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CREguy13

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Posts posted by CREguy13

  1. 2 hours ago, kennyc05 said:

    Yeah but there is a ton of money in this city I think it'll definitely happen.

    1000%. Too many downtown corporations, local foundations, and uber-wealthy Houstonians that will be interested in naming rights and want to play a significant role in a transformational project for the city.  

    • Like 2
  2. 10 minutes ago, wilcal said:

    Of course, the city doesn't have anywhere near enough money to develop the cap parks or the elevated park.

    You have to wonder where the city's priorities lay if there is only $XX millions.

    My gut absolutely no inside info says that the elevated park would be last on the list. 

    This is years-old memory, but it was my remembrance that the city would be swapping some of the land that they own in the East End for land under the Pierce Elevated, so there is an opportunity for the city to lease/sell some of that land to fund an elevated park. Of course, the Highline is the parallel, which has direct connections to the trail from adjacent buildings. 

    That's my point.  These have always been private projects and I think they can raise the funds relatively quickly.  Never let dollars that want to find a home remain on the sidelines..

    • Like 2
  3. 1 hour ago, Brooklyn173 said:

    I, like others on this forum, am very excited about the potential of the 'bus corner' becoming something nicer. Even grander. But two things come to mind:

    1. There are a bunch of other already empty blocks in the larger area. A rough count for a corridor from Clay St south to Stuart St, 2 blocks east/west of Main Street, finds that there are nine mostly empty full city blocks. A couple are used for parking, one has a vacant bank, an empty CVS and the others are just dirt. This does not count the bus depots/McDonald sites or the soon to be relocated Cadillac dealer. There is already plenty of supply if there is a real demand. I'm not sure if the bus terminals' availability will change that dynamic.

    2. Having said that, I wonder if a decision has been made that only the well connected are aware of, reflected by all the recent activity near the Pierce Elevated. Is that about to come down and the smart money is getting ready for a redevelopment surge? I'd be OK with that.

    I won't be around in "a few decades" but I am happy with hopes of a quicker, even modest, improvement.

    Your second point is the right take imo.  There's a really strong push on the elevated park, which would make everything within a few blocks of Pierce much more valuable immediately if plans become public.  I'm certainly in the camp of retaining the structure. The opportunities to integrate buildings at the park level whether it be office, MF, Condo, or hotel would be a game changer - in addition to activating the ground level below.

    Central Houston badly wants this to happen.  Given the tremendous amount of wealth being made in this city right now (and no other big projects on the docket) they should be able to get private individual/corporate dollars secured for both this and the Eado Capped park... or at least that's the hope. Fingers crossed!

  4. I really hope this developer has the expertise, able to source the necessary capital, and receives a substantial credit from CHI to produce a very quality MF conversion.  This building has a lottt of issues, but the opportunity is so huge for this area if they do it right.  If Chevron moves their HQ and starts construction on a new building, along with this, that'd put a lot of eyes on an area RIPE for major development.  If KBR were to move out of 601 Jefferson and that was also converted? Goosebumps

    • Like 6
  5. 6 hours ago, mattyt36 said:

    Well, I am not in this industry but from what I have read Alexandria Real Estate Equities is the top tier developer that you want for projects like these, and a vote of confidence in the Houston biotech industry's long-term prospects (the only other markets they are in are Boston, SF, San Diego, DC, NYC, Seattle, and the Research Triangle).  I'm just disappointed it is located in The Woodlands, but I suppose it's less of a site-location decision as redeveloping an existing facility.

    As a reminder, Alexandria is investing in a significant way just south of TMC along Fannin.  Totally agree on ARE's prowess as a life science developer..  They are clearly betting on Houston, which is awesome!

    • Like 3
  6. 2 hours ago, IntheKnowHouston said:

     



    An update on Pastore. This is the red-sauce Italian restaurant concept from Underbelly Hospitality. It will be located in Regent Square at 1203 Dunlavy St, Suite 100.


    From an article published yesterday in Community Impact:


    "Underbelly Hospitality and chef Chris Davies will open Pastore in the spring at 1203 Dunlavy St., Ste. 100... Pastore will also feature a garden patio with fountains."

    https://communityimpact.com/houston/heights-river-oaks-montrose/dining/2022/12/13/5-eateries-slated-to-open-in-2023-in-montrose-river-oaks/

    Happy to finally see this getting closer to opening.  It's been frustrating walking by seeing little-to-no activity occurring inside.  Great news!

  7. 18 minutes ago, hindesky said:

    I went by this and saw a worker coming out of the fenced area where the 42 story apartments will be. I asked him a few questions about it but he pointed out another worker who would know more, he said this will start in two weeks, confirmed the 42 story and TAS being the concrete contractor. He also said the mid rise office building next to it will start soon.

    Amazing.  This development and general area is going to be special for Houston.

    • Like 3
  8. On 11/15/2022 at 2:04 PM, Houston19514 said:

    It's absolutely a fair comparison.  Both are about supply getting ahead of demand, and a turning point in a market.  Add in that it appears this company (Wilson Capital) has built nothing remotely like this proposed building...

    That was office; this is residential. That was the 80s downturn; this is (may be) the 2020s tech downturn/pullback;  That would have been the tallest building outside of NYC and Chicago; this "will be" (if it is built) the tallest all residential outside of NYC.

    FWIW, not counting this new proposal, there is about a 16% increase in supply currently under construction in Austin (6% increase in supply expected to come on line in the second half of this year), coincident with at least some indications of developing softness in the office (and employment) market (see, e.g., Meta's backing out of huge space).

    @Urbannizer this is a perfect explanation from @Houston19514on my comment.  I just don't see the new job creation that propelled this crazy development cycle to continue nearly at the rate its been, in the coming years.  Local job growth in tech was a primary driver for this boom and the ongoing pullback in the sector may have an impact on financing larger projects like this going forward. 

    • Like 1
  9. Both concepts are dead, mainly due to the issues you've highlighted I'm told.

    The good news (from a reliable source) is that both the former Cafe Sophie space and the larger space caddy corner from Brava should have some announcements soon..

    I'm not sure on prospects for the former Etta space. I'd hope it wouldn't stay vacant for too long as that corner has a lot of potential for pedestrian activity..

    • Like 5
  10. To be clear I really like Austin and always enjoy that part of TX, so none of my comments reflect a distaste for the city itself.  This is solely my opinion and I could be totally wrong, but tech is going to get smacked very hard and its already starting with many companies announcing layoffs, terrible quarterly earnings going forward (Look at what happened to the market after Snap, Inc. reported yesterday 🤨), slowing hiring, cutting capex, etc. + early-stage software/soft-tech capital is seriously contracting and that trend will continue for several verticals.  Investors/VCs are tightening their purse strings and will stop pouring tons of money into growth companies that they normally would hope to exit in a few years or ipo, those days (in this cycle) are over in many areas of tech.  I think Austin will continue to be a great place to visit and certain people will still want to move there for lifestyle, outdoors, etc. but the job market that propelled it to crazy growth over many years and especially during Covid is about to take a big hit as that's largely been tech-related and industries that are not in growth mode anymore. The city has gotten way too expensive for being located somewhere not on the ocean.

    Maybe Tech companies will consolidate their bases to Austin more (reducing job losses) and not in Bay area/other tech hubs and that may change a lot of the above.  But I believe this growth is unsustainable and they have overbuilt themselves.  They've been growing rapidly for a long time and I just don't see why Austin will not be heavily impacted like many other cities in this bad storm approaching. If Google, Facebook, Apple, Indeed,  and others start announcing much larger layoffs in the next few quarters and many of them are in Central TX, we will know.

    All that said, I'm generally biased towards Houston, which I'll always happily admit, and I believe we are entering our golden era and the capital + job growth that will flow here will draw a lot of the national attention to our city over Austin and Dallas (fingers crossed).  I view Houston as being the most booming city of this decade for a variety of reasons.

    Long-winded, but this is a summary of my "cliff comment" and general thinking. 

     

    • Like 2
    • Thanks 3
  11. I'm amazed this got off the ground, especially considering (IMHO), Austin's economy is about to fall off a cliff.  I'll be very interested to see how this does, but I genuinely could not imagine a worse time to be building a project of this scale in a market that is pretty tapped out and may be headed down in a hurry.  We shall see.

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