Chinese firm will change Houston

Tianqing Real Estate Development LLC (Tianqing RED), a US subsidiary of one of China's largest real estate companies, has acquired a prime location in Houston to build high-rise buildings of mixed use that will change the city's skyline in the next few years.

Tianqing RED recently closed on the purchase of the land on Allen Parkway, west of downtown and across from the newly improved green space Buffalo Bayou. It is the last track of undeveloped land of that scale at such a prime location in the city.

"The land is a rectangle with hard corners, sufficient depth and width for development. It has great views all around. To the north there is the Buffalo Bayou, to the south the Texas Medical Center, to the east downtown Houston, and to the west the financial district Galleria. We are very happy to be able to get our hands on it," said David Du, president of Tianqing RED.

A total of $500 million will be invested in the project. The planned first phase includes a luxury hotel of 150-180 rooms and a high-rise condo. Construction is expected to start by the end of 2017 or early 2018. Another high-rise condo, a class-A office building and possibly a luxury senior-living building will be built later.

Upon completion, there will be two condo towers with a total of 180 units along with the hotel, an office building and ground-level retail spaces. The project aims to become a new landmark in Houston.

EB-5, the popular immigration investment program among Chinese, will be used to raise part of the money for the project.

However, Du said Tianqing RED will not rely heavily on EB-5 for financing. When it gets ready to start construction, parent company Tianqing Group will guarantee and provide the remaining funds for the project, he said.

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The view of Downtown will never be obstructed thanks to a public housing apartment complex next door that's designated as a historical landmark by the city.

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Thompson Hotels to open Houston location in Buffalo Bayou mixed-use

A new-to-Texas hotel chain is planting its flag in Houston at a $500 million mixed-use development near Buffalo Bayou Park.

Thompson Hotels, a New York-based luxury hotel chain, plans to build the Thompson Houston at Tianqing Real Estate Development LLC and Houston-based DC Partners' mixed-use development at the southeast corner of Allen Parkway and Gillette Street, a hotel spokesperson said in an email. A construction timeline wasn't provided, but DC Partners CEO Roberto Contrerassaid in June that the project's then-unannounced luxury hotel would have between 150 and 180 rooms and would open around 2020.

The hotel will offer "a locally inspired Texas experience that incorporates the Thompson brand DNA," the hotel's spokesperson said.

Thompson Hotels has properties in New York City, Chicago, Seattle and Nashville, as well as one in Toronto and three in Mexico, according to its website.
 
New design:

Real estate plan in Houston aiming high


A skyline-changing development by a Chinese real estate company is a vote of confidence for Houston's economy.

Tianqing Real Estate Development, US subsidiary of Tianqing Group, on Monday released architectural renderings of a multi-use development designed as a crossroads connecting downtown and uptown Houston.

David Du, president of Tianqing RED, said Tianqing RED picked Houston due to its robust economy. To him, Texas is like the California of 1990s or China's Shenzhen.

"Since our 2013 venture into the real estate market in Canada, we expanded our business to the US market in 2015," Du said. "The Allen Parkway project is our first project in the US, and we believe it will lay a solid foundation for our future development endeavor."

Located northwest of downtown, phase one of the project includes a luxury hotel and condominium tower, retail pavilion and office building. A luxury hotel chain operated by Thompson Hotels, a member of the Cond Nast Traveler's Hot List 2017, has signed on to the project.

"We have applied our deep understanding of urban development with an eye to leading-edge design and exacting detail," said Roger Soto, design principal for HOK's Gulf Coast region.

"The bold concept of this development has inspired excitement with our team, partners and investors alike," said Roberto Contreras, president and chief executive officer at DC Partners.


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