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houstontexasjack

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houstontexasjack last won the day on December 29 2014

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About houstontexasjack

  • Birthday 12/02/1986

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    Houston, Texas
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    Symphony; Astros, Rockets, Unabashed State of Texas college football front runner (whoever’s good), Michigan Football; Good food and good company.

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  1. Another lien affidavit was recorded yesterday, March 15th, against the project (contractor claimed they furnished materials through February 2024, so would be timely if true). Edit: in reviewing the pleadings of the two lawsuits seeking to foreclose the mechanics lien, the prime contractor Hoar Construction obtained extensions to file its answers to April 3rd. That was back in February. My guess is Hoar is giving the X Company a bit of time to try to get financing to get things paid up. If there’s nothing indicating a realistic path to financing in April, we might see Hoar try to consolidate all claims into one lawsuit, with Hoar also bringing its own claim against the X Company.
  2. I maintain the Ion District would make for a good place for the Rice Business School.
  3. That looked like it was for the Oxberry mixed-use. That three-story structure would be quite small for 29 condo units.
  4. He was the architect on the Oxberry project. I haven’t seen anything tying him to the Randall Davis project.
  5. (In Dr. Frankenfurter voice): “Exterior design remains shrouded in antici……………………………………………………….pation.”
  6. Tema was previously working with Nitya Capital on this. The most recent write-up I recall referencing Nitya is the one below, which just briefly mentioned them as one of the companies facing apparent distress: https://therealdeal.com/magazine/national-december-2023/syndicators-are-sinking-wholl-make-it-out-alive/ Two Hermann Place is at least fully permitted.......if rates drop a bit and there's an itch to get something up relatively quickly in anticipation of multifamily shortages in 2026 and beyond, I'd guess it might have a shot. I dunno if Nitya would be the one to get the equity in order, though.
  7. Long-term, my guess would be "completed at originally planned height." The basic summary is that there's potentially value in the project that another party could buy at pennies on the dollar depending on how things play out (if the developer is unable to get financing to finish). We have the tower crane still up. The site is secure and one would not expect any theft. The developer was self-financing and is estimated at about $100MM into the project. Thus far, the prime contractor, Hoar Construction, has filed a lien affidavit with a claim totaling about $38 Million. To date, Hoar Construction has not yet filed suit seeking foreclosure of its lien, indicating they are giving the developer a bit of time to try to get financing. Hoar would have records of work that's been done and work that's remaining and has an incentive to play nice with a potential lender or other party that might step in to complete the project. This is not a "black box" like the Heaven on Earth--where floor heights would not be appealing to modern luxury units anyways. However, Hoar can't wait forever to let the developer try to get financing. The latest date by which they would be able to file suit is November 15, 2024. Other subcontractors have also filed mechanic's liens against the property for their work. I candidly do not know whether Hoar's claim encompasses those amounts or not (they need to file the affidavits to protect their rights and don't just want to have to rely on Hoar). A couple subcontractors have already filed lawsuits. As time goes on, the developer will be faced with hard choices. An order of foreclosure would wipe out it's interest in the subject property and it would lose everything it put into the property. So, if the developer cannot get financing on its own and the process starts moving faster toward foreclosure, it has an incentive to sell the project (incl. the plans, permits, etc.) to another party at a hefty discount to pay its lienholders and try to salvage some value. It would lose a bit chunk of what's put in but might at least be able to to retain some equity that way. The purchase price would need to cover all lien amounts, however. If no buyer is interested at taking over above that amount, then it goes to foreclosure--I'm skipping the court process and getting an order for foreclosure on that, but that's where things would head. The buyer at foreclosure would end up owning the property without having to worry about any lien claims and could buy it at an even heftier discount. Procedurally, the process would be a bit messy getting there with all the subcontractors involved, but given the money, things would get worked out.
  8. "We have members of the Ion staff who are going to be integrated to the Rice Alliance," Cherukuri says. "The direction of this is really so that we can no longer stay behind the hedges and do more for the Houston community." Sounds like more of a satellite campus.
  9. Houston Housing Authority lists a “Highrise” on the site of the Ewing St apartments as part of their 2024 plans for which they are seeking funding: See pg. 5 in the link below: https://housingforhouston.com/wp-content/uploads/2023/07/Part-I-Annual-PHA-Plan-_-Attachments.pdf This would be across from Tema’s lot, from where Two Hermann Place is planned.
  10. Aaaaaaaand the main building is back up for sale: Straight land flip from a distressed owner who could no longer hold. How dull.
  11. The parking across the street has immediately been put back on the market:
  12. On a positive note for Greentown Labs: https://greentownlabs.com/totalenergies-joins-greentown-labs-as-a-terawatt-partner/
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