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A rendering of the "retail village" planned in the RO, Transwestern's new 17-acre mixed-use project rising on a former Exxon site along Buffalo Speedway in Houston. The Clayton, a future 28-story apartment tower, is shown in the background.
A key link between River Oaks and Upper Kirby is about to transform as Transwestern breaks ground on the next phase of a new 17-acre mixed-use development that could cost more than $400 million to build.
Rising on a former Exxon research facility site, the RO will bring fresh retail, office and two high-rises to Buffalo Speedway. Construction recently started on a 28-story apartment tower in the development, in addition to a 34-story condo-hotel tower, The Birdsall, Auberge Collection, to be operated by billionaire Dan Friedkin's hospitality firm.
If completed as planned, the RO could act as a new gateway into River Oaks. See new project updates and renderings here.
Quick Note: We're trying something new this week: a new Prime Property feature called "Prime Transactions" that will highlight a few key real estate transactions at the bottom of each weekly newsletter. Think of this as a mini deal sheet to catch up on the major news of who is buying, selling and building around the Houston metro.
Residential
 Photo by: Brett Coomer, Houston Chronicle |
Texas voters approved several state constitutional amendments this week, including one that would expand homestead exemptions and save businesses on personal property taxes. Read More |
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 Photo by: Jason Fochtman/Staff Photographer |
Special purpose taxing districts are booming in Texas, accounting for more and more of many homeowners' property tax bills. Here's how those districts work, and why some politicians are raising alarms. Read More |
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 Photo by: Brett Coomer, Houston Chronicle |
A handful of Houston's most dangerous apartments could be publicly listed in an effort to protect renters. The proposed program, pitched by Council Member Letitia Plummer, would subject owners of dangerous apartment buildings to fines of $200 to $2,500. Read More |
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 Photo by: Jason Fochtman, Staff Photographer |
The Woodlands and Spring, both north of Houston, are among the top U.S. places to retire, according to a new ranking from U.S. News & World Report. Read More |
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Commercial
 Photo by: Courtesy Populous |
Rice University is launching a massive $120 million renovation of its historic Rice Stadium and to connect the west side of campus to Rice Village with a new pedestrian walkway. The so-called "Gateway Project" is expected to transform property already owned by Rice, creating a park-like space for fans at the stadium plus easier access between the oak-lined campus and the Rice-owned shopping area.
Read More |
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 Photo by: Matthew Casby |
The former Tower Theatre building in Montrose is getting a new life soon. A trendy new music venue and restaurant is set to open next week in the renovated 1930s-era theater building on Westheimer. Doc Watkins, the purveyor of a popular San Antonio jazz club is behind the new venue, and says the Houston club will feature much more than just jazz. Read More |
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 Photo by: Kirk Sides, Houston Chronicle |
A new intimate sushi restaurant is opening in the Heights by the same the team behind acclaimed Houston Japanese restaurants Kira and Neo. The new spot, called Oru, will serve omakase and dishes like barbecue-spiced trout, hay-smoked amberjack nigiri and a Japanese omelette made with salmon roe. Read More |
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 Photo by: Photo Courtesy VGXI |
Conroe-based bio-tech company VGXI Inc. has defaulted on its tax abatement agreement with Montgomery County by failing to employ enough people. The company must now pay more than $248,000 in property taxes dating back to 2021. Read More |
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Prime Transactions
- 🏡 Hines to develop new 1,500-acre community in League City: Hines has acquired about 1,500 acres in League City for the development of a new master-planned community, the global real estate firm recently announced. Situated about three miles from Interstate 45 near the Grand Parkway, the project will feature 2,730 single-family home lots, commercial parcels and a future site for Clear Creek ISD.
- 🔨 Electrical manufacturer plans big Houston headquarters: Panelmatic Electrical Solutions, an electrical manufacturing firm, is planning to move 1,000 employees into a new corporate headquarters in north Houston. The company signed a 10-year lease for an entire 728,000-square-foot industrial facility at 410 West Road JLL and Vigavi announced in late October.
- 🎏 Japanese-grocer-anchored shopping center acquired: Houston-based Whitesone REIT purchased Ashford Village, an 81,407-square-foot shopping center anchored by Seiwa Market, the largest Japanese grocer in Houston, according to Whitestone. "This asset serves Houston's thriving Asian community, and we feel our familiarity with the culture and expertise in tailoring diversified tenant lineups will allow us to realize Ashford Village's true potential," said Whitestone COO Christine Mastandrea.
Events at the Chronicle
Photo by: Houston Chronicle Staff
Leaking oil wells threaten Texas water and taxpayer wallets.
Join us November 20 at 12 p.m. for a live virtual event on who's paying the price—and what's being done to stop the damage.
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