Houston/ Real Estate & Development
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Published on May 14, 2024
Apache Corp. Sells Prime 6.3-Acre Site for Future Luxury Mixed-Use DevelopmentSource: Google Street View

Oil and gas heavyweight Apache Corp. has offloaded a key 6.3-acre property in Uptown Houston, with plans now brewing for a luxe mixed-use complex to take its place. The sold parcel at 1750 Post Oak is set to transform under the direction of 1750 Post Oak Partners, an outfit pieced together by real estate honchos at Crescent Real Estate, Senterra, and Doggett Industries, as per a release from brokerage firm Transwestern who represented the buyer. Looking ahead, the venture aims to roll out an impressive 1.5 million square feet of upscale real estate, promising a swanky melange of office, retail, hospitality, multifamily, and "ultra high-end" condos.

In a bid to potentially elevate the Houston skyline, 1750 Post Oak Partners intends to break ground in late 2025, bringing the enterprise to a site that has stubbornly resisted development for over a decade. The land's earlier owner, Apache, originally aimed to construct their headquarters here but later decided to shift their office space to Westchase, leaving the plot idle. "We have long viewed this site as one of the most important and well-located land parcels in Houston," John Goff, chairman of Crescent, said in a statement obtained by Houston Chronicle.

The site's history is rooted in commercial real estate developments, as it was part of the ambitious BLVD Place ensemble spearheaded by Houston's commercial real estate firm Wulfe & Co., alongside the late Ed Wulfe. The parcel was part of the grander plan that was, over time, partially developed and then parceled out — with Wulfe & Co. cultivating 286,000 square feet of retail and office space and later selling chunks of it to various stakeholders, including the multifamily developer Hanover Co., Whitestone REIT, and yes, Apache Corp. This emerging blueprint is working toward completing the original vision for BLVD Place, according to Bob Sellingsloh, president, and principal at Wulfe, as mentioned in the Houston Chronicle.

This land sale, however, isn't Apache's first foray into real estate in this section of Houston. Flashback to the past when the company bought nearly a third of the land in the upscale BLVD Place project, sharing the territory with elite names like fine diner RDG + Bar Annie and high-fashion retailer Hermes. Ed Wulfe, CEO of Wulfe & Co., had once voiced his optimism, telling Chron.com, "It's a jump-start for the project and really allows us to move forward," lending credence to the notion that this corridor has been primed to become an affluent blend of commercial and residential life. Apache's side remained quiet on details back then, much like it has done so with the recent transaction.

Uptown's landscape has significantly changed over the years, with the aviation of residential towers and a revitalized Post Oak Plaza, signaling a surge in urban upscale living. And with Apache stepping out of the picture and 1750 Post Oak Partners stepping in, the plot at 1750 Post Oak is set to morph once more, this time maybe finally fulfilling its long-anticipated potential as a bastion of luxury amid Houston's ever-evolving cityscape.

Houston-Real Estate & Development