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HBJ Article: Skanska plans demolition of Montrose retail plaza By Jeff Jeffrey – Reporter, Houston Business Journal Jan 12, 2021, 1:37pm CST Skanska USA Commercial Development expects to begin demolishing a key retail plaza in Houston’s growing Montrose area to make way for a mixed-use development within the next six weeks, a spokeswoman for the company told the Houston Business Journal. The retail plaza located at the southwest corner of Westheimer Road and Montrose Boulevard had been home to Half-Price Books, Mattress Firm, Spec’s Wine and Spirits, and Mattress Pro for several years. Half-Price Books recently revealed that location would close on Jan. 17, according to reports. Other tenants have also been moving out. While Skanska has not yet finalized its master plan for the site, the company plans to clear the property in the coming months to allow for the development to begin moving forward, the spokeswoman said. According to Harris County Appraisal District records, the land and buildings on the site had an appraised value of $13 million as of Jan. 1, 2020. An entity affiliated with Houston-based PM Realty Group had owned the property since June 2012, according to HCAD. PMRG was acquired by Washington, D.C.-based Madison Marquette in June 2018. Sweden-based Skanska paid $27 million to acquire the 2.86-acre site in August. Skanska said the new project it is planning on the site is targeting LEED Platinum certification. While the final plan for the site is being sketched out, the company plans to build a pop-up retail shop on the site. “We want to put something that is Covid-19-safe on the site that the community can enjoy while we finalize the plan for the site,” the spokeswoman said. More details about the project will be released within the next few months. The property, at the corner of Westheimer and Montrose, has long been a target for developers looking to convert it to a mixed-use development. When PMRG acquired the property, it had similar plans to build a residential building with retail on the first floor, according to reports at the time. But the company ran into opposition from some of the site’s existing tenants, who had long-term leases in place. For Skanska, the acquisition of prime real estate in Montrose is just the latest in a series of splashy deals the company has done in Houston. Last year, the company purchased four parking lots near Discovery Green for a planned mixed-use project that will include office, multifamily and retail space. Skanska paid $55 million for the four parcels, which total around 3.5 acres. Skanska is also the developer behind the 35-story Bank of America Tower in downtown Houston. In December, the company announced it had sold a 90% stake in the tower to an affiliate of Boston-based Beacon Capital Partners for $373 million.

Stairway before it was covered, new window frames are going up and the exterior of building has gone from Yellow to Green to Blue, not sure what color comes next after Blue? 😀

From the Houston Business Journal: Michelin-starred chefs to open new restaurants at MFAH's Kinder Building Café Leonelli and Le Jardinier will open in the MFAH's new Nancy and Rich Kinder Building. Both will be led by Michelin-starred chefs: Jonathan Benno will lead Café Leonelli, and Alain Verzeroli will lead Le Jardinier. Café Leonelli will be a more relaxed, buffet-style Italian restaurant serving focaccia, pasta, polenta, entrees and more. It will use seasonal Houston ingredients, and its baked goods will be made using traditional Italian methods. Salvatore Martone, also a Michelin star recipient, is Bastion’s executive pastry chef. Le Jarrdinier will use French culinary techniques and seasonal ingredients. The restaurant will include outdoor seating and a gluten-free bakery as well as additional baked goods from Martone.

Marriott won't buy it. Marriott is not generally in the business of owning hotels. More news from Houston Business Journal: Robert Williamson, senior vice president of investment management for Midway, called the closure temporary. “We view this as a unique opportunity to reevaluate operations, explore ways to enhance our offerings, maximize value and reopen with minimal impact while the industry slowly recovers," Williamson said. "Providing an unrivaled hotel and dining experience remains our top priority, and we look forward to serving our guests in the near future.”

I’m cautiously optimistic about the Life Time Green Street. It’s going to open in the spring and the facilities are large and incredible. I went in for a virtual tour over the weekend and joined at a discounted early rate.

Ancorian is the developer: https://www.ancorian.com/eastside

COVID created winners and losers, and a lot of that comes down to cash flow management and debt allocation. A lot, a lot of businesses were spending in pursuit of revenue, and COVID caught the ones who were stretched thin with their pants down. Even in hospitality, some private equity groups are making a killing buying these kinds of assets. The sudden-ness of the closing means they probably weren't financially liquid enough to survive the tough time, but this will most likely be sold to some PE company and continue to be what it was. So, no fretting. Can't let all those renovations go to waste!

So exciting to be a Houstonian right now.

It would be great to see that Target become part of a bigger mixed use development.

I would doubt this stays closed for more than a few weeks. No lender would allow for that to happen - need to protect their collateral.

What a death hole this whole development is.

I didn't see this posted yet and definitely has new information i didn't know... regarding different sections of shops on 2 stories within the Zadok portion of the building...sounds super nice! https://usa.watchpro.com/zadok-jewelers-supersize-expansion-and-relocation-brings-fresh-level-of-luxury-to-houston-watch-market/

This will become something else in the long run. Nothing to worry about.

Yeah that blows.

dang! well with the world the way it is, this isn't necessarily as much as a surprise as it just stinks... come on vaccine!!!

You know, I grew up in Austin, but have no idea how they came up with ATX. I always assumed it was an amalgamation of "Austin" and "Texas" shorthand to make it sound cool, and that's it. I guess "Austin" itself doesn't really sound cool, so they made it shorter a la NYC, LA, CDMX, DFW, etc.

They managed to use the controversial "HTX" in their handle AND got the name of the neighborhood very wrong (this is not and should never be EaDo, that's on the other side of the tracks). I'm almost impressed.

Excited for Skanska’s involvement with the project after seeing their recent activity level. Bank of America tower and the 1550 on the green render both look nice for downtown. Interesting to think what their approach would be for a neighborhood development that can accommodate so much culture and diversity.

If memory serves, indigo, then violet.

That's a good way to get an answer quick...

Interesting to see what Brand takes over. What are the possibilities?

This would be the definition of turn-key for whoever scoops it up.

Buried in an attachment to a City Council Agenda item regarding the Terminal Redevelopment Program at Bush Intercontinental: " By mid-Summer this year, design will have been completed and construction will be fully underway." To remind everyone of what the project includes: Constructing a new 11-gate concourse on the northside of Terminal B, becoming the “New Terminal C North” (project already completed by United Airlines); demolition (already completed) and replacement of the “Old Terminal C North” pier with a new Terminal D-West pier, renovation of the existing D Terminal, and integrating the Terminal D-West pier and D Terminal into a new single common-use north gate complex; expansion, modernization, and reconfiguration of the Federal Inspection Services (FIS) facility to improve baggage handling systems; constructing a new centralized international ticketing hall and centralized international security checkpoint; improving the meeter/greeter hall, and increasing the passenger roadway and curbside drop off/pickup capacity. ITRP also provides for the completion of various Program-supporting enabling projects such as utilities infrastructure and terminal roadways.

https://www.houstonchronicle.com/local/gray-matters/article/The-case-against-HTX-10632825.php

Not to be THAT guy, but their airport code is KAUS, not KATX. But yes, the HTX controversy comes from it looking like Houston is ripping off Austin's nickname.

One of the new places is @thesecondshop

Wow this area is getting super dense

drove by the plaza this morning and they were taking down the huge Luby's letters/sign on the building... RIP Luby's and hello new Kenny & Ziggy's!

I do believe that ste 8 is the former My Fit Foods so that means it is next to Crave Cupcakes and will make use of the little cool park with the stone animals... I think the former Starbucks needs to be something like a Voodoo Doughnut or similar to keep the food theme and make the most use of that little park/seating area as i don't want it to go away...

For all intensive purposes, could you have meant dog-eat-dog world there Monarch? 😛

Or outside the metro area.

This is a seriously cool expansion. I only made it up the first two floors, so I'll have to go back since I ran out of time. TIP: I found out the hard way if you wear a backpack, they will make you wear it on your front or carry it by the handle.

Hotel Alessandra shutters..... https://houston.culturemap.com/news/city-life/01-12-21-hotel-alessandra-downtown-closed-shuttered-valencia-group/