"Located in the Montrose neighborhood of Houston, in between Midtown and River Oaks, Skanska plans to develop a mixed-use project which could consist of multifamily, retail, and office tower for the local community," the developer said in the news release announcing the $27 million acquisition.
The project will also pursue LEED Platinum status for sustainable building practices.
The land, located at 1001 Westheimer Road, was owned by Houston Westmont LP. The property was appraised at about $13 million in 2019 by the Harris County Appraisal District. It currently houses several retail and restaurant tenants, including Mattress Firm, 369 Oriental Bistro and Half Price Books.
The project would come to an area that is seeing accelerated development underway, including the mixed-use project the Montrose Collective and the La Colombe d'Or high rise.
Construction timelines and other details were not shared with the announcement.