HOUSTON – The historic Heights waterworks site has been sold for $15.2 million at a price that was “way above the appraised fair market value,” according to the Houston Chronicle.
Houston City Council Tuesday approved the sale of the historic Heights waterworks to an apartment developer for $15.2 million.
The purchase price is “way above the appraised fair market value,” according to the council item that outlined the sale to Alliance Realty Partners, a Phoenix-based apartment developer planning to redevelop the site.
The properties — catty-corner lots along Nicholson at West 20th streets — include one of the city’s early water pumping structures. The building at 449 W. 19th St. is a protected landmark.
The developer recently presented preliminary plans for the nearly 4-acre site to residents and business owners. During that meeting, attended by councilwoman and Mayor Pro-Tem Ellen Cohen, residents expressed concern about increased parking on the nearby residential streets and flooding.
The project is expected to include two midrise apartment buildings with garages and retail space.
The city said Alliance submitted the highest cash offer out of 19 proposals the it received.
The historic waterworks includes a 1928 concrete and brick reservoir building recorded in the National Register of Historic Places; an Art Deco pumping station from 1939; and a pump building constructed in 1949.