Hines has already made headlines this week with the Swamplot-induced rumor that the developer was planning an apartment tower in Houston’s Museum District.
Now it’s been revealed that the developer is mulling over possible plans to construct a high-end apartment building in a parking lot next to Market Square Park in the northern part of downtown Houston.
George Lancaster, senior VP of corporate communications for Hines, told Houston CultureMap that the builder has contracted to buy the site but is not the owner yet. Hines is conducting a feasibility study on building a residential project on the parking lot.
“Ultimately, if we choose to build, we will likely develop multifamily residences consistent with Hines’ standard of quality set throughout the world,” Lancaster told real estate reporter Ralph Bivins.
In his article for Houston CultureMap, Bivins contended that Hines’ position of one of the world’s largest companies would influence other residential builders to develop sites in the area.
“After a long climb, downtown living is being established as a viable market,” wrote Bivins. “If Hines joins the party, it will accelerate the momentum.”