AECOM Capital and PMRG close on financing for major Houston multifamily development project
AECOM Capital, the investment arm of AECOM, a premier, fully integrated global infrastructure firm, and Houston-based PMRG, one of the nation’s leading real estate companies, have announced that they have closed on equity and debt financing to develop 328 multifamily units and 14,967 square feet of ground-floor retail in a luxury high-rise tower located on a 1.16-acre site at 3300 Main Street in Houston’s midtown district.
Broad Street Real Estate Credit Partners III (BSRECP III), a fund managed by the Goldman Sachs Merchant Banking Division, will provide the construction loan. The site is located equidistant between downtown Houston and the Texas Medical Center, adjacent to the Main Street stop of the METRORail Red Line.
“We are excited to partner with PM Realty Group in the development of this new residential tower in the dynamic and burgeoning Mid-Town area of Houston,” said Timothy Haskin, AECOM Capital Real Estate’s senior managing director. “3300 Main marks a continuation of AECOM Capital Real Estate’s strategy to invest in transit-oriented developments in transforming neighbourhoods with strong development partners.”
The 29-story tower will feature canted bay window and balcony projections that emphasise downtown views to the north and east, and continuous balconies on the south and around the amenity terrace that will provide shade and optimal views of the activity below. Residents will enjoy large units averaging 1,114 square feet, a two-story fitness centre and aqua lounge, and a 3/4-acre pool and amenity deck. The amenity space will open onto Main Street facing east and the pool terrace facing west. Units above the retail space will line the parking structure on Main Street, maintaining a lively streetscape that will feature two restaurants. 3300 Main will be a LEED Silver residential tower. An architecturally-striking amenity building will reinforce the amenity deck as a place to be seen in this up-and-coming district adjacent to downtown Houston.
“PMRG is excited to partner with both AECOM Capital and BSRECP III on what will be the premier multifamily building in Midtown. This is the right building for a transit-oriented development and a building that is sure to attract discerning residents working in the CBD and the Texas Medical Center,” said Rick Kirk, PMRG’s chairman and chief executive officer.
AECOM Hunt will serve as construction manager for the project, with expected construction completion in 2020. Construction of the project will commence immediately.