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9/02/16
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Hines has teamed up with TIAA Global Asset Management and the Zimmerman family to develop the Residences at La Colombe d'Or, a luxury 285-unit high-rise multifamily project located in the Montrose/Museum District neighborhood of Houston. The Zimmerman family, owners of the one-acre site, have owned and operated the adjacent La Colombe d'Or Hotel for 36 years.
Built in 1923, the landmark property serves as one of the world's premier luxury boutique hotels and the gateway to the Houston Museum District. The historic structure will remain and the hotel and restaurant will undergo an estimated $10 mil renovation and expansion in tandem, and in alignment, with the character and standards of the new future multifamily project. Construction on the residential tower is scheduled to begin in the second quarter of 2017 with completion in 2020.
Upon completion, the 34-story Residences at La Colombe d'Or will connect to the neighboring hotel through a series of amenitized areas, including an art gallery and outdoor plaza with fireplace. Another outdoor greenspace, totaling approximately 14k sf, is planned for the northernmost portion of the site. The direct connection to the hotel and restaurant offers exclusive access for the residents of the project. The new building will also provide 17 additional luxury rooms for guests of the La Colombe d'Or Hotel.
The project is within walking distance to Houston's Museum District - currently home to 19 museums, world class restaurants and night life and the Upper Kirby District. The Montrose neighborhood also provides future residents with direct access to major transit arteries and public transportation.
JLL Executive Managing Director Tom Melody and Senior Vice President Jonathan Paine, representing Hines and the Zimmerman family, arranged the joint-venture equity.
"There are no multifamily assets of this quality slated to compete with the opening of La Colombe d'Or, and the timing of this luxury development takes full advantage of that," JLL's Melody added. "When the Residences at La Colombe d'Or delivers, it will be unrivaled by any other product of this quality in the asset class."
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