May 2, 2014
River Oaks District Lands Several Major Luxury Shops
Houston Business Journal
by Jenny Aldridge Four major luxury retailers have signed agreements to open stores in the River Oaks District. Cartier, Dior, Hermès and Tom Ford will have stores in the 15-acre, mixed-use development located on Westheimer Road, down the street from the Galleria. Hermès will be housed in a two-story building that will serve as the brand’s newest flagship location with space totaling 10,117 square feet. Dior will also build two stories, spanning 9,056 square feet. Cartier and Tom Ford will be in 6,040 and 4,906 square feet of space, respectively. “The custom stores are large enough to offer the full collection each season for Cartier, Dior, Hermès and Tom Ford. They will further solidify Houston as a fashion destination for Houston’s local and visitor market,” Jeff Zeigler, senior managing director of retail services for California-based developer OliverMcMillan, said in a statement. OliverMcMillan broke ground on the 15-acre project last summer. The complex is scheduled to open in the spring of 2015 with 252,000 square feet of retail, restaurants, cafés and a cinema, along with 92,000 square feet of office space and 279 residential units. River Oaks District will compete with the Galleria and Uptown Park for Houston’s luxury consumers. Both are currently undergoing large renovations. Matt Keener, senior vice president of brokerage retail properties for CBRE’s Houston office, recently told the Houston Business Journal that the River Oaks District charges up to $150 per gross square foot for rent. The average retail rental rate for the Houston area is $21.94 per square foot, with a vacancy rate of 7.3 percent, according to 2014 first quarter reports.