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CREguy13

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CREguy13 last won the day on March 22 2018

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  1. Ask and you shall receive: Morgan Group to Break Ground on 13-Story Tower in Houston Exclusive: Developer to Start Construction on Project That has Been on Hold The developer behind a Pearl-branded apartment project where a new Whole Foods is opening in Houston's midtown area this week is already planning to move forward with another project about a half-mile away that has been on hold. Morgan Group, a Houston-based developer that has built $3.1 billion worth of multifamily projects nationally, is reviving plans to build a 13-story luxury apartment tower at 102 Dennis St. in Houston. The project is tucked on a quiet residential street in one of Houston’s hottest neighborhoods for apartment and retail development. Construction on the new project is expected to start in December or the first quarter of 2020, Philip Morgan, vice president of the Morgan Group, said in an interview with CoStar News. The project for now is called the Pearl Rosemont, although the developer is not solidified on a name, he said. In building documents with the city, the project has also been referred to as Pearl on Helena. Morgan Group has used the Pearl brand for at least 10 other apartment projects in Houston as well as projects in Austin, Texas; Phoenix; California; and Miami. The developer's proposed Houston project will include 298 apartment units on top of a parking podium. The total project will be 260,000 square feet, Morgan said. Originally, the Pearl Rosemont project was pitched in 2015, but like several other real estate projects in Houston, plans were put on hold after oil prices started to decline around that time. But Morgan said the market conditions are improving, spurring more multifamily development in midtown, Montrose and the River Oaks neighborhoods. "Midtown has changed a lot in the last decade and there’s other high-rise buildings in the market getting done," Morgan said. "The market is improving and the neighborhood is improving. We’ve already opened our other projects nearby." Earlier this year, Morgan Group opened Pearl Marketplace, an eight-story, 264-unit apartment project located at 3120 Smith St. A 40,000-square-foot Whole Foods Market opened this week on the ground floor of Pearl Marketplace at 515 Elign St. In 2014, the development group built a five-story, 154-unit apartment complex nearby called Pearl Midtown at 3101 Smith St. The newest proposed project, Pearl Rosemont, will be "a step up from Pearl Marketplace in terms of finishes and views. Being 13 stories high, it will have nicer views and I think that neighborhood is a little quieter," Morgan said. Morgan Group will serve as general contractor for Pearl Rosemont and the architect is Ziegler Cooper. Renderings of the project were not available. The project was originally slated to cost $20 million, according to state documents, but in more recent filings that estimate was listed at $92 million. However, Morgan said those estimates are incorrect. He declined to disclose the project's estimated cost. The midtown market has seen more multifamily growth in recent years as more workers look to be close to downtown and the nearby Montrose neighborhood continues to attract national attention. The Lower Weisthemier-Montrose area was recently named one of the nation’s top 20 coolest streets in a report by Cushman & Wakefield. The report rated it as one the hippest areas 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, and about 37% of residents nearby are millennials. The city of Houston granted 28 building permits for sites on Westheimer Road in 2018, double the number issued in 2017, Cushman & Wakefield said. Overall, there are 5,064 apartment units under construction in downtown Houston and another 5,634 units under construction in the submarket that contains Midtown, River Oaks, Montrose and Rice Military, according to CoStar data.
  2. Let's move on. There is a $1B+ campus on the way, with a lot of private industry expressing serious interest to complement TMC3. Developers are gearing up with sites acjacent to or near TMC3. This is a clear net positive. I trust the leadership involved and the amount of capital being invested shows that others do too.. No way to predict what will happen, so let the chips fall where they may.
  3. From Costar: Whitestone REIT, a Houston-based real estate investment trust, sold three industrial sites and plans to invest the proceeds into “e-commerce resistant" properties. All three properties are in the Houston area and traded for a total of $39.7 million, according to filings with the Securities and Exchange Commission. Whitestone received $11 million in cash as a result of last month's sales, which were part of a joint venture with Houston-based Pillarstone Capital REIT. HMC Fuller bought the portfolio, which included: Corporate Park West at 1718 N. Fry Road, Plaza Park at 7503 South Freeway and Corporate Park Woodland at 210-240 Spring Hill Drive in The Woodlands, according to the filing. Overall, Whitestone owns 57 properties, comprising 4.8 million square feet, that were 90.4% occupied at the end of the third quarter, up from the 89.4% occupied rate at the end of the second quarter, but down from the 91.9% occupied rate at the end of the third quarter last year. "We tend to focus on service tenants, not soft line retailers that today are fighting to stay relevant," Jim Mastandrea, Whiteston'e CEO, said in an earnings call. The company’s average annual rent per square foot grew 4% year-over-year from $19.64 per square foot in the third quarter to $18.97 per square foot in the same quarter last year. Whitestone signed 68 leases in the third quarter, representing $18.6 million in total lease value and comprising 175,714 square feet, Dave Holeman, Whitestone’s chief financial officer, told investors on the call. That compares to 75 leases representing $23.8 million and comprising 170,944 square feet for the same quarter last year. During the third quarter, Whitestone completed development of two multitenant sites in Anthem, Arizona, and a 100% lease-up of a multitenant pad side in Chandler, Arizona. Whitestone's "e-commerce resistant focus is primarily on local and service-based entrepreneurs," said Mastandrea on the call. The REIT posted a net income of $1.8 million in the third quarter this year, compared to $7.8 million for the same time last year. "Our model has greatly reduced our exposure to the headwinds affecting others in our space," Mastandrea said in a statement. Another Houston-based REIT, Weingarten Realty Trust, expects to sell up to $450 million in properties this year as it transforms its portfolio to centers anchored by trendy grocery stores and new residential development projects.
  4. It looks like this site closed this month and was sold to Woodbranch - the developer of Market Square Tower. I would not be upset if there was another MST quality project here...
  5. I imagine Hines has some great plans in store for the 600 Travis plaza and a much improved ground-level experience for both blocks. https://www.chron.com/business/real-estate/article/Houston-based-Hines-buys-Texas-tallest-tower-14568037.php
  6. They started pouring the final garage floor this morning. We should start to see glass go up in the next few weeks.
  7. I agree in that I think we slowly start to see the nightlife scene move elsewhere with elegant bars/lounges remaining, with high-end retail/restaurants entering the area in coming years.
  8. https://www.rchstudios.com/projects/the-lynn-wyatt-square/
  9. I'll be curious what type of tenant this attracts now that there are a few thousand residents with disposable income within walking distance. I wouldn't be surprised if a more high end clothing store set up shop and/or athletic clothing store. I mentioned it a few years back, but I still believe this general area will see more of the desired retail before the area along Dallas Street. In the long term Dallas Street may make more sense, but this area is where the momentum and higher income wants to live/spend time.
  10. Very interesting.. This is a nice place - they just opened in the old Docs on Westheimer. I typically avoid this intersection, but maybe this is a sign of upcoming change which would be great for this area of downtown.
  11. Lyric Centre garage looks great in this picture. Look forward to 2 years from now when we've got Block 58/42 from this vantage. Now we need a project to be proposed on the lot next to Houston Ballet...
  12. HBJ announced that Mendocino Farms will be opening its second downtown location in the redeveloped Two Allen Center. That's great news.
  13. As a downtown resident, I would lose my mind over this. Honestly a smaller, more urban HEB could work as it would service Downtown, Midtown, Eado, East End, and some Near Northside residents. It's unlikely, but there are a lot of multi-family projects proposed and under construction in these neighborhoods, so the density in the next several years may make sense.
  14. What's interesting to me is they are projecting 8.9m SF of office space at full build-out. The 26-acre first phase has ~360,000 SF of Office. By there numbers the remaining 124 acres will have 8.5m+ SF of Office. If this is remotely close, the residential demand for developers in Eado, East End, and surrounding areas will be pretty robust.
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