downtownian

Think some of the interior renderings in this article are new: https://www.houstonchronicle.com/life/home/design/article/The-Preston-will-bring-progressive-modern-design-14826099.php

Was hoping they would go with a Houston architect and Schaum / Shieh who were a finalist. I really like their Transart Foundation building on Alabama.

Agree - Pennzoil is beautiful. Little disheartening to see the vacancy so high.

There’s a fair amount of upscale bars already in the area that coexist with the more lively bars. Upscale cocktail bars that are relaxed Spare Key Public services tongue cut sparrow Upscale cocktail bars that are crowded bad news bar pastry war

The reports are quarterly. The next quarter ends Sept-30 and then it takes them a while to write up the report so mid/late October.

According to page 12 of the below, Mia Bella is opening at the Star. Hope it’s not the beautiful space that Benjamin’s would have taken: http://www.downtowndistrict.org/static/media/uploads/attachments/downtown_market_update_2019_q2.pdf

Q2 downtown report is up. Highlights: -residential occupancy of 90.3% up from 86.8% at beginning of quarter. Increase due to strong seasonal demand. Houston average is 90.2% -average rent of $2.03/sf compared to Houston average of $1.18 -Bank of America Tower is 88% leased http://www.downtowndistrict.org/static/media/uploads/attachments/downtown_market_update_2019_q2.pdf

Yeah, think it was Humble Tower Apartments with 82 units

Also, the Great Southwest Building was originally going to be renovated into apartments but then there was an ownership change and it is now a Cambria Hotel. https://www.hotel-online.com/press_releases/release/brief-report-historic-downtown-tower-could-become-luxury-hotel-by-2019/

I strongly prefer residents to hotel guests downtown. Creates a more vibrant neighborhood and community. I like hotel development downtown but would never want to see a residential building flip to hotel.

I agree that it is cool but game changer is a little overstated. People could do that at the JW across the street ($189 / night) or the Club Quarters ($130 / night) compared to this at $129 / night. Plenty of other boutique hotels around Main Street as well with a lot closer to the central bar area.

Most recent downtown report states "609 Main at Texas is over 80 percent leased". Page 3 of the link: http://www.downtowndistrict.org/static/media/uploads/attachments/downtown_market_update_2019_q1.pdf

Yes, it's strange. My personal accountant is in the building. I was initially surprised because I thought the building would be full of major corporate tenants.

Q1 2019 downtown market report just released. See link and highlights below. Not yet 10k residents. Occupancy increased from 84.4% in Q4 2018 to 86.8% in Q1 2019. "The submarket has grown to close to 6,100 residential units, up from about 2,500 in 2013; Downtown now houses over 9,000 residents." "[The Preston], Camden Downtown and Regalia at the Park—will add 873 units to Downtown’s growing inventory." The office dynamics are interesting and worth reading all the way through. Flight to quality is causing significant renovation projects, co-working spaces are increasing share, overall vacancy increased from 19.7% to 20.4%. Bank of America Tower (formerly Capitol Tower) is 82% leased which seems fast compared to 609 Main which has been open a while and is "over 80% leased". The Downtown District has a new security program with SEAL Security. Two dedicated SEAL officers will patrol Downtown and walk designated high traffic areas daily from 7 pm to 3 am. I think having Houston's innovation and tech corridor downtown instead of the former Sears site makes a lot of sense. It seems to be organically developing: "Downtown’s emerging tech, innovation and entrepreneurial ecosystem continues to grow at a solid pace. In the first quarter alone, Downtown’s innovation ecosystem gained two new co-working spaces (Life Time Work, Spaces), two new accelerators and one incubator (MassChallenge, Founder Institute, WeWork Labs), and two notable tech tenants (Ruths.ai and UiPath), further placing Houston on the map as a competitive tech and innovation hub. Venture capital activity has also significantly increased, with Chevron Technology Ventures new $90 million Fund VII; and new accelerator/investment programs by BBL Ventures and Eunike Ventures... Downtown now has eight co-working companies, an unprecedented expansion a key amenity for cluster growth in Downtown’s dynamic innovation ecosystem." http://www.downtowndistrict.org/static/media/uploads/attachments/downtown_market_update_2019_q1.pdf

I think the real question is: are indoor tigers a “real” tiger location? Does downtown therefore currently have a tiger location or will it only have a tiger location once this outdoor pen is constructed?