Another downtown apartment tower is under construction near the Toyota Center at 1515 Austin Street. The Camden Downtown is the second recent project Camden Property Trust has brought to the east-central Houston area, Camden McGowen Station was the latest in 2018.
Camden Property Trust is set up as a Real Estate Investment Trust (REIT) meaning they are involved in the ownership, development, redevelopment, acquisition, and construction of their apartment communities. Currently, in Houston, Camden manages and owns interests in over 20 properties.
The Camden Downtown will be a 21-story Class A Apartment Building with over 270 luxury residences. It is going up on part of a 3 acre lot bordered by Austin, Bell, La Branch, and Pease streets. Construction is on the north end of the block facing east and west to maximize the views of downtown and make the building more energy efficient. Originally delayed due to the oil slump, the development officially broke ground at the end of 2017.
Architects of the project claim the orientation of the tower should also minimize the shadows of the building on the 20,000 square foot amenity deck.
North Downtown has been a popular attraction for real estate developers in the past few years. Here is a list of the most recently completed high rise apartment developments:
Construction is estimated to be complete by the end of 2019 or beginning in 2020. More importantly, this is only phase one of the development! Camden has already expressed plans for a mirrored sister high rise on another part of the 3-acre lot.
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