies in the United States, specializing in the acquisition, development, and management of high quality multi-family residential properties nationwide. With over three decades of experience, Hanover is a vertically integrated company with acquisitions, development, construction, property management and asset management departments strategically focused on garden-style, mixed-use, high-density wood frame and high-rise projects. To date, Hanover's award-winning project mix totals nearly 44,000 units across the country and more than $8.0 billion in project costs. U.S. markets include Atlanta, Austin, Baltimore, Boston, Charlotte, Dallas, Denver, Houston, Los Angeles, Philadelphia, Phoenix, San Diego, San Francisco, and Washington, D.C.
About Ziegler Cooper:
Ziegler Cooper Architects, a Houston based firm, is recognized by the marketplace for innovative design of urban residential, mixed use and hospitality architecture. With an urban residential portfolio of over 18 million square feet, the firm has been instrumental in reshaping the urban landscape of major Texas cities toward a denser, more vibrant and energetic urban lifestyle. The firm has focused their practice on high quality design for the ever increasing demand for urban living, resulting in extremely valuable assets for their owners.
About River Oaks Shopping Center:
River Oaks Shopping Center provides a balance of nationally recognized stores, eclectic shops and dining options that showcase unique local and regional flair. With over 75 stores and restaurants to choose from, you can shop for works of art, savor delicious cuisine, browse for a great new book, catch an independent film at the historical River Oaks Theatre and indulge in an afternoon of pampering-all in one place. Located just five minutes from downtown, but nestled between Houston’s prestigious River Oaks and Upper Kirby neighborhood, River Oaks Shopping Center offers easy access with valet, curbside parking and garage parking.
About Weingarten Realty:
Weingarten Realty Investors (NYSE: WRI) is a shopping center owner, manager and developer. At December 31, 2016, the Company owned or operated under long-term leases, either directly or through its interest in real estate joint ventures or partnerships, a total of 220 properties which are located in 18 states spanning the country from coast to coast. These properties represent approximately 44.7 million square feet of which our interests in these properties aggregated approximately 28.5 million square feet of leasable area. To learn more about the Company’s operations and growth strategies, please visit www.weingarten.com.
