Having previously developed The Park Lane and 1400 Hi Line in Dallas, 2929 Weslayan was the third MF tower developed by Madison Marquette. Its intrepid design, grand scale and level of refinement made 2929 Weslayan the most ambitious development of any kind undertaken by PMRG in its history.
2929 Weslayan made a significant impact in the Houston multifamily marketplace by setting a new standard for rental rates, sustainability, physical size and innovative design. As the tallest apartment tower in Houston at the time of completion, 2929 Weslayan exemplifies a developer’s commitment to minimizing environmental impact through highly sustainable design that far exceeds the required regulations. Design features such as the self-shading exterior resulted in energy use 26% below code requirements. In addition to incorporating recycled construction materials, more than 31 percent of building materials were sourced locally, reducing vehicle emissions, and 98.55% of construction waste was diverted from landfills for future use.
PMRG’s proposed unit mix was met with skepticism from partners and the lender. The building averages 1,500 SF per unit while the 46 units with direct elevator access, including the penthouses, average 3,000 SF per unit. It is uncommon to build so many large units, but Madison Marquette’s understanding of the local market indicated there was pent up demand for this product at this location. When leasing kicked off in 2015, demand for larger units, and penthouses, drove weighted average effective rents to nearly $3.00/sf, the highest effective rents ever achieved by any MF property in Houston. The 11,880 SF of ground-floor retail/restaurant space is anchored by Houston’s only Roka Akor (Japanese) restaurant and Rocky & Maggie’s Pet Boutique & Salon (owned by TV star Bill Klein).