Chicago-based Origin Investments and Naperville, Ill.-based Marquette Cos. are teaming up on 2404 Navigation, a 300-unit mid-rise community aspiring for a resort-like vibe in Houston’s East Downtown submarket. The location is designated as an Opportunity Zone and once hosted the city’s vibrant Chinatown until migration patterns depleted the population.
“Navigation is a romantic boulevard that will be an incredible amenity for the residents with great restaurants, festivals, and farmers markets,” says Marquette Cos. president and chief investment officer Darren Sloniger. “This is a truly unique community, with great history, walkability, and culture. We are honored to be members and to play a long-term role in the development of the neighborhood.”
Sitting near the George R. Brown Convention Center, BBVA Compass Stadium, and Minute Maid Park, as well as being served by two light-rail lines, the site has opportunity written all over it. The OZ designation put the icing on what was already a tempting treat.
“We’ve said it from the outset, real estate developments must be fundamentally sound and capable of succeeding on their own merits, regardless of their location within an Opportunity Zone,” says David Scherer, a co-founder of Origin Investments. “2404 Navigation meets our stringent criteria as a sound investment opportunity; it also happens to be in an Opportunity Zone, which will provide further benefits to investors down the road.”
The eight-story community will rest on a 1.86-acre site and will include 300 units with 836 average square feet per unit. The development will feature 60 junior one-bedroom units starting at 548 square feet; 200 one-bedroom units starting at 713 square feet; 38 two-bedroom units starting at 1,230 square feet; and two three-bedroom units at 1,568 square feet.
Building amenities will include tech-enhanced living, underground parking, on-site restaurants, co-working spaces, and a rooftop lounge. There will also be a fitness room, a yoga studio, a swimming pool, a grilling area, a rooftop terrace, a private dining room, a game room, cabanas, and fire pits. Unit amenities include washers and dryers, slate appliances, chef-grade stoves, porcelain countertops, and private patios.
According to the development plan, the first units will be delivered in April 2021, at the same time the parking and amenity space are delivered. The remaining units will be delivered the following months, through approximately the end of June 2021.