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About HNathoo

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    Clear Lake
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    Commercial real estate

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  1. East of Dowling has to meet city parking requirements, whereas west of Dowling is classified as CBD. This really changes the economics for commercial development, and justifies the price differential.
  2. Yeah, I'd say the land probably runs about 50% less in eado. It's tough to make townhomes work with dirt over $60psf.
  3. There is no way they can sell this land for anything close to what they paid. Maybe this project comes back around in 10 years after they've written this down/off.
  4. I believe the signs on that site stated that it will be a 100k sq ft self storage development.
  5. Great find! it looks like the Pierce Project near downtown isn't considered a Tier 1 Priority.
  6. I heard this was a laydown site for a job in downtown. I don't think anything is happening here, but I can't confirm.
  7. The cost to upkeep an office building is pretty high. If you have no future plans for the building, it's generally cheaper to demolish it, in lieu of sitting on a building with low occupancy and/or rents. Fortunately, they can collect some high margin income as a parking lot/garage while they plan out the future development.
  8. The Hampton was a new build hotel that received plenty of subsidies from the COH (Hotel occupancy tax rebates) The Marquis received even more subsidies than the Hampton - I believe the city donated the land in addition to occupancy tax rebates. The Le Meridian, Aloft, and JW Marriott all got historical tax credits that made the projects feasible. I believe there was some additional occupancy tax rebates as well. The Holiday Inn was probably the only project that got built in downtown without heavy subsidies, but the project was about half the size as the Sheraton project, making it a bit easier to find a lender willing to stick their neck out. The Sharaton guys want to put up a new glass curtain wall on the building, which will probably add about $5M-$10M in cost to the project. Without significant credits or subsidies, I don't think this project will pencil out for any lender, especially in the current Houston economy.
  9. I know one of the guys that is a part of the ownership group. They definitely would like to get this project off the ground, but financing is almost non-existent. It's hard to get a hotel development loan in Houston, TX right now. The cost of tearing this thing down is prohibitive as well. I think you should expect to see this eyesore for the next few years.
  10. That's unfortunate. I'm used to seeing very dated aerials that may have been recorded 5 years ago on national TV games, but I've never seen them use another city skyline.
  11. Wow - they did a great job with this development, but the COH needs to step up their game on the streets.
  12. Don't be such a homer. Dallas has a great thing going on right now. Embrace the beautiful architecture.
  13. Does this mean they've submitted plans for permitting?
  14. I think the place looks great. Should bring some additional vibrancy to a sleepy area.