It sure looks like demolition is a-coming for the Greenway Gardens apartments at 3131 Timmons Ln. near Greenway Plaza. Either that or the 43-year-old 10-building apartment complex is undergoing a rather brutal first phase of a renovation — as portrayed in the photos shown here, which were taken late last week. The 3-story complex sits on 6-and-a-half acres between W. Alabama St. and Richmond Ave.
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CWS Capital, the California real estate firm that bought the complex last March, lists a 425-unit new-construction project named Marquis at Greenway among a list of “current developments” on its website. The company operates 10 other apartment complexes that have names that begin with “Marquis” in the Houston area.
- Our Properties [CWS Capital]
- Marquis at Greenway Plaza [HAIF]
Photos: Swamplot inbox
Greenway Plaza Demo
I remember staring out a window just a few years ago working in Greenway thinking the entire block bound by Cummins, W. Alabama, Buffalo Speedway and Richmond was ripe for redevelopment. I always found it to be the oddest mashup of old apartments, eerily quiet commercial buildings, and maze like streets – all of this surrounded by some very affluent hoods.
That is a biiiiiiiiiiiiggggg excavator…either they are going to dig a very, very large hole, or um…yeah…that building’s going down.
Well, there goes more relatively affordable apartments in the Inner West Loop. Honestly, how many upscale apartments can the market bare? I get that people want to live close in, but 1800 plus for a small one bedroom, with zero equity will get you nowhere in the long run. I just think we are in for a huge crash I terms of all these upscale units, if the economy really tanks in the next few years it will be a blood bath of empty buildings and fire sale lease deals..aka disaster circa 1984.
Granted office building development has been wise and measured compared to the crazy eighties, but upscale apartment developers have gone on an absolute binge. It must be crazy foreign investment of the hundreds of billions busting out of the Saudi et.al vaults, still it seems excessive.
@Shannon, it’s not difficult to imagine the same scenario from the 80’s playing out again, and I don’t think it’s coincidence that these very apartments being torn down were built to house the same exact group of people in their own time.
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Massive investment into oil and gas sector -> hiring spree of young grads to replace an aging workforce -> building spree to house yuppies -> energy prices correct -> budgets cut -> layoffs -> remaining workforce ages and buys homes in burbs -> once “lux-u-ree” apartments rot with vacancy and less than ideal tenants