Tapped by the City to lead $27 million renovation of W. Leo Daniels Tower
HOUSTON, TX– ITEX Group, LLC (ITEX) has been chosen to lead the renovation of the W. Leo Daniels Tower, a 100-unit complex in the Eastex/Jensen neighborhood of Houston. Residents will benefit from an extensive renovation to their living spaces and improved supportive services. Built over 40 years ago, the property will now be run by J. Allen Management. Total development cost for the project is approximately $27 million with completion expected by Q4 2023.
“We’re honored to have the opportunity to revitalize such a critical housing resource for the City of Houston,” said ITEX CEO Chris Akbari. “This extensive renovation will mean a vastly improved quality of life for tower residents. We look forward to providing the kind of homes that all can be proud of and flourish within.”
ITEX led development efforts with partners Jeshurun Development, J. Allen Affordable Housing Development and AHDPC Holdings with support from the City of Houston and the U.S. Department of Housing and Urban Development (HUD). The development is being funded by the Royal Bank of Canada, the City of Houston and CitiBank.
“The existing housing units are old and located in an area where affordable housing is desperately needed,” said Mayor Sylvester Turner. “We recognized that need as a City and are glad to assist, because it will require much more resources than a typical rehabilitation. The City supports these communities and the resulting benefit of improved housing for vulnerable residents. Rehabilitating older properties instead of demolishing and creating new developments is a wonderful way for neighborhoods to keep their character and local history.”
Built at 8826 Harrell Street in 1979, this community of 100 apartment homes serves very low- and extremely low-income Houstonians who are elderly and/or disabled. This rehabilitation, completed through the City of Houston’s Harvey Multifamily Program, will bring investment to an asset in disrepair and establish resilient, high-quality housing where it is much needed, helping people stay in their community.
Residents will enjoy renovated studio- and one-bedroom apartments with new interior design, energy-efficient appliances and upgraded accessibility. Renovations will also include new electrical, heating and cooling systems, plumbing, insulation, and sheetrock along with new wood cabinets, granite countertops, tile work, new fixtures, doors and resilient flooring. A new covered entrance and second floor exercise area will further enhance the resident experience. With the support of the US Department of Housing and Urban Development no resident will have to pay more than 30% of their income in rent.
For additional information on the developments funded through Houston’s Harvey Multifamily Program, please see recovery.houstontx.gov/multifamily.
The City of Houston Housing and Community Development (HCDD) makes long-term investments to improve the lives of Houston residents by creating opportunities for every Houstonian to have a home they can afford in a community where they can thrive. Our department will invest approximately $450 million in federal, state, and local funds this fiscal year to construct and maintain affordable homes, reduce barriers to homeownership, support the work of social service providers, build public amenities, and facilitate disaster recovery efforts. Learn more about programs and resources for Houstonians at www.houstontx.gov/housing.
Founded in 1981, ITEX has developed over 8,000 units in over 60 communities representing more than $800 million in completed developments. The team currently manages over 7,400 attainable luxury and affordable housing units. The development of new communities — from ground-up planning to comprehensive neighborhood revitalizations — is a core component of ITEX. We greatly value the positive impact our partnerships with local governments, housing authorities, non-profits, and employers have brought to the communities in which we invest and work. ITEX has been named among America’s “Best Places to Work in Multifamily.”
For more information, visit: https://itexgrp.com/