The main construction contractor will begin work there this summer. Doug Crosson of Threshold Interests, which recently developed the Hermann Lofts in downtown, is assisting with the redevelopment of Bayou Lofts. Minnette Boesel, who handled sales at the Hermann Lofts, is also marketing the new project. Having a base of people living downtown has been considered an important factor in strengthening downtown retailing and the office market. Several other old downtown buildings have been redeveloped for residences, including the Rice Hotel, where the first tenants have recently moved in.
Spire is a significant player in downtown Houston.
Many realty experts have considered that centrally located block to be the best site for Houston's next downtown office tower. Instead of buying only vacant buildings or buildings with low occupancy rates, Segal has started purchasing buildings that are fully occupied. Segal's buying spree began in Houston in January 1995 with the purchase of a office building in the Park Ten complex. His Houston portfolio contains 3.2 million square feet of office space. Some of the buildings are now worth six times what he paid for them, Segal said.