Page 12 - Innovative Practice Awards Program - INNOVATION SYMPOSIUM 2017 - C. T. Bauer College of Business

Philip Schneidau
President
Project Leadership: Philip Schneidau Woodbranch Management, Inc.

Project Type: Multifamily
Building Size: 41 Stories, 463 Units
Date of Completion: Fall 2016

Market Square Tower is one of Houston’s premier multifamily projects located in Houston’s Central Business
District. Providing a unique twist to conventional projects, MST offers a wide base of amenities as well as a CVS
Pharmacy on the ground level. A unique property always faces challenges and constraints and we will discuss
this in the study.

Located on the northern corner of Houston’s CBD, the property is 41 stories tall and has 463 units. In addition, a
pre-existing 12-story, 960-car parking garage was renovated and incorporated into the project. Each level of the
parking garage has a sky bridge attached to the complex so tenants are able to walk directly into the residential
tower without having to take an elevator to the ground floor. While the property does offer 24/7 valet services,
this is a nice amenity for those residents who prefer to park their own car. There is also retail space on the
ground floor of both the tower and the garage.

The prime clients for this project are individuals who are seeking luxury rentals in central Houston. They come
from everywhere and really don’t have any common characteristic other than wanting to experience one of
Houston’s most beautiful properties. With Houston’s rental oversupply, MST can’t have as much of a ‘build it
and they will come’ stance to the market. They offer incentives for realtors and concessions for tenants. While
the rent is amongst the highest offered in the Greater Houston Metropolitan, the concessions make it quite
competitive for current luxury class tenants and potential downsizers in this market.

This property has two elevated pool decks. The roof top sky pool is the highest in Texas and is visible from the
ground level primarily because it extends 10 feet beyond the rooftop. Adjacent to the sky pool is the fitness cen-
ter, which also has great views of downtown and Minute Maid Park. There are numerous amenities including
a half-court basketball, golf simulator, spa, cinema, game room, children’s room, wine storage, banquet room
with catering kitchen, arcade room and others. It also provides several full-floor penthouses and small studios to
capture both ends of the luxury spectrum.

Multifamily - Living Elevated
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