Tower 5040 student housing project to go up near University of Houston

Developers are moving forward with Tower 5040, an eight-story luxury student housing development across from the University of Houston.

WGC Development announced plans to break ground on the project, on the west side of Calhoun Road south of Wheeler Avenue. The 1.49-acre parcel previously housed the Sigma Chi fraternity house, which was torn down in 2016.

WGC Development, a partnership formed by Rocky Stevens and Mark Seger of Houston-based Wellington Development Co.; Gore Creek Partners, a Vail-based private equity firm led by Steve Spessard, former CEO of Asset Campus Housing; and a financial partner, said the project initially announced last year was ready to move forward.

Spessard, in a press release, said the project will help meet the need for housing as the university continues to grow.

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"Our goal with this project is to offer the best amenities and floor plans in the market for students at U of H, as well as Texas Southern," he said.

Tower 5040 will have 405 beds in 147 units and is scheduled for completion in summer 2020. Dallas-based Humphreys & Partners Architects designed the project, which will have five stories of residences above parking on the first three levels.

Rental rates were not disclosed.

The project will offer one-, two- and four-bedroom units and resort-style amenities such as a swimming pool with a "dive-in" movie screen, fitness center, conference room, business center, private study rooms, game room, indoor and outdoor socializing areas, and a park for pets.

Arch-Con Construction is the general contractor. Nick Gonzalez of GRC Capital arranged financing.

Other area off campus student housing projects in the last five years include The Vue on South MacGregor, Campus Vue on North MacGregor Way near Calhoun, and Aspen Heights at Martin Luther King Boulevard and Old Spanish Trail.

Wellington Development Co. has developed retail, medical, office and student housing properties over the past 30 years.

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