For its first mixed-use development, Houston-based McNair Interests plans to enter the market with a splash.
In 2019, the private investment and management company will break ground on a 1.2 million-square-foot luxury mixed-use development at the intersection of Richmond Avenue and Post Oak Boulevard, McNair Interests' chairman and CEO Cary McNair told the Houston Business Journal. It'll boast all the components of a high-end district: luxury residential units, a roughly 350,000-square-foot Class A office tower, around 30,000 square feet of upscale retail, chef-driven restaurants, green space and a 150-room Rosewood Hotel.
"I don’t know that there are very many projects like this around the country," McNair said."We feel like we’ve been a little bit of a rogue investor, and maybe we’re breaking new ground."
McNair estimated that the project's cost will be around $500 million. McNair Interests will wholly fund the project through typical real estate finance sources and lenders.
"We're having good discussions," McNair said. "Lenders are interested in this project."
The project will break ground in 2019 and deliver in 2023. A contractor and any leasing brokerages haven't been selected yet.
The development will sit on six currently unoccupied acres between the Best Buy at 5133 Richmond Ave. and the Broadstone Post Oak apartment complex. Chicago-based Skidmore, Owings & Merrill LLP is the architect, and Houston-based Patrinely Group will manage the project.
