Dallas-based Lincoln Property Co. just bought a little more than 8 acres of land near the soon-to-be-reimagined Houston Farmers Market off Airline Drive for a new four-story, Class A apartment complex.
Becky Hand and Tom Dosch with Houston’s Dosch Marshall Real Estate brokered the deal. The land originally belonged to an unnamed out-of-town investor from Waco, Texas, and was sold for an undisclosed amount. This will be Lincoln Property’s first multifamily project in about 30 years, they said. Requests for comment from Lincoln weren’t immediately returned.
The apartment project will include about 300 units and will have surface parking rather than a parking garage, Dosch said, due to the larger 8-acre size. Dosch and Hand estimate it could be about 18 months before any units are available.
They received several offers from apartment developers, investors and townhome developers, Dosch said, all eager to embark on land they consider ripe for redevelopment.
“This is a unique opportunity to come into a market that’s changing very rapidly,” said Dosch, principal at Dosch Marshall.
Located near the Heights, the area will likely start to see new residential and commercial projects crop up as the market’s new look is complete. The site is at 700 W. Cavalcade St., near the corner of West Cavalcade and Airline and about a mile southwest from the intersection between the 610 Loop and Interstate 45.
In 2017, Houston-based MLB Capital Partners closed a deal to acquire a controlling interest in Farmers Marketing Association of Houston, Texas Inc. and the Houston Farmers Market. The new owners shared some initial plans a few months later, and an animated video tour of the project was released last month.
Houston Farmers’ Market at 2520 Airline Drive will phase in construction over the next three years to allow parts of the roughly 17-acre site to stay open.