WaterLights, Houston's New $700M Economic District

Historic Real Estate Inc., based in Houston, Texas, has begun work on a $700 million dollar mixed used development minutes from downtown Houston according to a GlobeSt.com article.  The 150-acre development The WaterLights District, a 150-acre development, will include a careful planned array of office, hotels, restaurants, boutique retail, and residential structures amid a park setting along the banks of Clear Creek, just south of the world's largest medical and research center, the Texas Medical Center.

Upon completion, the WaterLights project will have 1,400 units of residential, including condominiums, brownstones and luxury apartments. Allegro Builders, a prestigious Houston-based luxury home builder, is constructing the brownstone units.  Three upscale hotels, totaling 700 rooms, will be part of in the project, including a hotel with a regional conference center.

WaterLights District is the brainchild of Historic Real Estate principal Richard P. Browne, who developed the Woodlands and Columbia, MD. Browne did much of the planning and design for WaterLights District with Development Design Group Inc. of Baltimore. The developers are seeking LEED certification for the project.  David Goswick, executive director of Historic Real Estate, estimates the entire project will take about five years to build out although there could be more development to come in the area. He acknowledges the company is acquiring more property, but declined to be any more specific.  "The Texas Medical Center is the driving force of this," Goswick says. "There is $3 billion of construction going on there, with a projected 25,000 new jobs within the next six years."

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