HOUSTON (RealtyNewsReport.com) – AmReit has announced a $1.2 billion plan to redevelop Uptown Park, located on 17 acres on the west side of Loop 610 at Post Oak Blvd.

The first step will be to replace a building occupied by several retailers with a high-rise residential tower on top of 200,000 sf of retail.

Existing one-story shops and restaurants will be demolished gradually and replaced with taller buildings that yield more revenue.

AmReit’s master plan, designed by Kirksey, has seven high-rise or midrise structures on the property. Ultimately, the project will have a hotel, 850,000 sf of office space, three residential buildings, and more than 300,000 sf of retail.

AmReit purchased the property in 2005. It contains 169,000 sf.