The project, located at 2400 W. Dallas St., Houston, will occupy the site of a former apartment project that was halted by a construction fire in 2014. It will offer 367 apartment units, half of which will be allocated for tenants who earn below 80% of the area median income. Leasing is expected to open in summer 2022, and building construction is set to wrap up in early 2023.
“The NRP Group aims to deliver high-quality housing options regardless of income in our active markets, and this community is testament to that goal,” said Alastair Jenkin, NRP's senior vice president of development, in a release. “We’re excited to get this project across the finish line.”
The community will include amenities, such as a sky lounge with downtown views, a coworking-style business center, a gym, a pool, bike storage, a dog park and a package concierge.
“Houstonians face significant challenges in finding high-quality, affordable homes within the communities they work and serve,” HHA Board Chairman LaRence Snowden said in the release. “This is part of our citywide effort to solve Houston’s affordable housing crisis, and we are proud to partner with NRP to increase affordability in Montrose.”
The Montrose-Midtown-Museum District market area has added over 5,500 luxury units since March 2015, while the stock of more affordable housing fell by about 300 units over the same period, according to figures from ApartmentData.com.
Construction financing of up to $61 million was provided by Frost Bank, according to HHA documents.