[Urbannizer]

More details revealed about proposed luxury apartment tower in Midtown

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.”