Houston is the newest city to offer a skyscraper of its own, with a proposal for a $1 billion tower that could house more than 200 units.
The developer behind the proposal is RE/MAX, which is developing the $500 million tower on the edge of downtown.RE/MAX is hoping to create the world’s tallest office tower in the city, with more than 100 stories.
The proposed building is the centerpiece of a project RE/MAKED, a collaboration between RE/Max and the Houston Development Corp. (HDC), a non-profit organization that helps Houston companies expand.
The project’s headquarters are scheduled to be completed in 2020, and its design includes the addition of an apartment tower.
The tower will be able to house about 140 people at ground level, the HDC announced in a press release Tuesday.
The tower’s proposed site is bounded by East Main Street, Interstate 10, and the Pearl Street Bridge.
The project also includes a parking garage for about 40 cars, according to the HDc.
The HDC is working with other developers to design and construct the tower, which would be located on the site of the existing downtown office building.
The HDC estimates the tower would generate $5.7 million in property tax revenue for the city annually.
The announcement comes as Houston has been experiencing a boom in office space.
The number of new projects in the Houston area has surged over the past several years, with developers including RE/ME, Re/MAX and The People Group opening offices across the city.REMAKES CEO Andrew Leong has said that RE/REMAX has the potential to create a “transformative impact” on the city’s economy.
The developer said it is looking to build a residential, office and retail tower at the site, but will work with other local and national developers.
The proposed tower is just a fraction of the height of the current tallest building in Houston, which sits at the northwest corner of the Pearl and East Main streets.
“We are working with the city of Houston and other partners to deliver a high-quality and sustainable residential tower in Houston,” the RE/RMAX website states.