Apartments planned on land around Pier 1 Imports Building downtown

Five months after putting a 3-acre tract on the block on the site of the 20-story Pier 1 Imports Building, owner Houston-based Hines is ready to show a downtown review board a concept plan for an apartment community planned for the property.

The land hasn’t sold yet, Hines spokesman Mark Clegg said Tuesday.

And, the company still isn’t commenting “at this point” about the development, despite it being on the agenda for the Downtown Design Review Board Wednesday.

The applicant, Alliance Pier 1 Residential, wants a review and comments on the conceptual design of an apartment complex, the agenda says.

The Downtown Design Review Board would have to issue a certificate of appropriateness for the project to obtain building permits. Developers often show the board preliminary plans to get a read on whether it will pass the board’s purview.

In April, Hines said it was selling the parcel, bordered by Summit Avenue on the east and West Fifth Street on the south, with the office tower and parking lots to the north and west, respectively.

The property was being marketed as a development site for multifamily use or a hotel.

Hines bought the building in August of 2014 from Oklahoma City-based Chesapeake Energy and changed the name to the Pier 1 Imports Building, the building's tenant. The building sits on 29.3 acres, some of which is used for parking.

Pier 1 built the office tower as its headquarters in 2004. It has a lease through 2027.

Hines is a privately-held real estate firm involved in investment, development and property management worldwide.

This story was originally published September 8, 2015 at 3:20 PM with the headline "Apartments planned on land around Pier 1 Imports Building downtown."