Houston experienced significant economic resilience and growth amidst looming concerns of a recession. Despite slowdowns across sectors, the Bayou City continued to create jobs, adding 53,700 in the first 10 months of ’23, according to the Partnership’s Houston Region Economic Outlook report. While the real estate market faced challenges, the greater Houston region saw many dynamic projects come to life, including the opening of Helix Park, the Texas Medical Center’s first phase of its new 37-acre campus.  Looking ahead, here are a few developments that will impact Houston’s economy in 2024.  Arco Del Tiempo Serving as the centerpiece in Houston’s East End Guadalupe Plaza Park, Arco Del Tiempo is a new environmentally sustainable art installation aiming to advance the region’s transition to an energy abundant future. Standing at a 100-feet tall, Arco Del Tiempo will not only generate power for the nearby City-owned Latino multicultural performing arts theater, Talento Bilingüe de Houston, but it also will offer a gathering space for the community. Arco Del Tiempo is set to be installed in 2024.  Click to expand Austin Point Austin Point is a first-of-its-kind 4,700-acre master-planned town that will feature 1,600 acres of mixed-use commercial development space and a walkable downtown area with hospitals, life sciences labs and corporate headquarters. The first phase of the development will include The 1824, a central park and community center with a café, wine bar, large front porch, an event lawn, children's play area, beer garden, food truck court, walking trails and a dedicated space for outdoor fitness activities and games.   Autry Park Spanning 14-acres in Montrose, Autry Park is an urban village designed to increase connectivity and walkability to food, entertainment, retail and living in the area. The project's first phase includes two apartment buildings, Hanover Autry Park, a 24-story apartment tower with 324 units, and Hanover Parkview, an eight-story mid-rise with 421 units, both have already opened. Phase two is projected to open at the end of 2024 with additional commercial tenants and retail space. BioHub II at Generation Park Generation Park, Northeast Houston’s massive commercial development, is set to open its new state-of-the-art, 45-acre biomanufacturing hub – BioHub II this year. The new master-planned campus will include 500,000 square feet for cGMP manufacturing, lab and office space and house the biomanufacturing workforce institute that will offer certificate coursework in bioprocessing to students, further expanding the region’s life sciences ecosystem and workforce.  Click to expand East Blocks  A redevelopment project led by Houston-based Pagewood and Wile Interests aims to transform former warehouses in EaDo into a walkable 10-block mixed-use district. East Blocks is expected to break ground in the second quarter of 2024 and will encompass 513,000 square feet southwest of Shell Energy Stadium. Phase one will include a unique blend of restaurants, shops, office and green space and will include existing tenants 8th Wonder Brewery and Pitch 25, while phase two will focus on additional retail and restaurant space. The Allen The Allen, a sophisticated new mixed-use development is currently underway in Houston’s Allen Parkway corridor. The first phase, The Residences at The Allen, includes the development of a $290 million, 35-story skyscraper that towers over Buffalo Bayou Park. The stylish new building offers luxury condos, high-rise penthouses and a sleek 170-room Hotel – the Thompson, which opened earlier this year. Phase II of The Allen is anticipated to break ground in early 2024 and will include more retail and restaurant space and luxury multi-family living.  Click to expand The Commons at Hermann Park Hermann Park is changing the game for green spaces in the Houston area with its new groundbreaking 26-acre development – The Commons. Slated to open to the public this week, The Commons aims to revolutionize the beloved park with a unique collection of play areas, including an immersive space-themed area and a life-sized carousel. The commons also features many new gathering spaces including a Central Lawn and the Live Oak Terrace.  The Houston Astros Entertainment District  The Houston Astros expect to break ground on a new entertainment district adjacent to Minute Maid Park in Nov. 2024 The district will feature a 17-story hotel, 60,000 square feet of retail space for restaurants and shops and a three-level gathering area for fans to watch Astros games and other major sporting events on a massive outdoor screen. The venue will also host live music performances. The Grand at 249 Situated at the corner of the Grand Parkway-Highway 249 intersection, the groundbreaking 65-acre retail center dubbed The Grand at 249 will span 404,256 square feet in Tomball, making it the largest retail concentration within Houston's northwest submarket. Slated for completion in 2025, The Grand at 249 will boast 12 pad sites and include tenants such as AT&T, Boomer Jack's, Gringo's, Jersey Mike's, Milano Nails and Two Pho Nine Asian Fusion.   Learn more about why businesses are choosing Houston and what it means to live, work and play in the Bayou City. 

As new development flourishes along the bustling FM 2920 corridor in Spring, the area is experiencing a remarkable surge in growth.  According to Community Impact, from 2016-2021, the zip code 77388, which encompasses the FM 2920 corridor, saw a 21 percent increase in population. As the North Houston suburb continues to attract residents, developers have expanded their footprint in the area. A Transwestern Houston Multifamily Market report shows that the Spring/Tomball submarket ranked the third highest for total new construction within the metro with 1,329 units in Q2 of 2023.   Click to expand Among the developments along the corridor are two new apartment complexes, Territory at Falvel and Virtuo Spring. Both are slated for completion this year. City Place, a 2,000-acre mixed-use district, is also adding a 326-unit apartment complex dubbed Echo Lake.   Additionally, the Everstead at Windrose, a 194-unit single-family rental community, is nearing completion. The project will feature world-class amenities including a resort-style pool, fitness center, playground, dog park and coffee shop.   Click to expand Medical developments are also growing in the area. The Spring Medical Plaza, a 55,354-square-foot medical complex, is set to open in May, securing a local surgical center as its first tenant. Kelsey-Seybold also recently opened its 40,000-square-foot expansion of its Spring Medical and Diagnostic Center.  “Kelsey-Seybold Spring Medical and Diagnostic Center has deep roots in this community, and as the area is growing, we are growing with it,” said Cecilia Fowler, Kelsey-Seybold senior director, Ambulatory Care, North Region in a statement.  Click to expand Gosling Oaks, a 50-acre mixed-use development, is also underway in the area. The property, projected to be completed next year, will incorporate 40,000 square feet of medical and professional office space, along with 100,000 square feet dedicated to retail and restaurant use.   Growth in development has driven enrollment rates at Spring ISD (SISD) schools to skyrocket. According to Community Impact, SISD’s enrollment increased by 628 students in the 2022-23 school year, marking a 1.9% increase from the previous year—the largest enrollment growth the district has had in more than a decade.  To accommodate growth, SISD is set to break ground on a new a site for Spring High School in 2025. According to a SISD news release, the school will sit on a 185-acre site and will feature state-of-the-art amenities and technologies and modern classrooms.   “We are so proud to support the campus’ future growth and the limitless possibilities this affords our students,” said school board President Justine Durant in the same news release.  Click to expand The district also recently unveiled plans for the Education, Performance and Instruction Center (EPIC), which will serve as a hub for districtwide events, including educational and performing arts showcases and high school graduation ceremonies. EPIC is expected to break ground next year with a target opening date of 2027.  Learn more about Houston’s Neighborhoods and Communities.