3L Real Estate Secures $136 Million Loan for Conversion
Bank OZK financing will fund the office-to-residential and hotel conversion of One City Centre in downtown Houston.
Updated on Nov. 4, 2026 in Commercial
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3L Real Estate has obtained a $136 million loan from Bank OZK to convert One City Centre, a 780,530-square-foot tower at 1021 Main St. in downtown Houston, into residential and hotel space. The project plans 460 multifamily units and 93 hotel keys.
Why it matters
The loan advances a conversion of an older office tower into housing and lodging in the central business district. The project's progress may indicate how other downtown Houston office properties could be repurposed.
The $136 million Bank OZK loan finances a conversion of the 1960-built tower. More than 60 percent of the planned residential apartments will have one-bedroom layouts, and the timeline for completion was not reported.
The players
3L Real Estate
A real estate firm leading the conversion of One City Centre into residential and hotel space.
Bank OZK
A bank that provided the $136 million loan financing the One City Centre conversion.
Joseph Slezak
The CEO of 3L Real Estate, who described the planned hotel as non-flagged corporate lodging.
The details
Floors seven through 29 will house the residential units, while levels two through six will contain the hotel component. A new skybridge will connect the sixth level to the rooftop of a nearby garage, where a pool deck is planned. Gensler's designs were filed for a Certificate of Appropriateness with the Houston Archaeological and Historical Commission.
Timeline
June: The nearby 919 Milam St. office property, which spans 542,919 square feet, traded.
Last year: 3L CEO Joseph Slezak described the hotel as non-flagged corporate lodging.
November 4, 2026: The loan was reported.
Market Landscape
Office-to-residential conversions of aging downtown towers are emerging as a repositioning strategy for properties like One City Centre. The nearby 800 Bell high-rise, at 1.2 million square feet, is also being considered for residential reuse.
Downtown Houston residents may see new apartment supply once the 460 multifamily units are completed. Future hotel guests will find 93 corporate-oriented keys serving the central business district.
The takeaway
Aging office towers in central business districts are being evaluated for housing and lodging reuse, which could change the mix of uses downtown. Readers tracking Houston real estate can watch whether similar conversions advance.
Further reading
Explore more Houston commercial real estate coverage for context on downtown office conversions.
Source note: This article includes information reported by 301 Moved Permanently.
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