The historic Texaco office building located at 1111 Rusk in Houston, sat vacant for a quarter of century before Dallas-based Provident Realty Advisors acquired the downtown property from Kimberly-Clark last week. They had the 16-story building under contract since late 2011 for $16.4-million and have announced plans to begin renovations within a month.
Originally built in 1915 to house the regional offices of Texaco, the building’s most unique architectural element is the limestone arcade covering the sidewalk.
Provident plans to spend $95-million redeveloping the building into 309 high-rise apartments. Plans also include 8,000 square feet of ground-floor retail with a connection to the underground tunnel system, a nine-story parking garage for 550 cars and possibly a 28-story apartment tower above the garage with another 200 units.
The city has approved tax incentives from the Downtown Living Initiative program and the building’s facade repairs will receive TIRZ funds (Tax Increment Reinvestment Zone). Provident claims the building’s facade is in such disrepair that if it’s not renovated soon, it may become too expensive to repair.
Hnedak Bobo Group of Memphis is the designer and a subsidiary of Provident Realty is the general contractor. Provident hopes to have the first units on the market in one-year.
Rendering courtesy HBG Inc. and Provident Realty