HOUSTON – (Realty News Report) – Brava, the new 46-story multifamily community in downtown Houston, is the tallest residential tower in Houston.
Hines, along with investment partners Cresset-Diversified QOZ Fund and Levy Family Partners, celebrated the grand opening of Brava last week.
The Brava, 414 Milam at Preston, was built in a Qualified Opportunity Zone which allows investors to be excluded from paying federal capital gains tax if they hold the new project for a significant amount of time.
The Brava site was formerly the Houston Chronicle parking garage, a rough concrete structure that had been in dire need of a power washing for three or four decades.
Hines bought the Houston Chronicle property, a block and a half, about seven years ago for more than 50 million, as first reported in an exclusive story by Realty News Report. Hines built the 47-story Texas Tower office building, 845 Texas Avenue, on the full block. The half-block where the Chronicle parking garage once stood is where the 373-unit Brava apartments were built.
With the Brava’s interiors, Hines paid homage to the newspaper with artwork and design elements. Concrete columns in the Brava lobby are laced with newspaper headlines over the last century. Newspaper images were transformed into lobby artwork by Barcelona artist Sergio Albiac. Brava’s fitness center is called “Sports Lounge” in a nod to journalists who worked on the Chronicle Sports section.
https://realtynewsreport.com/houstons-tallest-apartment-opens/
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