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Holiday/Days/Heaven On Earth Inn At 801 St. Joseph Pkwy.


MontroseNeighborhoodCafe

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  • 2 weeks later...

Hey wharton, here's a tissue, bud. I hate to see anyone cry, honestly, but this building is a pipe dream, at least for condos. I can't see anyone spending the kind of money they were talking about charging for the level of finish they were going to provide in a building that has 8' ceilings deck-to-deck.

It's a very typical mentality of out-of-state developers - everyone thinks they are going to come to Houston and beat the market.

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  • 2 weeks later...

I bet if this deal falls thru they'll blow it up and build a CVS or something...

i hate that building. It looks like one of those towers in sarajevo. Even when it was new i bet it was hideos. Same goes for University Tower in college station, but at least its occupied

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Then they need to tear the building that's there down already. I don't think I can live with the eyesore much longer! :)

they cant tear the existing structure down, paid too much for the site. hypothetically speaking and using imaginary, rounded numbers...

say they paid 10m for 200,000 sq ft of structure and its sitting on 50,000 sq ft of land. to renovate, they are in at $50 psf. if they tear it down just for the dirt, they are in at $200 psf (excluding demo costs). if the numbers barely worked on a rehab, see how it wouldnt at all on a demo?

make sense?

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they cant tear the existing structure down, paid too much for the site. hypothetically speaking and using imaginary, rounded numbers...

say they paid 10m for 200,000 sq ft of structure and its sitting on 50,000 sq ft of land. to renovate, they are in at $50 psf. if they tear it down just for the dirt, they are in at $200 psf (excluding demo costs). if the numbers barely worked on a rehab, see how it wouldnt at all on a demo?

that sucks.

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I'd tried to ask construction workers this morning what was up but they didn't have much to say. It would be nice if it were to become a park (I mean, for people, not cars). Alas, I suspect that they're probably improving the drainage beneath and then repaving the lot. You'd think one of the real estate reporters in town would've had a hot scoop if something more tasty was going on there.

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  • 4 weeks later...

ok LTAWACS could you please shut up, nothing is more annoying than someone saying that crap over and over, if u aint got nothing imporatant with some sort of interest of whats going on, then shut up, ok now that thats been said, whats up with this project, i mean ive been waiting for someone to even concider this building from the very beginning, its a piece of crap, but land values are flying off the wall in houston, they just keep goin up and up, sooner or later somethings gonna happen to this building, trust me, its inevitable

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Come on it's already there. It's a fixer upper. It's just a matter of time.

Some months ago the Houston Business Journal stated that this building was purchased by Landco, a Colorado company.

I hope the project goes through. Most opinions here seem to be unfavorable but I would definitely consider living there.

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  • 3 weeks later...
  • 4 weeks later...

drove by there sunday, and looking at the north side of the building (from the south) it appears that there is activity inside - either vagrants removed alot of curtains, or they are trying to clean up a little...

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I pass by this building everyday and I have noticed there are more windows missing then there have been. I wonder if this is the start of something or just bums/ people getting up there and breaking them out/ removing them.

If they're aluminum, that's a distinct possibility. Metal prices have really soared recently, and that MD 20/20 doesn't buy itself.

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The former Holiday/Days Inn building was advertised for sale in this week's Houston Business Journal, by the Mahrishi Peace Foundation or whatnot. That seems to indicate the project got axed.

Hmmm... That seems odd. Why can't I find the listing?

It's especially odd given that, according to HCAD records, the "Peace Foundation" does not own the building. It is owned by Landco (Raider).

Edited by Houston19514
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Hmmm... That seems odd. Why can't I find the listing?

It's especially odd given that, according to HCAD records, the "Peace Foundation" does not own the building. It is owned by Landco (Raider).

Wow. This week's HBJ, page 6B. "600 room hotel for sale for $10 million. Great location, stunning skyline views, one block from light rail and the best of downtown and midtown all add up to a unique development opportunity" Maharishi World Peace Fund .

I guess Landco is out.

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Wow. This week's HBJ, page 6B. "600 room hotel for sale for $10 million. Great location, stunning skyline views, one block from light rail and the best of downtown and midtown all add up to a unique development opportunity" Maharishi World Peace Fund .

I guess Landco is out.

TEN million? :blink:

i guess they forgot to mention how they sat on it and let it rot from the inside out for over ten years <_<

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TEN million? :blink:

i guess they forgot to mention how they sat on it and let it rot from the inside out for over ten years <_<

What they are selling is effectively just the steel frame and flooring. Especially given today's prices, any investor would save a bundle with the frame and basic structure already in place, compared to building from scratch. At least this is what someone at the site told me once. In any renovation the interior would be gutted anyway, so they probably don't see any harm in letting it go to pot.

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What they are selling is effectively just the steel frame and flooring. Especially given today's prices, any investor would save a bundle with the frame and basic structure already in place, compared to building from scratch. At least this is what someone at the site told me once. In any renovation the interior would be gutted anyway, so they probably don't see any harm in letting it go to pot.

They want more than 5 mil for the Central Square building according to my sources (and the owner is being an ass about it)...unfortunately, once you've got chunks of concrete falling to the pavement below, that "frame and basic structure" must be substantially renovated. The numbers go downhill from there. The Days Inn site is in the exact same state (although it appears somewhat less militarized).

If the LandCo deal didn't go through AFTER they'd already gone public on it, you can be pretty sure that it wasn't so much a matter of a buyer/seller disagreement as much as it probably was something really really bad that came up during the due diligence process...such as a good honest structural engineer.

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