Houston — McNair Interests, a private investment and management company founded by Houston Texans owner Bob McNair, has revealed plans to transform a vacant six-acre site in Houston’s Uptown District.
The price tag for the 1.2 million-square-foot mixed-use development was not disclosed, but the Houston Business Journal reports the project is estimated to cost upwards of $500 million to complete.
The project will feature a Rosewood Hotel with luxury residences, multifamily tower, Class A office tower, chef-driven dining concepts, high-end retailers, green space and structured parking.
“This is a defining development for McNair Interests and the city of Houston,” says Cary McNair, chairman and CEO of McNair Interests. “Our vision redefines the southernmost entrance of Post Oak Boulevard and the Uptown District, fusing a distinctive, sophisticated design with Houston’s future. We are excited for what this project will bring to our city and to visitors from around the world.”
Rosewood Hotels & Resorts will manage the new hotel that will offer 150 hotel rooms and 80 upscale residences. The property will also feature multiple food and beverage options, ballroom and banquet facilities, meeting and event spaces, a signature spa, outdoor pool, and a fitness center.
“As the birthplace of Rosewood Hotels & Resorts, the state of Texas holds a special place in the Rosewood legacy,” says Sonia Cheng, CEO of Rosewood Hotel Group. “We are delighted to launch this special property alongside McNair Interests to offer Rosewood’s affluential explorers an urban retreat in the heart of Houston.”
Architecture firm Skidmore, Owings & Merrill LLP is the lead architect of the unnamed project, which the Patrinely Group will manage upon completion. Construction is expected to begin in 2019, with completion slated for 2023.
No details were disclosed about how the project is being financed.
— John Nelson