Historic Page-Renovated Downtown Building Up for Sale
A historic apartment building in downtown Houston is up for sale.
The Houston Chronicle reports that Atlanta-based Post Properties is selling the Post Rice Lofts building, originally the Rice Hotel.
The Rice Hotel was built in 1913 but sat vacant from the late 1970s until 1998, when it was converted into Post Rice Lofts, a project containing some 300 loft-style apartments.
That same year the seven-story Hermann Estate Building on Travis, built in 1917, was converted into the Hermann Lofts. Houston architecture firm Page renovated the Rice Hotel— as well as the Commerce Building and the former Texas State Hotel, also downtown.
The 18-story building at 909 Texas could sell for between $65 million and $70 million, David Oelfke of ARA Houston told the Chronicle. ARA is listing the building, which is being sold as a leasehold interest. Houston Housing Finance Corp. will continue to own the building for at least a few more years, the Chronicle reports, and the buyer will acquire a lease on the property. The buyer will be able to acquire the building once the lease expires.
Meanwhile, there is a growing interest in downtown living.
Most recently, the Houston-based Finger Cos. broke ground on apartments next to the Houston Astros’ Minute Maid Park. And work is underway on SkyHouse Houston, the first project to take advantage of the city’s new downtown residential incentive program.
View a slideshow of the renovated Rice Lofts building.
Olivia Pulsinelli, Houston Business Journal
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