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HOUSTON | Drewery Place | 328 FT / 100 M | 27 FLOORS

Developer: Caydon Property Group
Architect: Ziegler Cooper
Type: Residential, retail
Location: 2508 Fannin, Midtown
Construction Timeline: Jan. 2017 Start Date - 2018 Completion

Australian Developer Buys Two Sites in Midtown for 1,000 residential units

Quote:

Melbourne high-rise developer Joe Russo has secured two development sites in Houston, Texas, with plans for about 1000 apartments.

He paid about US$8 million ($10.5 million) for a small block in Houston's "latte and laptop" mid-town district with plans for more than 350 apartments over 28 levels.

Russo told the Australian Financial Review it had an end value of about $228 million.

He has also bought a second site across the road that will hold more than 600 apartments, with plans including shops and a piazza.

"I looked at five cities in the US and fell in love with Houston," he said.

"It's a growing city with 6.5 million people, the biggest medical precinct in the US. In the midtown area where I have acquired my sites, there's a lot of gentrification going on with bars and restaurants opening up and a new light rail in operation."

Here's the two blocks, they sit along the rail line and across from the Camden superblock. It's not yet known which is set for phase 1.

https://c2.staticflickr.com/2/1502/2...987e3aa0_b.jpg

https://c2.staticflickr.com/2/1466/2...9f66e9a5_b.jpg

https://c2.staticflickr.com/2/1478/2...f7f72a04_b.jpg

http://caydon.com.au/portfolio-newsl...rom-joe-russo/

Quote:

Further exciting news, Caydon is expanding to International markets. I am pleased to have purchased a site in Houston, Texas, over the Christmas break to develop a 24 level development. The site was a no brainer - great location close to amenity, transport and infrastructure. We are working with some of America’s best architects to ensure the renowned Caydon quality is carried over to the US, we anticipate construction will commence later this year.

http://caydon.com.au/portfolio-newsl...er-than-texas/

Quote:

Caydon's two new sites are a developer's dream being immediately adjacent to everything that is new and exciting in Houston's inner city core. Known as Midtown, this area is strategically located alongside Houston's new MetroRail and the site of the highly anticipated and under construction, Midtown Superblock. It is also a short five minute tram ride to the Medical Precinct, the largest Medical Precinct in the world, employing over 250,000 people.

Caydon are planning to develop approximately 1000 apartments across multiple buildings in late 2017/early 2018. The timing is significant, as it will take advantage of a predicted lull in the delivery of new apartments in Houston.

http://www.afr.com/real-estate/joe-r...#ixzz47dPcQBid

Quote:

In Houston, Mr Russo said, there are good profits to be made. "There's no zoning at all like there is in Melbourne. You go through a planning authority but it's pretty straightforward. I bought my first site in January and will commence construction in November."

"There are no off-the-plan sales. I will build the tower, lease it up and then sell the apartments to a pension fund in one line. For me it's like a working holiday."

He said the US developments were being funded from his own capital, plus mezzanine and senior debt. "I'm also looking at opportunities in Seattle."

Subdivision plat filed. 2850 Fannin (Common Grounds block) will be phase one.

http://caydon.com.au/portfolio-newsl...ton-takes-off/

Quote:

Caydon has recently expanded operations into the US and opened a new office in Houston, Texas. As we continue to look into sites and opportunities in other states, our first development, The Midtown in Houston is moving forward.

The site for The Midtown is in a specifically chosen location, strategically placed for success. The area is poised to become the most exciting destination in Houston's inner city sitting alongside the Metro Rail, only five kms from the world’s biggest Medical Precinct.

Caydon has appointed tier one US architects, Zeigler Cooper Architects to design the project and it is predicted construction will begin on the 380 apartment development in January 2017. The Midtown will offer the sophistication and lifestyle of a hotel style residence with a sky lounge, pool deck and its own dog park.

Houston will be hosting the Super Bowl in 2017 and the attention and excitement this will bring to town will offer great opportunities for our new development. Everyone at Caydon is excited and looking forward to our entry into the US market with anticipation.

http://caydon.com.au/wp-content/uplo...px_Houston.jpg

Building on site being cleaned of asbestos for demolition.

https://c2.staticflickr.com/2/1466/2...9f66e9a5_b.jpg

http://www.wylieassociates.com/proje...ment-building/

Quote:

New Apartment Building Including:

– Outdoor Pool, Fitness Area, and Club/Meeting Area

– 14,000 SF, Shell Retail Space

– 208,200 SF, Parking Garage

http://www.wylieassociates.com/wp-co...4476822436.jpg

Any updates on how this project is going?

Mural-Slathered Former MHMRA Building Readies For The End

Quote:

THE COLORFUL FACES behind the chain-link fencing surrounding the former Mental Health and Mental Retardation Authority building at 2850 Fannin St. have been joined this week by a few pieces of bright yellow knock-down equipment. Permits came through last week clearing the site for clearance in advance of a planned 28-story apartment highrise going by the name Main Midtown. The tower was okayed for a parking variance in late October, as part of which Australian developer Caydon Properties agreed to install over 200 bike spaces.

The long-empty MHMRA structure got its last hurrah this fall when much of the street-level wallspace was painted over in tan, making way for new muralage. A nearby resident buzzed around the site recently taking some final snaps of the paintings before the demo gets going in earnest.

http://swamplot.com/wp-content/uploa...ra-mural-4.jpg

http://swamplot.com/wp-content/uploa...ra-mural-2.jpg

http://swamplot.com/wp-content/uploa...ra-mural-1.jpg

http://swamplot.com/wp-content/uploa...ra-mural-3.jpg

http://swamplot.com/wp-content/uploa...ra-mural-5.jpg

http://swamplot.com/wp-content/uploa...ra-mural-6.jpg

More details revealed about proposed luxury apartment tower in Midtown

Quote:

Caydon Property Group has unveiled its plans for one of the first luxury apartment towers in Midtown.

The Melbourne, Australia-based developer plans to redevelop a dilapidated city block— bounded by Drew, Fannin, Main and Tuam streets — into The Midtown, a 27-story, 357-unit apartment tower. The $200 million project will rise on a 1.15-acre site at 2850 Fannin St., across Main Street from the Midtown “Super Block” Park and Metro’s McGowen Station light rail stop.

Caydon acquired the land in mid-December and began demolition work in early January on the tract, which hosted the former Mental Health and Mental Retardation Authority of Harris County building.

Caydon, which is under construction on nearly 5,000 apartment units in Melbourne, said it hopes to start construction on its first U.S. apartment tower later this year. Caydon selected Birmingham, Alabama-based Hoar Construction to build The Midtown, which is expected to be completed in 2019.

The Midtown, designed by Houston-based Ziegler Cooper Architects, will feature a mix of studio, one- and two-bedroom apartments with high-end finishes and features. The luxurious common-area amenities include a private pool with a swim-up bar, fitness center with a yoga studio and a sky lounge overlooking Midtown and downtown Houston.

The Midtown will also feature 12,000 square feet of leasable retail space for shops and restaurants along Main and Drew streets, as well as a parking garage for 482 cars.

Russo said he fell in love with Houston and Midtown in particular when he first visited the Bayou City in 2015. He said he believes Midtown is ripe for an urban, high-rise development that will allow residents to walk, bike or use the light rail to get to work, restaurants and entertainment venues. Caydon estimates residents will spend only 10 minutes on their work commute.

“With the site’s close proximity to jobs in Downtown Houston, the Museum District and the world’s largest medical precinct, I have no doubt there will be significant interest in The Midtown from prospective tenants,” Russo said. “The Midtown development will rejuvenate and create considerable interest in the area, especially our efforts to activate Main and Drew streets with shops and restaurants that will appeal to new Millennial-generation apartment dwellers and existing residents.”

http://www.houstonarchitecture.com/h...83fa16b1535a98