HOUSTON — A national developer known for large-scale mixed-use projects has announced plans for a $450 million development in Houston.
San Diego-based OliverMcMillan plans to break ground this spring on River Oaks District, which will combine commercial and residential buildings on Westheimer Road, two blocks inside the Loop. The 15-acre site is about a half-mile from the Galleria Mall.
Plans call for 270,000 square feet of retail, high-end restaurants, outdoor cafes and a movie theater, along with 100,000 square feet of office space. The developer will also construct 278 residential units.
When the project was first announced in 2007, before the recession, it included two luxury hotels and a slightly higher square footage of retail, office and residential space, according to the Houston Business Journal. The Houston City Council granted OliverMcMillan a rebate of up to $19 million, provided that stores in the project generate that much in sales tax.
OliverMcMillan says it will aim to create a “timeless environment” with walkable streets, a town center canopied by Texan Oak Trees, individualized storefronts and covered outdoor dining. The architectural design will also feature native Texas stones and design elements.
“Houston is already a shopping, dining and residential investment destination for regional and international travelers, and we are adding to the synergy of what is already there in a way that is fresh and relevant,” says Dene Oliver, CEO of OliverMcMillan.
The River Oaks District design team will include Gensler, Papageorge Haymes of Chicago and landscape architecture firm Hoerr Schaudt.
Oliver McMillan recently opened a Houston office at 4400 Post Oak Parkway, and plans to begin excavation work on the project in early 2013. Construction is expected to begin in the spring of 2013, and a grand opening is slated for the fall of 2014.
“This investment will create jobs, have a positive impact throughout the local economy and result in improved infrastructure for the area,” says Houston Mayor Annise Parker. “It is an example of the ongoing strength of the Houston business climate.”
— Liz Burlingame