The Cosmopolitan apartments in downtown Corpus Christi are nearing completion. This photo was taken in Dec. 2015. Photo by Carrie Robertson Mayer/Third Coast Photo
The leasing office of the Cosmopolitan, a downtown high-rise apartment complex, is expected to open for business in the next 30 to 45 days. Construction work resumed this week on the $26.6 million project, which was been on hold for about three months. It should be completed sometime in September.
Work stoppage came after cost overruns jumped the $23.7 million price tag by more than $3 million. With the finish line in sight, developers returned to investors for the additional funds.
The lack of a completion date has delayed leasing units in the all-rental building. According to a company spokesperson, around 500 people have expressed an interest in renting as of mid-December 2015.
Located at 401 N. Chaparral St., the 165-unit complex is expected to be a cornerstone of revitalization downtown. Rents are expected to run from $1,200 a month for one-bedroom units to $1,460 for lofts. The bottom floor will house commercial businesses.
“There’s a growing project pipeline to downtown,” said Terry Sweeney, executive director of the Corpus Christi Downtown Management District. “With what’s happening with the 600 Building and the two new projects on the bluff, and the recently announced hospital, I think you’ll see a more vibrant downtown. I expect an increase in new businesses as they see that there are more customers at their doorstep.”
The 600 Building is a 50-year-old office tower that sits atop the bluff dividing downtown from uptown Corpus Christi. It may soon be converted into a 126-unit apartment complex. New plans for The 600 Building at 600 Leopard Street and Upper Broadway came before a city zoning board recently. The board approved $2.56 million in incentives to help facilitate the conversion.
The two bluff projects Sweeney mentioned are 723 Upper Broadway St. and 817 Carancahua St. The Upper Broadway property is planned as a mixed-use building that would include ground-floor commercial space with 42 apartment units above. The Carancahua St. proper is slated to become a 44-unit complex of studio apartments, including affordable housing. Both buildings are office complexes now sitting vacant.
A permit to build a new rehabilitation hospital at 345 S. Water Street was filed with the Corpus Christi development office Feb. 18. The 59,242-sq.-ft. building is expected to cost $11.2 million. The facility will include 40 private inpatient rooms; inpatient physical, speech occupational and aquatic therapies; emergency treatment; respiratory therapy; laboratory; pharmacy; and a dietary department.
