NYcapVest

Another problem with the building is it has 8 foot ceilings which reduces the condo value. Typically you want 9' at least as you can sell small condos that feel more spacious due to higher ceilings. 10' is of course a plus. With 8 ft ceilings as a developer it reduces the per sq ft you can get from potential buyers. There are tricks like giving ceiling to floor windows, etc to try to give the feeling of height

I apologize. We're working with some individuals from Canada that are seeking to develop mixed use (retail/residential) in downtown. I can't name companies yet, but Houston downtown's major hurdle to accelerated development is really the lack of people living there. Once the residential takes hold, the CBD should see accelerated growth much like Downtown Dallas has experienced. If you go to Dallas, you see nothing but cranes everywhere.Don't know if you are aware, but there is an Omni hotel coming into the old Sheraton-Lincoln. There might be a glut of hotels in downtown soon, but it would be nice to see a condo-hotel open to add some more residential in the mix. Now that would be an interesting project. I'd be curious how the developer expands the footprint. Perhaps teardown the garage and build new?

We did our due dilligence on this property back in May of this year and it had structural issues that made in unfeasible for us. We contemplated a complete tear down but it didn't make sense for the area that it is in. We're now accumulating parking lots for our project and getting revenue while we complete our acquisitions.