As with our investment focus generally, our commercial properties reflect our investment and real estate improvement objectives. This includes both retail and mixed use projects which are open for business and provide positive cash flow, and also new projects under development and construction. Thus we earn current returns on investment and also plan for future cash flows from new projects.
Our South Heights retail tenants include Barnaby’s, Pho Bin, Tacos a Go Go, Christian’s Tailgate, and Public House.
Just across the street, we are under construction with a new building leased to a Korean restaurant opening its first restaurant outside of New York City. The seating area will include an outdoor patio cantilevered over the White Oak ravine. A chicken and waffle cones restaurant concept will also open in the building in 2020.
We have a live camera on location and soon visitors to our web site can see ongoing construction in real time.
Further east on the north side of White Oak, we are developing an automated parking garage of more than 275 parking spaces. During the design process, we expanded the garage capacity given recent increases in commercial activity in this area of the Heights.
Just to the east of our planned garage, we purchased the former Fitzgerald’s concert venue and property. Given the site’s history and visibility, many Houstonians we meet ask about our plans for this nearly one acre site. Please stay tuned. We seek a development program sensitive to the rich history of the location and interesting given that this corner of White Oak and Studemont acts as a southeastern gateway to the Heights.
In downtown Houston, we own nearly an acre of property in the Theater Arts District. This includes an office building across the street from Market Square park, and two parking lots nearby.
Our newest project is the Railway Heights at 8200 Washington. This is a 3.6 acre site we are developing in three phases. The first phase of 40,000 square feet of retail and mixed use space will open late this year, and will include what we believe will be Houston’s largest food hall. The second and third phases will include a vertical parking structure and a high rise for multi-family and/or lodging use.
The above descriptions are representative and not exhaustive. These include projects which are currently open and operating, and new real estate projects which will open in the future.