Alliance Residential To Build Multifamily Project Near Northwest Mall
Phoenix-based Alliance Residential is planning a multifamily development near Northwest Mall, the proposed station for the high-speed bullet train, the Houston Business Journal reports.
The city of Houston building permits reveal a $28.8M development dubbed Broadstone Minimax at 2717 Minimax, per the HBJ.
New construction has been minimal in the northwest submarket, but this project is likely banking on new demand from the planned train stop.
In September, Texas Central Partners, the private company behind a bullet train between Houston and Dallas, secured a loan up to $300M from Japanese institutions to begin construction. One terminus would be at the Northwest Mall site and the other in Downtown Dallas, with one station between the cities in Grimes County. Bisnow previously reported that construction was slated to begin this year. There are at least two other high-speed rail projects planned for Texas.
Alliance has other projects under construction in Houston. Broadstone Summer Street, a 375-unit, five-story community at 3030 Summer St., is expected to deliver in August.
Broadstone Tortilla Factory, a 337-unit, eight-story development, is coming to the Heights. The $35.2M project will include units that range from 600 to 1,200 SF, according to the HBJ.
In December, Alliance sold Broadstone Sierra Pines, a 341-unit apartment community in The Woodlands, to Olympus Property.
Houston's multifamily market is primed for a new cycle of construction as the market absorbed more units than it added for the second year in a row, according to JLL's quarterly multifamily report.
The city noted positive net absorption of 7,966 units last year, while the pipeline slowed. Developers only delivered 6,800 units in 2018, a significant decrease from 2017 and 2016, which added 13,700 and 21,000 units, respectively.
There are 15,733 units under construction in the Houston area. Net absorption is expected to continue to outpace deliveries in 2019, as the city is poised for more job and population growth, per the JLL report.
