Houston-based Hines, the 61-year-old international real estate firm that's been involved in 29 developments in downtown alone, plans to start construction next month on its newest hometown project: a 46-story apartment tower the company says will be its most impressive residential development yet.

"This one's very special," said Kevin Batchelor, senior managing director with Hines. The cost of the project per unit, he said, will be the company's highest to date for a residential tower in Houston.

The building, which will be called the Preston, will go up at the corner of Preston and Milam streets on the site of the former Houston Chronicle garage. It will be the tallest residential building downtown, and its design will give it a distinct place in the city skyline.

The design sites the building diagonally to Houston's street grid, providing wider, uninterrupted views from the units, said Jorge Munoz, principal of Munoz + Albin, the architecture firm chosen to design the tower.

"It became very clear to us that by rotating the tower it would not only capture better views for the residents, but we would open up an urban plaza within our site," Munoz said.

The design also takes into account its location kitty-corner to two important neighbors: Market Square Park to the north and a new Hines office tower under construction to the south.

The building, which will have 6,800 square feet of street-level retail, will share the block with the historic Hogg Palace condominium building fronting Louisiana Street.

The new tower will be loaded with amenities and pricey finishes. The 373 units will have floor-to-ceiling windows and quartz countertops, stainless-steel Bosch appliances, wide-planked wood flooring and custom Italian-made cabinetry.

"We actually went to Europe and negotiated propriety relationships with suppliers that allow us to design units that haven't been seen in the market," Batchelor said. He did not disclose the project's price tag, but Hines' other new residential towers have exceeded $140 million in development costs.

Units will range from 580 to 2,927 square feet, with the average size unit renting for around $3,900 per month.

There will be 10 penthouse apartments -- some nearly 3,000 square feet -- on levels 44 and 45 that will rent for as much as $13,700 per month. Select units will have fireplaces and outdoor kitchens with gas grills and refrigerators.

The building will have 24-hour concierge service, a swimming pool and yoga lawn on the 10th floor, coworking and conference space, guest suites and lounges with complimentary beverage and coffee bars. There will also be a "pet spa" and bike shop.

The design and construction team, all Houston based, includes Munoz + Albin, Mayfield and Ragni Studio, TBG and Harvey Builders.

Pre-leasing is expected to begin in October 2021 with a scheduled opening of in the third quarter of 2022.

Chicago-based Cresset Wealth Advisors and Levy Family Partners are Hines' investment partners on the project.