Houston Real Estate Development

Downtown Houston is Growing With Residential Developments and Greenspace

The area of Downtown Houston has changed significantly over the last few years. According to a report in Bisnow, the number of local residents has increased from 3,800 in 2013 to more than 8,000 residents. This picked up from a previous report released by Bisnow noting that city planners had created a master plan for increasing the number of residents in the downtown area. 

Called the Downtown Living Initiative, the goal was to revitalize the downtown area. Beginning in 2007, Downtown Houston underwent a resurgence, owing to billions of dollars of investments in the area. That resurgence picked up steam with the rapid growth of residents in the downtown area, but city planners don’t intend for downtown to stagnate in the middle of its revitalization. According to Bisnow, plans are underway to attract an additional 12,000 residents and eventually reach 30,000 residents within 20 years. How has the city encouraged growth in the area? 

Additional Residential Development

Rendering courtesy of The Marlowe

The downtown area has seen numerous new residential developments. Bisnow noted that, as of 2018, two new apartment developments were underway. Camden Downtown and an unnamed luxury apartment tower have both been in different stages of development during the past year. Bisnow also mentioned that this was part of a larger trend, with Downtown Houston being the most in-demand rental submarket in February 2018. Part of the reason for the high number of rentals in the downtown area is owed to the limited space. 

There are places to buy in downtown, however. A new condo development, The Marlowe, is currently underway. There are also the Beaconsfield Condominiums, located in southern downtown. In general, there are fewer for-sale homes in the downtown area, but there are options in nearby Midtown and East Downtown that can put residents on the very edge of the downtown area. 

Enhanced Downtown Attractions

Discovery Green photo courtesy of Daderot

A decade ago, residents had few things to do in the area, and Downtown Houston had a reputation of being a place of business that held little attraction to residents. However, the city began to invest in new developments that would make the area more livable, including greenspaces.

Discovery Green was the most prominent of these new properties. Downtown’s largest urban park, Discovery Green, covers 12 acres and was developed alongside the George R. Brown Convention Center, a frequent destination for various conventions. The park became not only an outdoor space, but also a center for concerts and restaurants. Another of these developments was Market Square Park, an outdoor destination that included a dog park, walkways, and restaurants on all sides.

The Future

Rendering courtesy of Aris Market Square

To date, major projects like the Aris Market Square and Market Square Tower have been completed alongside many residential developments. As reported by the city, the future of the downtown area includes the completion of new parking space, office space, and hotels, in additional to ongoing residential development. At the moment, it seems that downtown will continue to experience ongoing growth for the next decade.

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