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Old Posted Jul 18, 2018, 3:22 PM
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Weingarten’s new high-rise at River Oaks Shopping Center underway

Quote:
Houston-based Weingarten Realty Investors (NYSE: WRI) started demolition work in early July to clear the way for its 30-story, 318-unit luxury high-rise that will tower above its River Oaks Shopping Center off West Gray.

The Driscoll, set to deliver by 2021, is the publicly traded company’s first foray into Houston’s residential market in 15 years. The company has owned the roughly one-acre high-end retail destination since 1971.

Houston-based Hanover Co., the developer and contractor for the project, filed a $26 million building permit with the city of Houston but total construction costs weren't disclosed. The luxury high-rise will sit atop 10,000 square feet of retail, which will be a mix of “high-end restaurants and additional specialty retail that will complement the existing tenant mix at River Oaks Shopping Center,” said Gerald Crump, a senior vice president with Weingarten, in an email.

In 2017, Drew Alexander, Weingarten’s president and CEO, told the Houston Business Journal this likely won’t be the company’s last high-rise development in Houston. Crump said there aren’t any definite plans to add residential towers at this time, but the company “continues to seek opportunities” that can add value.
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