The Houston Business Journal‘s Jennifer Dawson is reporting that the Novati Group’s plan to dust off a 15-year-old Ziegler Cooper design for a 20-story office tower and build it on the West Loop
appears to be in limbo. The deal isn’t dead, but it’s not moving forward.
The problems: finding debt financing . . . and that pre-leasing thing.
Meanwhile, Dawson expects Transwestern to announce details soon on a large new addition to Uptown’s Four Oaks Place — to replace the 24-Hour Fitness on Post Oak Blvd. owned by TIAA-CREF:
The proposed building being called Tower Five at Four Oaks Place is now set to be 30 stories tall, with 525,000 square feet of office space on 22 floors atop a parking garage with roughly 1,500 spaces, says Carleton Riser, head of Transwestern’s development group.
He says the building designed by architectural firm Pickard Chilton could break ground in the first quarter of 2009.
The fact that no tenants have committed to the new building won’t delay construction, Riser says.
- Office buildings on and off [Houston Business Journal]
- That Nineties Retro Tower Coming to the West Loop [Swamplot]
- New West Loop Tower: Keeping the Uptown Office Market Up to Date [Swamplot]
Rendering: Ziegler Cooper