Real estate plan in Houston aiming high

A skyline-changing development by a Chinese real estate company is a vote of confidence for Houston's economy.

Tianqing Real Estate Development, US subsidiary of Tianqing Group, on Monday released architectural renderings of a multi-use development designed as a crossroads connecting downtown and uptown Houston.

David Du, president of Tianqing RED, said Tianqing RED picked Houston due to its robust economy. To him, Texas is like the California of 1990s or China's Shenzhen.

"Since our 2013 venture into the real estate market in Canada, we expanded our business to the US market in 2015," Du said. "The Allen Parkway project is our first project in the US, and we believe it will lay a solid foundation for our future development endeavor."

Charles Foster, chairman of US China Partnerships and an immigration lawyer, said the project is unique.

"For Houston, this is a unique property near downtown Houston next to the Federal Reserve. The land is next to the Buffalo Bayou, which is like our Central Park to New York. The project will be transformational for the area," Foster said.

According to Du, an overpass linking the development to Buffalo Bayou will provide vehicle-free access to the park.

"The Houston economy has been slowed by the decrease of the oil price. It's encouraging that major projects like that are still going forward at a prime location for Houston," Foster said.

The $500 million plus project, developed by Tianqing RED and DC Partners along with retail partner Transwestern Retail and office partner Stream Realty Partners, was designed by HOK, a global innovator in sustainable, high-performance projects. Tianqing Group is the largest real estate company in China's Gansu province.

The renderings provide a look at innovative urban living in the heart of Houston.

Located northwest of downtown, phase one of the project includes a luxury hotel and condominium tower, retail pavilion and office building. A luxury hotel chain operated by Thompson Hotels, a member of the Cond Nast Traveler's Hot List 2017, has signed on to the project.

"We have applied our deep understanding of urban development with an eye to leading-edge design and exacting detail," said Roger Soto, design principal for HOK's Gulf Coast region.

"The bold concept of this development has inspired excitement with our team, partners and investors alike," said Roberto Contreras, president and chief executive officer at DC Partners.

mayzhou@chinadailyusa.com

(China Daily USA 04/25/2017 page2)