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CREguy13

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Everything posted by CREguy13

  1. I can attest to this. There is a high profile hotel that will carry a mixed-use component. I am not sure as to whether it is the same brand that swtsig is reporting on, but it is not in Westcreek and is not Live Aqua. As of late last week, I heard this is very close to closing.
  2. If Hines were to reach an agreement on the site, it would be in the best interest for Houston IMO. I would think they would use this site as a crossroads to tie together the CBD, Market Square, and the Theatre District. Personally, I would think if Hines locks up this site, they would look to buy the Market Square Tower site, as well (if it were for sale). With coordination, those 3 adjoining pieces of land, developed by the right group, could be transformational. Hines is the best in the business, and it would be quite the project. My guess is that Hines could hold this land even through the next cycle, possibly.
  3. Great shot. I also like how you can see 609 Main rise in the background.
  4. I'm all for the DLI, but I personally don't think there should be more large-scale incentives like this for developers to come downtown. The nudge in the right direction was crucial, but let the market determine the rest. You have less risk for players to enter the market that otherwise should not have been in the game, w/o the additional funding. I want downtown to be a destination like anyone else, but let the invisible hand do the work. There does not need to be a retail-incentive package. You have the possibility of 5,000 units coming online in the next 2-3 years. All of these residents have the disposable income that will make retailers want to be downtown. The Allen Center and Houston Center proposed GF improvements will really enhance the street level bringing more people up from the tunnels and opening up more opportunity for retailers. Safe, walkable, and lively downtown streets will further promote downtown living, and removing incentives will make the market more competitive giving consumers the best finished product. The units under development will create a domino-effect and the outcome everyone is hoping for. All of the above is just my opinion, of course.
  5. Yes. Unfortunately, this is just the owner demolishing the existing apartments to more easily market the land to a buyer. Hanover does not own the land, and backed off the purchase late last year. I spoke w/ our land team today, and they said the site still hasn't sold Hanover may be renegotiating terms with the seller, but as of now, this land is stil on the market. I haven't read the posts leading up to this, so forgive me if I'm stating old news. Hope the transaction closes soon.
  6. Not sure how this flew under the radar, but on the 609 construction cam it looks like they already poured part of the mat.
  7. It just depends on how the market reacts when all of these MF units deliver, but I agree that we are on the same page.
  8. I didn't suggest that high-end luxury retailers would leave - I think ROD and Uptown Park will flourish and be the luxury niche that part of town needs. I'm just watching the trend and predict that many retailers will open up new stores downtown. The New York conversation is moot, because no city will ever be a New York. I'm simply following where the money and investment is headed, along with increased foot traffic.
  9. Eventually, the majority will be retail. I would bet that most of these leases are no longer than 5 years.. retail follows residents. It makes sense for Midway to have restaurants now, because there are thousands of workers for lunch/dinner crowds throughout the week. It also makes sense for Midway to keep these leases short-term, so in a few years they can swap in new tenants if demand is created from the influx of hotel rooms and downtown residents; barring any renewal rights from existing tenants of course. My guess is they will start being selective for new tenants in the next 12 months as a number of units start to deliver. My long-term prediction is that existing galleria-area tenants will either open second locations or close their doors and relocate downtown/midtown. So many people (outside of millenials) are wanting to move inside the loop and be closer to the core. The market should follow.
  10. I could be very wrong.. But I imagine that there is plenty of future growth opportunities for GreenStreet similar to Alessandra. To have that superblock in the heart of downtown and the eventual Dallas/Main retail corridor, just doesn't really make sense to be a low rise. There's too much long-term revenue that would be wasted. Nobody knows how the market will react when all of these apartments come online and the foot traffic increases outside business hours. My guess, is that Midway has their eyes on certain retail pads along Dallas that down the road they would demolish and build upward, while maintaining retail and restaurants on the lower levels. I would think some of the tenants on the Dallas St. side have in their leases (or will in their next renewals) that Midway obtains the right to terminate the lease early or that no more pref. rights on that space will continue after the existing term. Depending on how the downtown living market changes over the next 5-7 years, I think we could see this change with either new Multi-family apartments, condos, or additional hotel components in GreenStreet. Office is less likely with the disconnect to the tunnel system. Again, I could be wrong, but just my two cents on this topic.
  11. Skanska will build their building, because they have the capital; it will just be a waiting game. Don't give up on 6HC, remember they were going to go spec in the summer. Although not many, there are still a couple 300k RSF + tenants in the market right now. My bet is these tenants will cut a deal to renew where they are, but you really never know how aggressive JLL may be to get the deal done. 6HC probably missed the wave, but don't rule them out just yet, because their ARE tenants still looking. International Tower is dead, and has been for some time now.
  12. I would imagine that the Mayor and her team require all new construction along the Dallas corridor to have retail. I don't know which lot was sold, but i CAN rule out block 251. I recently had the conversation with an anonymous source that the owner rejected an offer of $450/SF; which is unheard of for land sales.
  13. Williams tower is classic Hines and a timeless building, no one argues that. Amegy's building will be a very modern Hines development that aesthetically will be different than other buildings on the West Loop. I believe it will really stick out when heading southbound on 610, but again this is just my opinion.
  14. Although the rendering has yet to be released, I will echo what others have said on this forum. This will be the best looking building on the west loop, and is the dream team for Dev/architect/GC. I've been told from an anonymous source that the construction will commence the beginning of December. It will be an outstanding addition to the surrounding area.
  15. Live, Work, Play. CBD, Galleria/West Loop, Bltwy 8/I-10, future PMRG development at former Exxon Chemical at Highway 6. Incredible
  16. BG quotes $36/SF on a 'net' basis. When factoring in Operating expenses, the building is just over $50 'gross'. Some are projecting the building will quote $40-42 Net, which will be a record for Houston.
  17. It really is 20 floors, I will try and get my hands on a rendering.
  18. I will try and find out more information, and report my findings.
  19. Many apologies, I was replying to the post prior to mine about Camden. It was off-topic and my post does not relate to this discussion. Many apologies, I was replying to the post prior to mine about Camden. It was off-topic and my post does not relate to this discussion.
  20. It was right at 20 stories and the design reminded me a lot of the Marquette multi-family project. Camden's is more rounded at the top, but very similar. Sorry for posting off topic.
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