A Houston developer who purchased six acres across from Buffalo Bayou Park said he expects to begin construction of a mixed-use development on the site in early 2018.
Roberto Contreras, a Mexican entrepreneur who formerly ran a local distributor of Silestone, said initial plans call for a luxury hotel, housing, shops and an office tower.
Contreras, president and CEO of Houston-based DC Partners, hired the Gensler architecture firm to create a plan for the site on the southeast corner of Allen Parkway and Gillette, next to the Federal Reserve Bank.
The company purchased the property from HTX Real Estate Partners. The deal closed in May.
The creation of parkspace along Buffalo Bayou has been a catalyst for new development in the area just west of downtown.
The Boston owner of the Allen House Apartments property is planning a mixed-use project called Regent Square along Dunlavy across from the bayou. The company has already built a high-rise apartment tower on Dallas.
DC Partners is a development and investment firm that uses the federal EB-5 program to finance some of its projects. The program allows foreigners to receive green cards for themselves and their families if they invest at least $500,000 in a job-creating U.S. business.
One of the company's latest developments is a high-rise condominium tower on Post Oak Boulevard.