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McNair Family Breaking Ground On 1.2 Million-SF Mixed-Use Project in Houston's Uptown District

McNair Interests to Transform Vacant Six-Acre Site Into Luxury Project with 150-Room Hotel, 350,000 SF of Office and 30,000 SF of Retail
June 5, 2018
McNair Interests, a private investment and management company, revealed plans to turn a vacant six-acre site in Houston’s Uptown district into a 1.2 million-square-foot luxury mixed-use project.

The development, dubbed 3200 Post Oak Boulevard, would be situated between the Best Buy at 5133 Richmond Ave. and the Broadstone Post Oak Apartment complex. The project would feature a 150-room Rosewood Hotel with 80 luxury residences, a roughly 350,000-square-foot, Class A office tower and around 30,000 square feet of upscale retail. The project is slated to break ground in 2019 and deliver in 2023.

The project’s height couldn’t be confirmed, but initial renderings suggest close to 50 stories, which would make it Uptown’s second-tallest building behind only the 64-story Williams Tower, just two blocks away. A contractor and any leasing brokerages have yet to be selected.

"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," said Cary McNair, chairman and chief executive of McNair Interests.

McNair Interests is a private equity investment company active in real estate and energy development projects. Cary McNair also serves as the president of the McNair Medical Institute. He is the son of Houston Texans owner Bob McNair.

The project is to be integrated into Uptown’s Post Oak Boulevard transit corridor project, which is adding a bus lane and promenade through the heart of one of Houston’s most affluent neighborhoods. The project has been in the planning stages for years but kicked off construction a few months ago.

Uptown District Director of Research and Economic Development Bob Ethington told CoStar the project should be mostly complete by the end of year. The southern portion of the project, near 3200 Post Oak, will likely take longer, as it will be integrated into other Texas Department of Transportation projects along Interstate 610 and I-59. Once complete, articulated buses will connect the Galleria and Uptown along Post Oak Blvd from 59 to I-10, further linking an already bustling transit corridor.

At the other end of the Post Oak Boulevard project sits another development with several similarities. Houston Rockets owner Tilman Fertitta recently debuted his own mixed-use project, The Post Oak Hotel, a $350 million luxury hotel with 150,000 square feet of Class A office space atop 35,000 square feet of retail.

Palmetto RPO, an entity of The McNair Group, acquired the Uptown site from Dubai-based Deyaar Development Corp. back in 2014. CoStar estimates the land’s assessed value at $19,477,388.

Chicago-based Skidmore, Owings & Merrill LLP is the architect, and Houston-based Patrinely Group will manage the project.

Kyle Hagerty, Houston Reporter  CoStar Group   
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