urbanize713 Posted July 29, 2015 Share Posted July 29, 2015 The decision to build or delay this tower will occur in the summer of 2016. It has been that way since early 2015 after 6 months of sliding oil prices. Some can hope for the best and others can think the worst but the decision regardless won't be made for almost a year from now. 1 Quote Link to comment Share on other sites More sharing options...
DrLan34 Posted July 29, 2015 Share Posted July 29, 2015 (edited) http://fuelfix.com/blog/2015/07/28/chevron-to-cut-1500-jobs-including-almost-1000-in-houston/#34195101=0 Chevron to cut 950 jobs in Houston, 1,500 companywide Chevron previously had nixed employee growth plans for Houston and halted plans in late 2013 to build a 50-story downtown office tower. Chevron had previously said the tower was being delayed until at least 2016. “Chevron does not anticipate final approvals for a new office building in Houston in the near term,” Ritchie added. “We remain committed to the new building, however we continue to exercise strong capital discipline when assessing and prioritizing investments. Edited July 29, 2015 by DrLan34 Quote Link to comment Share on other sites More sharing options...
nativehoustonion Posted July 29, 2015 Share Posted July 29, 2015 Not good news! I think it is dead just like 5 Allen Center. Quote Link to comment Share on other sites More sharing options...
jmitch94 Posted July 29, 2015 Share Posted July 29, 2015 How about we just wait for 12 months, see what the health of the oil industry is and stop speculating on something we have almost no real knowledge over. 5 Quote Link to comment Share on other sites More sharing options...
Triton Posted July 29, 2015 Share Posted July 29, 2015 I think we should step back a bit and remember that the delay of this tower started December 2013, in the midst of a very strong oil market. Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted July 29, 2015 Share Posted July 29, 2015 Yeah ok that's great and all guys but what the hell am I supposed to do with my pitchfork now? 6 Quote Link to comment Share on other sites More sharing options...
Avossos Posted July 29, 2015 Share Posted July 29, 2015 We have to have patience. 1 Quote Link to comment Share on other sites More sharing options...
Triton Posted July 29, 2015 Share Posted July 29, 2015 We have to have patience. I think the latest boom we had kind of spoiled us. Back in 2013/2014, we were getting wind of new projects nearly every week. We were checking the downtown development maps for something new every month. Was the boom we saw in the late 70s to early 80s even like that? (Question to older HAIFers). I'll say the samething I said late last year when oil was dropping.... I still think a lot of these projects will move forward, just on a slower time frame. 1 Quote Link to comment Share on other sites More sharing options...
Timoric Posted July 29, 2015 Share Posted July 29, 2015 (edited) - Edited July 9, 2019 by Timoric 1 Quote Link to comment Share on other sites More sharing options...
bobruss Posted July 29, 2015 Share Posted July 29, 2015 I know everyone realizes that since the late 70's early 80's boom we have developed the galleria uptown, The Woodlands, and the energy corridor, not to mention many other areas like Westchase and greens point. All of this construction is so widespread it doesn't seem like the boom that mostly occurred downtown back in the last big boom. Just imagine if Houston wasn't so spread out and you put all of that office construction into downtown. Think about what that would look like. The med center and Downtown would more than likely be continuous with Herman Park in the middle. 3 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted July 29, 2015 Share Posted July 29, 2015 I think the latest boom we had kind of spoiled us. Back in 2013/2014, we were getting wind of new projects nearly every week. We were checking the downtown development maps for something new every month. Was the boom we saw in the late 70s to early 80s even like that? (Question to older HAIFers). I'll say the samething I said late last year when oil was dropping.... I still think a lot of these projects will move forward, just on a slower time frame. I bet it was. I think that time still stands as the biggest boom for downtown. It wasn't as easy then to hear/see or gain access to plans as it is today, but I'm sure just seeing so many large buildings going up was very exciting. Below is two maps of what was proposed during the 80's. Just as much, if not more was in development -- but much larger, and mostly office space. Many projects listed that most never heard of before. 9 Quote Link to comment Share on other sites More sharing options...
Nate99 Posted July 29, 2015 Share Posted July 29, 2015 Neat find. 1000 Main could have been 70+ Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted July 30, 2015 Share Posted July 30, 2015 80 million square feet in that boom, we had up to 17 million square feet under construction at the height this time, over 3-5 years maybe it did approach the 80, plus much is multifamily not 100 percent office anymore.I read recently that the total Houston area office construction 2010-2016 was 27 million SF, as compared with 80 million in the 80's. Go downtown and look at the buildings that went up then. We are standing on the shoulders of giants. Quote Link to comment Share on other sites More sharing options...
Triton Posted August 18, 2015 Share Posted August 18, 2015 From their earlier report, profits plummeted 90%. Almost 1,000 jobs lost in downtown. http://fuelfix.com/blog/2015/08/17/chevron-gives-notice-to-workers-as-it-prepares-to-cut-950-jobs/#34624101=0 Quote Link to comment Share on other sites More sharing options...
astros148 Posted August 18, 2015 Share Posted August 18, 2015 with the surplus of Iranian oil this isnt going up anytime soon Quote Link to comment Share on other sites More sharing options...
Timoric Posted August 18, 2015 Share Posted August 18, 2015 (edited) - Edited July 9, 2019 by Timoric 1 Quote Link to comment Share on other sites More sharing options...
jgriff Posted August 18, 2015 Share Posted August 18, 2015 I don't believe the article says all the cuts will be downtown. It would make a lot of sense for them to try to consolidate smaller locations around the city into their larger buildings. That's what we're doing. We've already cut two buildings, not only do we reduce payroll, we also reduce real estate costs significantly. Quote Link to comment Share on other sites More sharing options...
Avossos Posted August 18, 2015 Share Posted August 18, 2015 I don't believe the article says all the cuts will be downtown. It would make a lot of sense for them to try to consolidate smaller locations around the city into their larger buildings. That's what we're doing. We've already cut two buildings, not only do we reduce payroll, we also reduce real estate costs significantly.Not all downtown. Most not downtown actually. Quote Link to comment Share on other sites More sharing options...
tigereye Posted August 18, 2015 Share Posted August 18, 2015 No doubt this is dead. What will be interesting is to look back at this thread years from now and see how the development changed if something goes up years from now. It may have missed this boom but it *may* resurrect in the future. The same for Capitol Tower and International Tower.It's not always the case but look at 609 Main site. 10 years ago, that was the failed Shamrock Tower. It may have took 10 years but the city got something better in the end thankfully. 3 Quote Link to comment Share on other sites More sharing options...
Purdueenginerd Posted August 18, 2015 Share Posted August 18, 2015 A pity the old YMCA building was leveled for a grass lot though... 8 Quote Link to comment Share on other sites More sharing options...
Avossos Posted August 18, 2015 Share Posted August 18, 2015 No doubt this is dead. What will be interesting is to look back at this thread years from now and see how the development changed if something goes up years from now. It may have missed this boom but it *may* resurrect in the future. The same for Capitol Tower and International Tower.It's not always the case but look at 609 Main site. 10 years ago, that was the failed Shamrock Tower. It may have took 10 years but the city got something better in the end thankfully.Capital tower is not dead. They are pouring the foundation are in lease discussions.Not a good idea to speculate. 3 Quote Link to comment Share on other sites More sharing options...
mollusk Posted August 18, 2015 Share Posted August 18, 2015 Capitol Tower is a whole different type of critter, in part because Skanska is an integrated operation, and in part because of its location. Also, while there certainly are a lot of cranes downtown, there isn't really that much office space being built - it's mostly residential. The only two big ones that are going up now are 1111 Travis, which Hilcorp is building for itself, and 609 Main. Of the other four commercial sites announced but yet to start on the July map, Chevron is toast for the time being, as is 6 Houston (again), and 800 Bell is going to take a very special type of anchor tenant because of its distance from pretty much everything except Chevron, residential, and the remnants of the Parking District... leaving Capitol Tower. Quote Link to comment Share on other sites More sharing options...
swtsig Posted August 18, 2015 Share Posted August 18, 2015 capitol tower has a legitimate shot. 5 Quote Link to comment Share on other sites More sharing options...
tigereye Posted August 18, 2015 Share Posted August 18, 2015 (edited) Capital tower is not dead. They are pouring the foundation are in lease discussions.Not a good idea to speculate.Wasn't speculating - just didn't know they were in discussions with anyone. I'm honestly rooting for it as it cuts off my tunnel access to Chase Tower. Edited August 18, 2015 by tigereye 1 Quote Link to comment Share on other sites More sharing options...
H-TownChris2 Posted October 15, 2015 Share Posted October 15, 2015 Not sure if this is old news but says the project has been delayed until September 2016. https://oeaaa.faa.gov/oeaaa/external/public/publicAction.jsp?action=showDashTwoForm&suppCaseNoticeID=256299912 Quote Link to comment Share on other sites More sharing options...
wxman Posted October 15, 2015 Share Posted October 15, 2015 (edited) No way this project is getting out of the ground by then. Oil prices aren't expected to recover in 2016 and even if they DID, they're not going to move dirt the moment oil tops $70 or $80 a barrel. I suspect this project is either DOA or still 5+ years away and will likely be reduced in size. I'm talking out my a $ $ currently, I admit, but I suspect that's what will happen. Edited October 15, 2015 by wxman 1 Quote Link to comment Share on other sites More sharing options...
H-TownChris2 Posted October 15, 2015 Share Posted October 15, 2015 No way this project is getting out of the ground by then. Oil prices aren't expected to recover in 2016 and even if they DID, they're not going to move dirt the moment oil tops $70 or $80 a barrel. I suspect this project is either DOA or still 5+ years away and will likely be reduced in size. I'm talking out my a $ $ currently, I admit, but I suspect that's what will happen.I mean, they did submit the extension June 29, 2015. Maybe you're right but it just caught my eye. Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted October 15, 2015 Share Posted October 15, 2015 (edited) No way this project is getting out of the ground by then. Oil prices aren't expected to recover in 2016 and even if they DID, they're not going to move dirt the moment oil tops $70 or $80 a barrel. I suspect this project is either DOA or still 5+ years away and will likely be reduced in size. I'm talking out my a $ $ currently, I admit, but I suspect that's what will happen. I mean, they did submit the extension June 29, 2015. Maybe you're right but it just caught my eye. As H-TownChris2 suggested, it seems pretty obvious that the project is not DOA. If it were DOA, they would not be wasting their time filing for extensions with the FAA. Also noteworthy: they are only allowed one extension. If they don't start construction by September 2016, they will have to start over with the FAA. Edited October 15, 2015 by Houston19514 4 Quote Link to comment Share on other sites More sharing options...
bachanon Posted October 15, 2015 Share Posted October 15, 2015 My guess is that Chevron saw the cheap oil days coming. Cheap oil means increased downstream opportunities. Chevron builds new refineries to capitalize on cheap oil and gas (temporarily redirecting capital spending). Hence, delay in non-income producing sunk cost projects. 2 Quote Link to comment Share on other sites More sharing options...
cspwal Posted October 15, 2015 Share Posted October 15, 2015 I like the current park. Chevron keeps it nicely mowed, and they haven't put up any signs (that I've seen) to keep off the grass Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.