Towers for residents and medical offices, and an acquisition

48-Story Mixed-Use Tower for Medical Center

Houston-based Medistar Corp. plans to build the 48-story Innovation Tower containing medical office space, and potentially residences, in the Texas Medical Center on Main Street in Houston, the Houston Chronicle reported. Construction is expected to start in the third quarter of this year. The first phase will consist of 476,500 sq. ft. of office space, a 1,700-car parking garage and possibly retail. The market will drive the second phase, which could be additional office space or approximately 400 residential units. In all, the tower will offer 1.6 million sq. ft. connected to the recently completed InterContinental Houston Medical Center hotel and Latitude Med Center apartment tower.

Hines Building “Impressive Residential Development”

Houston-based Hines is building a 46-story apartment tower at Preston and Milam streets it is calling its most impressive residential development yet, the Houston Chronicle reported. Taking shape on the former site of the Chronicle’s parking garage, the Preston was designed by Munoz + Albin diagonally to the city grid to provide wider, uninterrupted views. A Hines executive said developers traveled to Europe to procure some of the high-end finishes for the 373 units, including 10 penthouses. Amenities include a swimming pool, coworking space and a pet spa. One of approximately 30 towers Hines has developed locally, the Preston is expected to open in late 2022.

Local Rack-and-Pinion Elevator Company Acquired

Century Elevators, a rack-and-pinion elevator specialist based in Webster (part of the Houston metropolitan area), has been acquired by BrandSafway, a global player in the access and industrial-services market with headquarters in Kennesaw, Georgia. The deal became effective on February 22, with Century Elevators now operating as Century Elevators by BrandSafway. Founded in 2009 by a team of industry veterans, Century Elevators provides an array of products and services to clients in the oil and gas, petrochemical, mining, power, commercial construction, infrastructure and transportation industries. It is the exclusive distributor of PEGA Hoist Ltd. products throughout North America and of Böcker Maschinenwerke GmbH products throughout the U.S.