Developers hope to lure renters to downtown Houston

HOUSTON (KTRK) -- A huge new project is about to hit downtown Houston.

Nestled near restaurants and a parking garage will be something different. An empty lot on Preston near Market Square will soon be known as Market Square Tower.

"We just thought the timing was right. All the ingredients came together," said Philip Schneidau with the Woodbranch Investments Corp.

"We think 35- to 40-year-olds. A lot of professionals, as well as empty nesters," said Bill Burney with the Oakmont Group.

It's 40 stories tall, has 463 apartments and will have two swimming pools, including one on the roof.

"Downtown has come a long way when they built Minute Maid. I could not believe they built Minute Maid here," Houston resident Tony Piercey said.

But, the price of luxury and convenience will cost you anywhere from $2,000, all the way up to $5,800.

Question is: Will people choose high rise living, opting out of the suburbs?

"I love the fact that Houston is getting a bit like New York," resident Jerry Vann said.

Developers are banking on new jobs bringing new faces with a desire to live closer to work, and people who want to avoid Houston's headache, the traffic.

"We've seen a lot of positive signs. Clear evidence that this market has matured and that was has happened in so many downtown districts is finally starting to happen here," said Jack Lee with the Oakmont Group.

The project is set to break ground next month. Construction is expected to take 33 months.