Hines has formed a partnership with the Zimmerman family and TIAA Global Asset Management to develop a new 285-unit residential tower in the Montrose/Museum District of southwest Houston.
Construction will begin Q2 2017 on Residences at La Colombe d’Or, a 34-story high-rise to be developed in concert with the $10 million renovation and expansion of the adjacent La Colombe d’Or, a landmark hotel owned and operated by the Zimmerman family since 1980.
Upon its completion in 2020, The Residences will connect to the adjoining hotel via an art gallery and outdoor plaza. Additional greenspace, totaling approximately 14,000 square feet, has also been incorporated into the design plans as has 17 additional luxury guestrooms for guests of the hotel.
“The combined expertise of this joint-venture team combined with an exceptional location make this a unique investment opportunity for us,” said Alex Hancock, a director on the TIAA Global Asset Management acquisitions team. “We expect the global demand for institutional-class multifamily to remain strong and believe core urban centers will continue to attract both residents and businesses seeking convenience and proximity to amenities.”
Tom Melody and Jonathan Paine of JLL arranged the joint-venture equity on behalf of the venture