Cresset-Diversified QOZ Fund and Hines break ground on QOZ investment The Preston

Hines, an international real estate firm, and investment partners Cresset-Diversified QOZ Fund have started construction on The Preston, a luxury for-rent residential high-rise community in downtown Houston. The project, located on the site of the former Houston Chronicle parking garage at the corner of Preston and Milam streets, neighbors Hines and Ivanhoé Cambridge’s 1 million-square-foot office tower, which is under construction at 800 Texas Avenue. Comprised of 373 luxury residences, the 46-story high-rise tower will stand taller than any other downtown residential community and will boast panoramic views of the central business district, Market Square Park, Sesquicentennial Park and Buffalo Bayou, as well as long views to the Heights area and beyond. Positioned diagonally on its site on the north side of downtown, the building’s distinct façade will become an important contribution to the Houston skyline.

The Preston’s prime location between Mark