HOUSTON, Texas (KTRK) -- In the last five years, Uptown - also called the Galleria area - has seen $3 billion worth of development. The Post Oak Boulevard project with wide sidewalks and oak trees is nearing completion.
"We haven't seen anything like it, particularly in this part of the country," said Scott Schwinger, president of McNair Interests, which is developing the property. "We feel the Uptown District is an area that's growing. It's transforming. We've owned a piece of land there for about four years now and we just saw the opportunity to bring something of high quality to the site. "
The center tower at 3200 Post Oak will stretch 50 stories. The development spreads out over six acres and will include a Rosewood Hotel, restaurants, office space, and residences.
"It's going to give us a great southern entrance into the Uptown area," said Bob Ethington, Director of Research and Economic Development for Uptown Houston.
Ethington told Eyewitness News this project is the first of many to come. For the next decade, they expect growth and new development.
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He points to the construction of multiple high rises and the Post Oak Hotel, a luxury brand opened by Landry's CEO Tillman Fertitta.
"You'll have Tillman Fertitta on the north end, that gateway coming in," said Ethington. "Bob McNair on the south end, that gateway coming in. It will be luxurious. "
So, Uptown will have the Rockets' owner with a hotel on the north end and the Texans' owner with one on the south end. The McNair development begins next year with planned completion in 2023.
As for the price point of the residences of hotel rates: nothing yet.