HNathoo

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About HNathoo

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  • Location
    Clear Lake
  • Interests
    Commercial real estate

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  1. Wow, this is the second time Alliance has picked up a piece of dirt from the COH and flipped off a piece to another developer. These guys seem to know the system pretty well.
  2. I agree. Call it boring, but it's nice to see developers take down entire blocks in this part of town. It's looks pretty sharp relative to the heights.
  3. I thought Johnson Development was doing the Imperial Sugar Factory redevelopment. I don't think I've ever heard of Pine Place Development - probably not a good sign if their claim to fame is building a Candlewood Suites in 2006.
  4. That's pretty impressive. Dallas and Atlanta are on a roll that seems to far exceed the other US metros.
  5. OrangeStone Capital sold this to Public Storage. It'll be a gigantic self storage facility.
  6. I've heard CVS and sprouts for months now, but I'll believe it when I see it.
  7. Taken from NextDoor: Update Re: EADO Grocery Store Traci Jack from EaDo · 21m ago Hi Neighbors, I received the following from Councilman Gallegos' office when I inquired about efforts to bring retail, a grocer specifically, to EADO: We’re fully committed to bring a quality grocery store to the area. We’ve actually had numerous discussions about the former Finger property at Cullen and 45 as a possible site. However, the only retailer that has expressed interest in the last two years – the only grocer that could make that EaDo site work, based on a number of metrics grocers use – was Walmart. In fact, we held a couple of meetings with area stakeholders, including leadership from both EaDo and Eastwood, and hoped that we could finalize a deal. Unfortunately, late last year Walmart determined the Finger site was no longer feasible. We are working with Lovett Commercial (owner of the Finger site) and the city’s economic development office to find another suitable grocer. Once that has been done we can look at incentives the city could offer (if necessary) to make the site more attractive. As you may know, just last month the city used federal dollars to lure HEB to a site off 288. For that deal, the city purchased the site using federal EDI (Economic Development Initiative) funds, will turn it over to the Housing Corporation and they, in turn, will sublease the land to HEB. HEB will fully fund the construction of the store. EDI funds are restricted to certain areas of town, and unfortunately Cullen at 45 is not in the EDI zone. To give you some perspective on how complex these arrangements are, the HEB deal was in the works for over two years. We completely agree with you, residents should not be having to drive across town to find a grocery store. We have not given up, and Councilman Gallegos is determined to bring a quality grocer to the community. Thanks again for the message and for your support on this matter. If you could like to follow-up send an email to his Chief of Staff:Daniel.Santamaria@houston.gov
  8. 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.
  9. Yeah, I'd say the land probably runs about 50% less in eado. It's tough to make townhomes work with dirt over $60psf.
  10. 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.
  11. I believe the signs on that site stated that it will be a 100k sq ft self storage development.
  12. 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.
  13. 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.
  14. 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.
  15. 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.