Houston construction incentive program breaks ground

This 335-unit project is expected to cost upward of $60 million to complete.lIn an effort to spur additional homebuilding activity among Houston real estate developers, the first project of a new incentive programs recently broke ground.The Downtown Living Initiative Chapter 380 is a publicly funded real estate initiative, and the SkyHouse, located downtown, is the first project. This 335-unit project is expected to cost upward of $60 million to complete and will be funded from a mixture of public and private backers.?”We want to jump-start the residential, a short term push,” Laura Van Ness, director of business development for Central Houston told the Houston Business Journal. “Once we get the 2,500 units, that will be the jump-start we need. We think other residential will follow.”The Downtown Living Initiative Chapter 380 was originally passed earlier this year, and is expected to incentivize construction activity in order to double the downtown housing options by 2016. This could ultimately have a very positive impact on Houston real estate by driving demand in the downtown area higher. Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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