City officials in Houston recently confirmed developer Trammell Crow is planning to begin construction on a new, 40-story residential building.
As part of a group of buildings incentivized by a social-economical organization, construction is scheduled to begin early next year.
Financed through the Downtown Living Initiative as provided through a tax reimbursement paid out over a period of 15 years after each unit’s completion, starting with 5,000 units at the Trammell Crow project, the tower will go up at 800 Walker street in east downtown, near Discovery Green.
Several other developers are moving forward on similar projects after qualifying for the same incentive, including redevelopment of several older sites around downtown – the historic art-deco style building, formerly part of the Petroleum Club on Texas Avenue, among them.
Additionally, developments near Minute Maid park went up in 2016.
According to the Houston Chronicle, another developer, Camden Property Trust, is set to start construction on a residential tower in downtown this week, as well.