Funding

Funding Needed
$97 (Mio)
EB5 Funding
$31 (Mio)
EB-5 Investors
62
Investment Amount
$500,000

Jobs

Job Creation per Investor
12.8
Job Creation (Total)
793
Category
Construction
Sub-Category
Commercial and Institutional Building Construction

Location

State
Texas
Location
Houston, Texas

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Texaco Building


Project Description

The Group 21 project will consist of the redevelopment and new vertical construction of the former Texaco Company World Headquarters Building in Houston Texas. The redevelopment and construction efforts will transform the existing facility into an urban mixed-use development.
The building is currently vacant and in “shell condition” and the developer has begun preparing the surrounding project site for new construction activity. The project is expected to consist of a total of 408,415 square feet of vertical improvements including all renovation required upon the project site to facilitate all new vertical improvements.

Upon completion of redevelopment, the project is expected to consist of a sixteen (16)-story apartment building and an eighteen (18)-story apartment building serviced by a newly constructed parking garage

Following the completion of the redevelopment and new construction activities, additional amenities are anticipated to include approximately 8,000 square feet of retail space, approximately 7,000 square feet of storage space, a fitness center, a wine cellar, coffee area, media rooms, business center, party rooms, and pool deck. As currently planned, future development activity for the project will provide access to the downtown Houston tunnel system. Group 21 funds will be utilized in the completion of interior demolition and abatement of the existing structure, including infrastructure and utility upgrades, full interior build out, external façade improvements and vertical construction activities. The Historic Texaco Building Renovation has been zoned for Multi-Family use, in the City of Houston, Texas. Early construction activities have commenced with completion anticipated in the first quarter 2015.

Project Timeline

4th Quarter 2013 – Renovation of the existing structure
1st Quarter 2015 – Completion

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