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CREguy13

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CREguy13 last won the day on March 22 2018

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  1. I walked by Block 98 this morning. Not sure what was going on, but there was certainly activity with a few workers on-site. Maybe we begin seeing more progress in the coming weeks and this is still on schedule for 4/20 start date?
  2. Another great article from Costar on TMC. A big takeaway was the below statement from McKeon: 'McKeon said the TMC3 project is sparking interest and investment from private companies. He already has a letter-of-intent with a major industry player for a 500,000-square-foot-building in the complex.' "We'll be announcing deal after deal after deal with the industry. It's amazing the speed and the appetite they've had," McKeon said. "The sleeping giant has awoken and now we're open for business." Wondering who this could be... Medtronic or Johnson & Johnson perhaps? Houston Aims to Become a US 'Medical Device Mecca' The first successful artificial heart transplant. The first battery-powered heart pump. The first silicone gel breast implant. These medical device breakthroughs took place in Houston. Now scientists and civic leaders are hoping the city could be home to more medical device innovations, thanks to a confluence of a university's major expansion near the world's largest medical district, the Texas Medical Center, the city's relative affordability compared to high-tech areas such as Silicon Valley, and collaborations with top research institutions. Texas A&M University System and its partners plan to pour a half-billion dollars into a project near the TMC they say could help turn Houston into a growing hub for medical device innovation. The university system and Houston-based developer Medistar Corp. are behind the $546 million mixed-use complex that features three skyscrapers, including a renovated 18-story tower to house the university's medical engineering program where "physicianeers" in training are required to invent a medical device to graduate. It's not going to be easy: In a national ranking of regions for the medical device industry, Texas only ranked No. 7, and powerhouse states like California aren't sitting by idly. In Texas, officials are counting on Texas A&M's expanded medical engineering presence to add to public, private and educational research efforts already underway in Houston that could elevate a nascent medical device industry in the state, proponents say. The work is happening against the backdrop of the proposed 37-acre biotech campus, called TMC3, which is perhaps optimistically dubbed the "Third Coast" for life sciences and is expected to break ground in the second quarter. It may be a reach, and could be partly based on some big Texas bluster, but the effort shows how medical innovation is a driver of real estate development across the United States. "The ultimate goal is to have both the East and West coasts shaking in their boots — or whatever shoes they’re wearing," Dr. Paul Cherukuri, executive director of the Institute of Biosciences and Bioengineering at Houston’s Rice University, said in an interview with CoStar News. While the national competition is tough, and gaining funding is always competitive, Houston shows it can take on other cities. Houston is already home to more than 1,760 life sciences companies, and local institutions received $668 million in medical research grant funding from the National Institutes of Health in 2018, a 6.9% increase from the year before. Bill McKeon, CEO of the Texas Medical Center Corp., the nonprofit that oversees the 50 million-square-foot TMC campus where more than 100,000 employees work, said Texas and Houston are at a critical turning point. McKeon, who spent much of his career in the medical device industry at firms like Medtronic, argues that there is not a single city for known for medical device innovation, research and development, besides clusters in Boston and Minneapolis. He said CEOs at major medical device companies have started telling him they see Houston as the next go-to place for medical device innovation. McKeon said there are several medical device deals in the works for the proposed TMC3 campus that he expects to announce later this year. Plans for the campus call for 1.5 million square feet of buildings and parks designed to look like a double helix DNA strand from above. "I think the Medical Center … will be where the medical device mecca will happen in the United States," McKeon said in an interview. Expansion Challenge Restrictive covenants inside the TMC historically prevented private, for-profit companies from significantly expanding. Instead, nonprofit hospitals, healthcare systems and research institutions have dominated the district. The new TMC3 campus loosens restrictions for for-profit endeavors, opening new opportunities for for-profit companies to work alongside nonprofits, universities and research institutions. McKeon said the TMC3 project is sparking interest and investment from private companies. He already has a letter-of-intent with a major industry player for a 500,000-square-foot-building in the complex. "We’ll be announcing deal after deal after deal with the industry. It’s amazing the speed and the appetite they’ve had," McKeon said. "The sleeping giant has awoken and now we’re open for business." McKeon and others have noted that the TMC is attractive for product researchers because they can access a large, diverse pool of patients to develop and test new products. About 10 million patients visit the TMC every year, according to the TMC, and Houston is now considered one of the most ethnically diverse cities in the country. TMC3 is meant to put the industry, researchers and startups together to speed the time from idea to manufacturing new products. "When you’re working with patients, you want that feedback immediately to close the time from innovation to commercialization — and that really requires the industry side-by-side with researchers," McKeon said. Medical device deals inside TMC3 and the new Texas A&M University complex are expected to add to work already underway nearby at Rice University, a private research university with a medical innovation master’s program. A Rice University team of neuroengineers is developing a headset technology that can directly link the human brain to machines without surgery, backed by $18 million in U.S. Department of Defense funding. Texas is an attractive option for medical technology startups because of its affordability when compared to east and west coast cities. Among the nation’s 20 most populous metropolitan areas, Houston’s housing costs are 49.3% below the average, and its overall costs are 25.4% below average, according to the Council for Community and Economic Research. "The cost of doing research and startups out there and in Silicon Valley [is getting more expensive]. People are coming to Houston. I think you’re going to start seeing a lot more [medical innovation] hits coming out of Houston," Cherukuri said. Financial Collaborations While cities such as Boston benefit from collaborations with deep pocketed research institutions such as Harvard University and Massachusetts Institute of Technology, and Silicon Valley works with Stanford University, Houston has deep pockets of its own. TMC3 is a collaboration between Texas A&M University Health Science Center, University of Texas Health Science Center at Houston, Baylor College of Medicine and the University of Texas M.D. Anderson Cancer Center. The UT System and Texas A&M System rank in the top 10 in the nation for largest endowments of U.S. colleges and universities, and Rice University ranks in the top 20, according to the U.S. Department of Education. Texas has a big challenge in trying to catch up to other states. It lags behind states including California, Minnesota and Massachusetts for the medical device industry. There were 72, 471 professionals working for the medical device industry in California last year, where roughly $2.5 billion of venture capital funding flowed into medical device companies, according to industry magazine Medical Design & Outsourcing. That compares to Texas, where there were just 15,087 professionals employed by the medical device industry and just $53 million in venture capital funneled to industry startups. The Texas Medical Center, the eighth-largest business district in the United States, has already started to see more interest from the medical device industry. Fortune 500 medical tech company Johnson & Johnson opened its Center for Device Innovation in 2017 inside the TMC, the multinational firm’s only research and development center dedicated to inventing medical devices to make surgeries less invasive and bring procedures to underserved populations. Johnson & Johnson also runs an incubator program in the medical center called JLabs @ TMC, alongside an accelerator program for healthcare entrepreneurs called TMCx. The TMC Innovation Institute is also home to AT&T Foundry, which is researching network connectivity for prosthetic limbs. And last year, robotics company ABB opened a 5,300-square-foot facility within TMC dedicated to finding new ways to use robots in the healthcare industry. Integar, the largest medical device contractor manufacturer in the world, is headquartered in Plano outside of Dallas, and the state is home to several manufacturing facilities for Fortune 500 medical tech companies and subsidiaries such as Stryker, Cardinal Health and Becton Dickinson. One of the largest industrial construction projects underway in Houston is a 1.3 million-square-foot warehouse for Medline Industries, the largest private medical supply manufacturer in the world. Funding Challenge Becoming a national leader won't be easy. In speaking with executives at medical technology startups, Cherukuri, the Rice University professor, said raising venture capital funding in Houston continues to be a challenge, though that is changing slowly. After all, Houston isn’t known as a startup magnet like Austin, which in spite of being a significantly smaller city, raked in $2.2 billion in venture capital funding in 2019 across 263 deals, according to PitchBook data. Last year, venture capital funneled $543.9 million into Houston startups, the highest number on record for the Houston region, according to an analysis from Pitchbook by the Greater Houston Partnership. Healthcare and life sciences startups were the biggest target for funding, scoring about $244 million across 26 deals, according to the partnership. Half of that total came from Houston’s largest venture capital deal of the year, a $121 million series B funding to the immunology firm Allovir. Economic development and civic leaders in Houston are trying to spur startup growth in the so-called Innovation District, a proposed 4-mile district stretching from the Texas Medical Center north to downtown and is anchored by The Ion, an innovation hub redevelopment of a former Sears by Rice University in the Midtown neighborhood. Though the proposed Innovation District isn’t without its critics, proponents argue it could be a critical step in building a true startup ecosystem in the city. Justin Boyar, CoStar's director of market analytics in Houston, said the new Texas A&M program and The Ion could help generate the tech startup and venture capital interest in Houston needed to propel the medical device industry into a more national spotlight. "Midtown’s growing profile as a soon-to-be burgeoning tech cluster adds to the attractiveness of Houston’s growing medtech R&D cluster profile, as it provides density and room for a medtech presence to eventually grow," Boyar said. "Houston still has a ways to go to gain ground on the top medtech R&D hubs, such as the Bay Area, Boston, Minneapolis-St. Paul, and Warsaw, Indiana … but I do think Houston is moving in the right direction."
  3. Great HBJ article this morning. The bolded text at the end is very encouraging. Houston hospital systems, Texas universities and private developers are investing hundreds of millions of dollars to grow their presences in the Texas Medical Center — the planet’s largest medical center. Most recently, the Texas A&M University System announced on Feb. 20 that it would build a $550 million complex in the heart of the TMC. The development will include a new 19-floor student housing tower; a new 30-floor medical office tower; and a renovated 18-story building to house the university’s innovative EnMed degree program. The massive development project is being funded through a public-private partnership. State funds totaling $145 million facilitated Texas A&M’s land purchase near the TMC and the renovation of the existing 18-floor building. Private industry will cover the remaining $401 million to construct the two new towers. Having a large presence in the Texas Medical Center will aid Texas A&M’s medical research and recruiting capabilities, said Greg Hartman, interim senior vice president for the Texas A&M University Health Science Center. Just as Texas A&M invests in its sports facilities to recruit the nation’s top athletic talent, the Health Science Center needed to build a premier medical research facility in the TMC, Hartman said. “The same way you build weight rooms to recruit football and basketball players, and new gymnasiums and swimming pools to attract elite athletes, you’ve got to have those same kind of facilities to attract elite medical students and researchers,” Hartman said. Finding the industry loophole In 2017, the Texas A&M University System purchased an 18-story building on 5.5 acres at 1020 Holcombe Blvd. For-profit entities are barred from operating on the 1,400 acres owned by the nonprofit TMC — but Texas A&M owns its own land. That way, the university can attract and partner with for-profit corporations and public entities. “Because we are just outside of the medical center, we don’t have covenants or any restrictions dealing with private folks,” said John Sharp, chancellor of the Texas A&M University System. “So, a for-profit Pfizer could come in right next to somebody from Baylor College of Medicine that has rented some research space.” Houston-based Medistar Corp. is the developer for the Texas A&M project. Medistar also developed the InterContinental Houston-Medical Center, the first luxury hotel built in the TMC area in decades. The company is also nearing groundbreaking for the new Innovation Tower — a 48-story, mixed-use facility to be situated at 6700 Main St., next to the InterContinental. Paul McCleary, senior vice president of business development for Medistar Corp., said Innovation Tower will become the tallest building in the TMC when it’s completed. Innovation Tower will consist of ground level retail space; dry lab and research space for medical, biomedical and health tech companies; 410 luxury apartment units; and parking for up to 2,000 vehicles, McCleary said. Similar to Texas A&M’s project, Innovation Tower has for-profit entities in mind. Currently, if a health care giant, like a Pfizer or a Medtronic, were looking for a large office footprint in the heart of the TMC, they wouldn’t find it, McCleary said. Innovation Tower aims to fill that need. “If you’re a larger group that has a requirement for maybe [30,000], [50,000] or 100,000 square feet, the next question is, ‘Where is that available in the Texas Medical Center?’” McCleary said. “Today I would tell you it doesn’t exist.” Healthy growth Medistar recently broke ground on The Fountains, a 326-unit multifamily development at the corner of Alice and Ardmore east of the TMC, McCleary said. Aside from larger office space and student housing, McCleary emphasized the need for additional multifamily apartment units around the TMC as the area continues to grow. Outside of Texas A&M’s massive project and Innovation Tower, there are other major developments in store for the TMC. Bill McKeon, president and CEO of the Texas Medical Center, said groundbreaking for the new 37-acre TMC3 campus should happen in the second quarter of 2020. Five partners comprise the TMC3 founding institutions — TMC, Baylor College of Medicine, Texas A&M University Health Science Center, the University of Texas Health Science Center at Houston (UTHealth) and the University of Texas M.D. Anderson Cancer Center. Like the Texas A&M complex, TMC3 was designed to meet a person’s many needs — and not simply the needs of the working employee. The project is centered around a DNA helix-shaped green space promenade that will span the length of the campus. The facilities surrounding the promenade will include over 100,000 square feet of retail space. “The needs of our physicians and researchers have changed dramatically,” McKeon said. “They demand to be in work-live-play environments. They want to be in a densified area that has all the amenities necessary for the whole person — not just the person who’s going to work.” McKeon said there’s never been a more active time of development in the 75-year history of the TMC. From TMC3 to the Texas A&M complex to Innovation Tower — the world’s largest medical city is only getting larger. The TMC thinks that many new entrants will be for-profit corporations. “Now, we’re actually opening the doors and creating a whole new environment for industry to play right alongside, and the response has been really exciting,” McKeon said. Sleeping giant Other institutions in the TMC are investing hundreds of millions of dollars in hospital expansions. Memorial Hermann Health System — the largest health system in Houston — opened the new Sarofim Pavilion in late February. Susan and Fayez Sarofim, the billionaire behind Houston-based investment firm Fayez Sarofim & Co., donated $25 million for the project — the largest gift Memorial Hermann had ever received when it was announced in February 2018. The Sarofim Pavilion was part of a roughly $700 million renovation and expansion project at Memorial Hermann-Texas Medical Center, according to Memorial Hermann. The new 17-floor tower has more than 140 patient rooms; 24 operating rooms, including three hybrid ORs; a 335-seat cafeteria dubbed the Arboretum Café; and 900 new parking spots. Sarofim Pavilion also is the new home of the Red Duke Trauma Institute at Memorial Hermann-TMC — one of two adult Level 1 trauma centers in Houston. Operations for Memorial Hermann’s air ambulance service, Life Flight, moved on top of the new tower. In August 2019, M.D. Anderson Cancer Center broke ground on a $159 million expansion of its Proton Therapy Center at 1840 Old Spanish Trail. The expansion will grow the center’s footprint to over 160,000 square feet, enough room for the cancer center to house eight proton therapy radiation machines developed by Japanese technology manufacturer Hitachi. The center currently spans 73,500 square feet. On top of the hundreds of millions of dollars being poured into the TMC right now, even more deals with industry are waiting to be announced once TMC3 breaks ground, McKeon said. “They’re realizing that the sleeping giant has awoken and now we’re open for business,” McKeon said. “We’re just seeing it with Texas A&M University — and wait until TMC3 opens.”
  4. This doesn't bother me all that much and I actually welcome it. I always felt this project was not highest and best use being this close to CBD and on the Red line. There have been several quality mixed use projects completed, are under construction or have been proposed since the initial Hardy Yards plans were released. Also consider the amount of added density to the core, and I would think a number of big time developers would be very anxious to bid on this. It may sit on the drawing board for the near future with the amount of developments in the pipeline, but I'd expect a much larger project than the one it is potentially replacing.
  5. Part of the deal is A&M sells its 2121 W Holcombe land to Medistar for $51m? That would be best case scenario to have Medistar completely redevelop that plot of land across Main Street. Main and Holcombe will be quite the intersection in 5+ years.
  6. I'll go ahead and be proactive... see below from Costar: Entertainment company Live Nation has signed an office lease for creative space under construction in Houston in one of the city's biggest office deals so far this year. Live Nation, the world’s largest concert promoter, is planning to take about 75,000 square feet on floors 4, 5 and 6 in one of the buildings at the 800 block of Westheimer in the Montrose Collective mixed-use project, according to sources familiar with the company's search for space. A representative for Los Angeles-based Live Nation declined to comment "at this time." Montrose Collective is being developed by Radom Capital, which just broke ground on the project Westheimer by the Uchi restaurant at 904 Westheimer. The area was recently named as one of the nation’s top 20 coolest streets in a report by Cushman & Wakefield because of its walkability, diversity, nightlife, food scene and vintage stores. Plans include a 150,000-square-foot project, with about 40,000 square feet of high-end shops and restaurants, plus about 110,000 square feet of office space. The project team behind Montrose Collective previously said a technology tenant leased 75,000 square feet of office space, but declined to identify the tenant. Live Nation describes itself as an entertainment company, but it owns Ticketmaster, a massive online ticketing platform. Live Nation's current Houston office is located about 4 1/2 miles west of Montrose Collective at 2000 West Loop South in the Uptown-Galleria area, according to Moody Rabin, which leases the building for the owner. Live Nation leases about 48,000 square feet at 2000 West Loop South in a lease that expires in December 2021, according to Moody Rambin. It is not clear if Live Nation plans to vacate the space or use the Montrose area space as an expansion of its Houston operations. Live Nation, which posted $8.7 billion in revenue for the first nine months of last year, has been expanding its footprint elsewhere around the country. The company recently signed a 40,000-square-foot lease in a two-level space in a proposed high-rise in Seattle at 1200 Stewart, according to media reports. In December, Live Nation was also in talks to lease 40,000 square feet in a new Nashville project proposed at Fourth Avenue South and Chestnut Street. Live Nation declined to comment on any of its recent real estate leases. The entertainment company made almost $254.6 million in profit for the first nine months of last year, up about 13% from the same time the previous year, according to its most recent earnings results. Last fall, the company announced it had booked more than 1,500 stadium concerts and festivals in 2020, posting double-digit growth from the same time in 2018. Its full year 2019 earnings have not yet been released. Live Nation is under fire from anti-trust enforcers at the Justice Department for allegedly violating an agreement that allowed its merger with Ticketmaster in 2009. The agreement, which was recently extended into 2025, prohibits Live Nation from forcing venues to use Ticketmater instead of its competitors. The Justice Department has accused Live Nation of strong-arming six venues into using Tickemaster, which the concert giant has denied, according to media reports. Meanwhile, other large office deals signed in Houston so far this include a renewal and expansion by Enterprise Products Partners in downtown Houston at 1100 Louisiana for 512,845 square feet; about 92,500-square-foot sublease for EDP Renewables North America at 1501 McKinney St., also in downtown; and a 69,000-square-foot sublease in Houston's Uptown-Galleria area at 1500 Post Oak Blvd. for Sempra Energy, according to CoStar data.
  7. From Costar: The Texas Medical Center area is about to get denser with a new $426 million medical tower slated to rise near the quickly growing healthcare district. Baylor St. Luke's has started site preparation work for a 400,000-square-foot medical tower at its McNair Campus, across from the Michael E. DeBakey VA Medical Center, said Vanessa Astros, a spokeswoman for Baylor St. Luke's. The 12-story tower will be the new home of several facilities for the Baylor St. Luke's Medical Center, a joint venture between the nonprofits Baylor College of Medicine and CHI St. Luke’s Health. The new tower adds to ongoing changes around the world’s largest medical center, where more than 106,000 employees work across 50 million square feet of space, according to the Texas Medical Center website. There are $3 billion worth of construction projects underway in the Texas Medical Center, according to the website, spurring growth in commercial real estate for the surrounding areas as this major employment hub continues to expand. Baylor St. Luke’s new tower is slated for a site adjacent to the future TMC3, the proposed 37-acre biomedical research campus with multiple buildings and parks designed to be shaped like a DNA strand. The new Baylor St. Luke's project does not yet have an exact address, Astros said. For now though, planners are using 7200 Cambridge St., the general address for the McNair Campus, which is north of Old Spanish Trail and west of Cambridge Street. Baylor St. Luke's has been developing the 35-acre McNair Campus over the past several years since forming a joint venture in 2014 and then selling the historic O’Quinn Medical Tower at 6624 Fannin St. to Texas Children’s Hospital in 2016. That tower was renamed Fannin Tower in early 2017, according to a spokeswoman for Texas Children’s. Developed by Hines, the 1990s-era tower is recognizable for its two spires resembling a pair of hypodermic needles. Since selling that tower, Baylor St. Luke's has gradually relocated some of its services to the new campus about 1.3 miles away. The campus, a 650-bed academic medical center, already is home to two healthcare buildings: the Lee and Joe Jamail Specialty Care Center at 1977 Butler Blvd., and the Baylor St. Luke's Medical Center building at 7200 Cambridge St. Baylor St. Luke's will bestow the former name of its original home, O’Quinn Medical Tower, onto the newly constructed 12-story facility, Astros said. The name is after late Houston attorney John O'Quinn in recognition of his $25 million gift to the hospital. With construction of the new tower, Baylor St. Luke's plans to relocate the remaining services from the former tower on Fannin Street and expand other services. The tower will house multiple outpatient services including radiology, endoscopy and an ambulatory surgery center. The building will also be the new home to the Dan L. Duncan Comprehensive Cancer Center, which was ranked among the top 50 cancer hospital programs in the country by U.S. News and World Report. Construction is slated to start in May on the project, estimated to cost $426 million, according to Astros. The 427,000-square-foot facility will have an 8-story parking garage, along with new private roads and sidewalks, according to initial permitting documents filed with the state. The healthcare joint venture said in 2016 that the McNair Campus would eventually encompass $1.1 billion worth of capital improvements but it is possible those initial plans have changed. More details of campus plans are expected to be released later this year. Baylor College of Medicine is one of the founding institutions behind TMC3, along with the Texas Medical Center, Texas A&M University’s Health Science Center, M.D. Anderson Cancer Center and the University of Texas Health Science Center at Houston. The institutions are collaborating to build the expansive medical research campus to include shops, restaurants, residences, office, parks and plazas. About 5,000 square feet of office space is under construction in the Texas Medical Center area, which has a vacancy rate of 6.1%, one of the lowest rates among markets in the greater Houston area, according to CoStar analysts.
  8. Costar article: Houston's coolest street is about to get cooler. A plan to transform a section of lower Westheimer into a trendy, tree-studded retail-office hub with a modern library is beginning to take shape in the Montrose neighborhood. Construction on Montrose Collective, a 150,000-square-foot-project, is officially underway, the project's developers have found a finance partner, and a lead office tenant has inked a new lease. Radom Capital, the Houston-based development firm known for creating hip, walkable projects such as Heights Mercantile, has formed a joint venture with institutional investors advised by JPMorgan Asset Management for the project. The team hired the Michael Hsu Office of Architecture, an Austin-based design firm behind Uchi restaurants, Understory and several other high-profile Texas projects. Montrose Collective is at 802 and 888 Westheimer Road in an area recently named as one of the nation’s top 20 coolest streets in a report by Cushman & Wakefield because of its walkability, diversity, nightlife, food scene and vintage stores. Nearly 97,000 people live within a 2-mile radius of the area with a median income of $83,233, according to the report. About 37% of residents nearby are millennials, the report found. Radom Capital and Michael Hsu sought to design a project that blends into the neighborhood with mid-rise buildings and a canopy of preserved live oak trees. Plans call for about 40,000 square feet of high-end shops and restaurants, plus about 110,000 square feet of office space and a modern roughly 16,000-square-foot public library building. The project is estimated to cost at least $38.9 million for the three mid-rise buildings, according to state records. With a planned opening of late 2021, Montrose Collective is expected to bring six new dining options, along with 15 boutique retail spaces for local and first-to-market retailers, plus beauty and service providers. The Montrose Collective team didn’t want to just create a "boring box" retail center or typical office building. "Montrose is really the hub of everything creative and has the No. 1 concentration of James Beard Award winners in the state. We wanted to do something scaled to the neighborhood," Steve Radom, principal of Radom Capital, said in an interview with CoStar News. The team plans to build a four-story structure that connects to a six-story structure with a cantilevered walkway. The buildings open to an outdoor plaza with seating, greenery, trees and unique lighting fixtures. Radom Capital hired landscape architect, the Office of James Burnett, to design exterior public improvements that include decoratively tiled sidewalks, an expansive green wall that wraps around one of the buildings, hanging plants and custom planters throughout the site. "This is truly a mixed-use project and it's going to look like it belongs in the Montrose neighborhood," said Parker Duffie, vice president at CBRE, who is handling office leasing for the project with CBRE's Elliot Hirshfeld. The project already has signed a lease with an undisclosed technology company for about 75,000 square feet of office space on floors 4, 5 and 6 in one of the buildings, according to the project team. There is roughly 35,000 square feet of office space left in the project, according to the team. The roughly 2.5-acre project is planned along the north side of Westheimer on both sides of Grant Street. The property includes the existing Uchi restaurant and the building next door with Hue hair salon and Rosemont Social, which will all remain on site. East of those buildings across Grant Street, buildings that previously housed a Greek restaurant called Theo’s and a city of Houston police station are getting demolished. Construction is starting after the Houston City Council in December approved a deal with the Montrose Collective team to transfer ownership of the land where the former police station was housed at 802 Westheimer to the developers. City officials closed the police station as part of an initiative to get more police officers on the streets instead of behind a desk, according to a Dec. 3 city council agenda item. The police department is expanding its online reporting services and closing police stations in most communities, according to the city. In exchange for the land, developers are building a new public library for the city to replace the aging Freed-Montrose Library at 4100 Montrose. The city will maintain ownership of the library at 10001 California St. through a condominium unit agreement with Montrose Collective. Radom said he sought a condo agreement for the library to secure financing for the rest of the project easier. The library building design includes a two-story custom art installation to be designed by a local artist, according to developers. The city expects to open the new library by 2022, and close the 70-year old Freed Montrose Library. It is rare for a public library to be in a privately built mixed-use project, but Radom Capital said the team is emulating Bookmarks, a public library in Dallas in the NorthPark Center. Radom Capital said it also took inspiration from the new Austin public library downtown that has drawn accolades for its design, retail and outdoor landscaped plaza near the privately built mixed-use Seaholm District. "I love taking my kids to the library. We really liked the idea of a mixed-use project, not just being your traditional mixed-use project. Our thought was what is more endearing to the community than a community library?" Radom said. He is envisioning a "dynamic, interesting" "house of books” with events, programming and retail. The plans will introduce new office to a neighborhood without a substantial amount of office space and bring additional retail to an area already attractive to real estate developers. The city of Houston granted 28 building permits for sites on Westheimer Road in 2018, which is double the number of permits issued in 2017, according to Cushman & Wakefield's report.
  9. Had a chance to view these renderings. This building will have even more terraces than Texas Tower. I think this forum will be very impressed by the redesign. High quality project - hopefully it gets capitalized!
  10. This will be a great vantage point over the next 12 - 18 months!
  11. 6 Houston has been dead quiet. Very little substance there for several years. My money would be on 1 Market Square. There is a huge shift to this part of downtown by the tenants these new buildings are trying to attract. There was rumor of the Developer being in negotiations with a couple large tenants last year that would have met the pre-leasing requirement to start construction - I believe around 2024. I am not sure of the current status, but as Texas Tower continues to fill up the availability for trophy Class A space considerably decreases. I would not be surprised if more information came out later this year and this project broke ground in the next 12 - 18 months. Just my opinion.
  12. DLA Piper signed a lease for the entire 38th floor. 40% leased now.
  13. As long as it's functional/efficient, I'm most excited there's 5 levels of office in this project. Having creative office opportunities for companies from Montrose Collective through Midtown along Elgin, would be pretty outstanding for the lower Westheimer corridor.
  14. Short article, but here you go! On-Site Grocery Stores Are Becoming a Thing in This Texas City's Apartments Trend is Taking Off in Areas Packed With Rentals, Offices and Retail Sprouting freestanding, suburban supermarkets with surface parking have long ruled in vast Houston. Today, grocers are affiliating with apartment and office developers to afford stores in pricier urban locations. Building multilevel stores allows grocers to consider smaller tracts while offering efficiencies like shared parking garages with apartment and office tenants. According to a recent Urban Land Institute study, grocers are especially attractive partners because they serve as a destination amenity for residents and office tenants in mixed-use projects. In fact, grocery-anchored projects can charge a 20% rent premium, whereas mixed-use apartment projects with retail and office can charge a 15% rent premium to residents. Last year marked the arrival of Houston's first two apartment buildings situated over grocery stores. The Morgan Group's Pearl Marketplace at Midtown boasts a Whole Foods Market on the ground floor and its apartment units, which recently were completed. Midway Companies' St. Andrie at Buffalo Heights, located at Washington Avenue and Studemont, also recently delivered, and boasts H-E-B's first mixed-use grocery store. These grocery-anchored mixed-use projects echo the densification of Houston, and are changing the way some urban residents live and shop. Rather than stocking up on the weekend, residents living above a grocery store can take several trips a week, enjoying fresh produce and meats. Furthermore, residents can drive less and walk more, developing health benefits, as the need for a car diminishes.
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