(HOUSTON) – Hines, the international real estate firm, in a joint venture with TIAA Global Asset Management and the Zimmerman family, announced today that they will develop the Residences at La Colombe d’Or, a luxury 285-unit high‐rise multifamily project located in the Montrose/Museum District neighborhood of Houston. JLL Executive Managing Director Tom Melody and Senior Vice President Jonathan Paine, representing Hines and the Zimmerman family, arranged the joint-venture equity.
The Zimmerman family, owners of the one-acre site, have owned and operated the adjacent La Colombe d’Or Hotel for 36 years. Built in 1923, the landmark property serves as one of the world’s premier luxury boutique hotels and the gateway to the Houston Museum District. The historic structure will remain and the hotel and restaurant will undergo an estimated $10 million renovation and expansion in tandem, and in alignment, with the character and standards of the new future multifamily project. Construction on the residential tower is scheduled to begin in the second quarter of 2017 with completion in 2020.
Upon completion, the 34-story Residences at La Colombe d’Or will connect to the neighboring hotel through a series of amenitized areas, including an art gallery and outdoor plaza with fireplace. Another outdoor greenspace, totaling approximately 14,000 square feet, is planned for the northernmost portion of the site. The direct connection to the hotel and restaurant offers exclusive access for the residents of the project. The new building will also provide 17 additional luxury rooms for guests of the La Colombe d’Or Hotel.
The project is within walking distance to Houston’s Museum District – currently home to 19 museums, world class restaurants and night life and the Upper Kirby District. The Montrose neighborhood also provides future residents with direct access to major transit arteries and public transportation.
“La Colombe d’Or is one of those unique Houston gems that makes our city so special,” commented Hines Founder and Chairman Gerald D. Hines. “We look forward to working hand-in-hand with the Zimmerman family to be a part of the next chapter in the legacy of this celebration of enriched living.”
“The combined expertise of this joint-venture team combined with an exceptional location make this a unique investment opportunity for us,” said Alex Hancock, a director on the TIAA Global Asset Management acquisitions team. “We expect the global demand for institutional-class multifamily to remain strong and believe core urban centers will continue to attract both residents and businesses seeking convenience and proximity to amenities.”
“There are no multifamily assets of this quality slated to compete with the opening of La Colombe d’Or, and the timing of this luxury development takes full advantage of that,” JLL’s Melody added. “When the Residences at La Colombe d’Or delivers, it will be unrivaled by any other product of this quality in the asset class.”
Hines Senior Managing Director Kevin Batchelor stated, “We are pleased to partner with TIAA on this new, high-quality luxury tower. This is a special site and we are honored to be a part of the renovation of La Colombe d’Or with the Zimmerman family. We are committed to delivering a superior product and we are excited about working with the community on this important project.”
About The Zimmerman Family
Montrose champion and luxury hotelier Steve Zimmerman has been shaping the development of his favorite Houston neighborhood since he opened Zimm’s, the city’s first wine bar and sidewalk cafe, in the ’70s. A few years later, he transformed the nearby historic Fondren Mansion into the opulent boutique hotel, La Colombe d’Or. The hotel, which is soon beginning a major renovation and expansion, is also home to Steve’s much lauded French restaurant, Cinq. Sons Dan and Mark are now working alongside their father at La Colombe d’Or, and two summers ago opened the buzzy restaurant Pax Americana right next door to Zimm’s, whose management the sons have recently also wrested from their mom, Becky. Dan says he’s honored to help steer the stunning growth and redevelopment of the neighborhood. “We really feel close personal pride [in] Montrose,” he says. “It’s a very special place.”
About TIAA Global Asset Management
TIAA Global Asset Management provides investment advice and portfolio management through Teachers Insurance and Annuity Association (TIAA) and more than a dozen affiliated registered investment advisers. Collectively managing $889 billion in assets, the business provides access to innovative investment strategies through expertise that spans traditional and alternative asset classes, generating new investment opportunities for clients through a wide array of vehicles including funds, customized strategies and solutions. TIAA Global Asset Management is committed to TIAA’s legacy of helping individuals and institutional clients achieve long-term investment success and financial well-being.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 182 cities in 20 countries. Hines has $89.1 billion of assets under management, including $42.5 billion for which Hines provides fiduciary investment management services, and $46.6 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Since its founding, Hines has developed, redeveloped or acquired 1,126 properties, totaling over 351 million square feet. The firm’s current property and asset management portfolio includes 457 properties, representing over 193 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.