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CREguy13

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Everything posted by CREguy13

  1. That would truly be one of the best start-to-finish development stories of all time. The developer needs to be notified immediately.
  2. The good thing is East River is broken out into 4-5 phases, so there will be more opportunity. My only thought on the central focus to the water is that this Buffalo Bayou East extension is meant to be largely recreational. In the above render, it appears they'll have 4 retail sites that face the bayou, but are set back and not right on the water. Maybe this is party due to the fact they want the trails to cater more to runners, walkers, and bikers? It's also very possible there are engineering considerations that we are not aware of, similar to the initial outcry many of us had on Barbara Jordan not being torn down to be multiple towers. Having said all that, I'm still very excited and bullish on this project and the companies it will attract. I think later phases could be dramatically different if the bull case/opportunity becomes more clear after Phase 1. But I certainly agree that this project is one of the few areas of Houston to truly engage water frontage - need to capitalize on this!
  3. I could have sworn this was a topic, but can't seem to find anything... this is the former BoA branch at corner of Milam and Franklin. Walked by today and there was heavy equipment on-site. I talked to a construction worker who confirmed they are tearing it down. Likely more paved parking, he didn't seem to know, but certainly positive news and heading in the right direction.
  4. Did not get pictures, but the industrial building was being torn down as I drove by this afternoon.
  5. This building has been under contract for several weeks now. No knowledge beyond that.
  6. The first image posted above is Phase 1 with Fulbright. Really like the initial drawings of the block West of Fulbright. BIG is providing a natural transition from the park experience/greenspace to the project which appears to be (at least in these drawings) an office building.
  7. I have been to Blue many times, it has a great ambiance and fun atmosphere. I'm excited about this and will definitely frequent this location often. Great news.
  8. Really excited for this project and what it will add to Midtown. Also love seeing they'll have a Green Wall covering at least one side of the parking podium.
  9. AWESOME. Phase 1 set to break ground later this year. 2021 is going to be a crazy year for Houston and certainly in the emergence of its life science sector. First look: Hines releases initial renderings of planned Levit Green life sciences district Hines released the first renderings of phase one of Levit Green, which is set to break ground near the interchange of Highway 288 and Holcombe Boulevard/Old Spanish Trail later this year. COURTESY OF HINES By Jeff Jeffrey – Reporter, Houston Business Journal 21 minutes ago Houston-based Hines is offering the first glimpse of what its planned 53-acre life science innovation district near the Texas Medical Center will ultimately look like. Hines released the first renderings of phase one of Levit Green, which is set to break ground near the interchange of Highway 288 and Holcombe Boulevard/Old Spanish Trail later this year. Envisioned as more than a typical “live-work-play” mixed-use development, Hines aims to make Levit Green the kind of industry-led, purpose-built life sciences cluster that rivals those in San Francisco, San Diego and the famed Life Sciences Corridor in Boston. Hines Senior Managing Director John Mooz told the Houston Business Journal that there is no doubt that the vision for Levit Green is ambitious. But he said Houston is the perfect place to give coastal life sciences clusters a run for their money. “When you see these life sciences cluster cities that have 15 million to 20 million square feet of dedicated, purpose-built space for researchers and developers of life sciences technology, there is no reason Houston shouldn’t have that as well.” Mooz said the Texas Medical Center and the surrounding area — which is home to world’s largest medical ecosystem, complete with the top location for clinical studies and research in the country — is uniquely positioned for a life sciences research district that caters to industry-leading life sciences companies. “Houston is quickly emerging as a top life science cluster city and has been able to do so without the purpose-built product established in other locations,” Mooz said. “When you look at the fastest-growing areas of life sciences development — pharmaceuticals, biosciences, medical devices and advanced biomedical manufacturing — Houston has all of that. It just didn’t have a district that was designed to suit the sciences, rather than the other way around.” Enter Levit Green. The initial phase of the nine-building development calls for the construction of a five-story, 270,000-square-foot research building, which will be built to include a range of amenities specifically designed to support laboratory research. The 53-acre life sciences district known as Levit Green will include nine office buildings built around a series of man-made lakes. COURTESY OF HINES The initial building’s features will include 100% redundant emergency power, enhanced structural vibration attenuation, augmented mechanical systems, 33-foot structural bay depths and floorplates in excess of 55,000 square feet. The latter feature was included to enable research and office teams to create hyper-efficient configurations that enable teamwork and collaboration, Mooz said. The project is slated to break ground on phase one in September, with occupancy beginning in the fourth quarter of 2022. Mooz declined to comment on the how much the initial building will cost to construct. But for all of the technology factored into the design, Mooz said Hines wanted to ensure the building included the kinds of amenities that make going to work an enjoyable experience. The master plan for Levit Green includes several lakes in the heart of the district, with each building designed to embrace the planned waterfronts. The phase one building, for example, will include restaurant and retail space on the bottom floor, with outside dining space where researchers and technicians can gather for a cup of coffee or a glass of wine as they kick around ideas next to the water. The first building within Hines' Levit Green development will include restaurant and retail space where employees can gather for a cup of coffee or a glass of wine while they kick around ideas. COURTESY OF HINES Of course, when you mention water in Houston, you’re also invoking memories of past flooding events. Mooz said flooding-prevention was a key part of its design for Levit Green. Not only did the site not flood during Hurricane Harvey, Hines has spent the past several years working with the city and Harris County on the design to ensure that it meets and exceeds the higher resilience and retention standards adopted in the wake of the storm. “When you talk to people about Houston, that’s often one of the first things they ask about. We have found that it’s often best to lead with how we’re approaching flooding so they know their offices will be safe, regardless.” For Hines, reaching the point where the company can share the initial renderings of what promises to be a revolutionary life sciences cluster in the city is a significant milestone. The company began the initial talks with 2ML Real Estate Interests, formerly known as The Grocers Supply Co. Inc., to acquire the site of some Grocers Supply warehouse and distribution facilities for Levit Green in 2016. In fact, Levit Green takes its name from the family behind 2ML Real Estate Interests. But in the years since those talks resulted in Hines taking over the property, much of the work has focused on ensuring Hines got the design right. To design the building, Hines tapped St. Louis-based HOK, which has extensive experience designing properties for scientific research firms. Hines also hired JLL’s (NYSE: JLL) bicoastal team of life science experts to serve as leasing representative for the project. For nearly two years, Mooz said, the company sent teams to life sciences clusters across the country to see what kinds of facilities and amenities competing cities offered. Hines also drew on the company’s experience designing and building “complicated” laboratory environments around the world, which include a research center for the U.S. Food and Drug Administration, petrochemical labs and research facilities for clinical clients, among others. “We really wanted to ensure that we were delivering a top-of-the-class building that was on par with or better than any of those found in what we see as our competitor cities,” Mooz said. It also doesn’t hurt that the life sciences sector has been one of the few bright spots on an otherwise lagging commercial real estate market, nationally. In Houston, where the office market has stumbled along for years amid vacancy rates in excess of 20%, a number of developers have been making plays in the life sciences space to find opportunities. Houston-based Medistar Corp. is developing a 30-story high-rise, dubbed Horizon Tower, near the Texas Medical Center in partnership with Texas A&M University. The 485,000-square-foot, 17-story office project is being built atop a 13-story parking structure at 6929 Main St. and will be part of the planned Texas A&M Innovation Plaza. It's slated to deliver in early 2023. Cushman & Wakefield was recently hired to provide agency leasing services for Horizon Tower. In addition to Levit Green and Texas A&M Innovation Plaza, other examples of local high-profile life sciences real estate projects include the Texas Medical Center’s planned $1.5 billion TMC3 expansion.
  10. Agreed on targeting a larger Renewable Energy company and wasn't aware of the Opportunity Zone inclusion. I also have to think Midway is working to lure back KBR. It adds to the history of the site, they are currently in a desolate part of downtown, and the company has made big changes in recent years so a move like this adds to the company's transformation. Going back to the old Brown & Root 'roots' makes a ton of sense in my opinion.
  11. Does anyone else have the feeling we are about to see another big tenant announcement soon or released plans of the next phase and a projected start date? With the Ion opening and tenant build-outs for Common Desk, Chevron, and Microsoft commencing, then Greentown Labs opening in April with several clean tech startups and a growing list of big corporate partners, I get the sense something substantial is around the corner. Whether it's a lead tenant building or Rice considering spec start considering the amount of interest/tenant demand they expect to receive in the district over a ~24 month construction period. Total conjecture, but there's too much momentum in this area to believe it will be quiet after everything is delivered later this Spring.
  12. Interesting. I've heard from several sources that this site was quietly bought late last year by a large, notable developer, not this group. Perhaps something changed, but hopefully my sources are accurate as the hype would be comparable to Skanska's purchase next door.
  13. I just drove by, and it looks like they could start demolishing this in the next few days. The whole block is already fenced off and Signature care is out with their sign taken down and a banner stating they've relocated across the street.
  14. Midway noting preliminary negotiations being underway for build-to-suit opportunities is interesting, even if only preliminary. This development takes off quickly, if a company decides to relocate its headquarters here... Preferably a company from outside Houston and most preferable is 'companies' with interests in space exploration, EVs, clean/battery tech 😎
  15. For me it was - I accidentally posted it in the wrong thread. Hopefully @HNathoo knows something we don't!
  16. Yep! Or at least I hope this was big news... no idea what is on tap for the remaining blocks, but looks like they may reveal more information later this year. Having BIG involved is absolutely huge and gives us a lot to look forward to.
  17. HBJ Article: Skanska plans demolition of Montrose retail plaza By Jeff Jeffrey – Reporter, Houston Business Journal Jan 12, 2021, 1:37pm CST Skanska USA Commercial Development expects to begin demolishing a key retail plaza in Houston’s growing Montrose area to make way for a mixed-use development within the next six weeks, a spokeswoman for the company told the Houston Business Journal. The retail plaza located at the southwest corner of Westheimer Road and Montrose Boulevard had been home to Half-Price Books, Mattress Firm, Spec’s Wine and Spirits, and Mattress Pro for several years. Half-Price Books recently revealed that location would close on Jan. 17, according to reports. Other tenants have also been moving out. While Skanska has not yet finalized its master plan for the site, the company plans to clear the property in the coming months to allow for the development to begin moving forward, the spokeswoman said. According to Harris County Appraisal District records, the land and buildings on the site had an appraised value of $13 million as of Jan. 1, 2020. An entity affiliated with Houston-based PM Realty Group had owned the property since June 2012, according to HCAD. PMRG was acquired by Washington, D.C.-based Madison Marquette in June 2018. Sweden-based Skanska paid $27 million to acquire the 2.86-acre site in August. Skanska said the new project it is planning on the site is targeting LEED Platinum certification. While the final plan for the site is being sketched out, the company plans to build a pop-up retail shop on the site. “We want to put something that is Covid-19-safe on the site that the community can enjoy while we finalize the plan for the site,” the spokeswoman said. More details about the project will be released within the next few months. The property, at the corner of Westheimer and Montrose, has long been a target for developers looking to convert it to a mixed-use development. When PMRG acquired the property, it had similar plans to build a residential building with retail on the first floor, according to reports at the time. But the company ran into opposition from some of the site’s existing tenants, who had long-term leases in place. For Skanska, the acquisition of prime real estate in Montrose is just the latest in a series of splashy deals the company has done in Houston. Last year, the company purchased four parking lots near Discovery Green for a planned mixed-use project that will include office, multifamily and retail space. Skanska paid $55 million for the four parcels, which total around 3.5 acres. Skanska is also the developer behind the 35-story Bank of America Tower in downtown Houston. In December, the company announced it had sold a 90% stake in the tower to an affiliate of Boston-based Beacon Capital Partners for $373 million.
  18. Happy to see this. The announcement of the lead tenant will be in the next week or so from what I'm told and I think this group will appreciate the renderings. This project does a nice job of closing out Discovery Green (along with Block 98) and completely hiding/wrapping around the Embassy Suites when standing at the park.
  19. I can corroborate. If it's something different, even better.
  20. Interesting. Hopefully Levcor is planning for this to be mixed-use and not strictly retail. High-rise hotel, residential or both is perfect for this location.
  21. Not seeing any mention of Skanska, makes me hesitate to believe this is current. Perkins Eastman and Madison Marquette partnered on District Wharf in DC, so unclear if this was drawn up for the previous owner. This would be significant for the area so hoping this is accurate!
  22. This seems very positive - it was only a matter of time. I wonder how much interest this project created following the pandemic. I would bet several companies in the Bay Area/West Coast and Boston/East Coast are looking at this and Hines/Levit's project even more seriously than they were 9 months ago.
  23. https://houston.culturemap.com/news/restaurants-bars/12-09-20-post-houston-mixed-use-development-food-hall-downtown-vendors-salt-time-lea-janes-hot-chicken-taco-fuego/#slide=0 First 6 food hall concepts announced. Can't wait to see announcements continue to flood in. Really excited about Post Houston and the destination it will be for visitors/residents downtown.
  24. Figured this deserved a bump following this past weekend's sources of Elon telling friends he's moving to Texas. I'm still holding out hope Houston receives SpaceX HQ and/or Tesla, Elon himself is almost certainly Austin bound. I won't repeat myself after my prior statement above, but taking out some of the allure for Austin, Houston to me makes so much more sense for Tesla/SpaceX to operate and succeeds as businesses. A major factory commitment is not indicative of an HQ move nor the guys primary residence - he did have like 7-9 houses across NoCal and SoCal. I happily admit I'm a biased cheerleader for this city, but I will not rule out any Houston possibility until it is 100% made official.
  25. Chevron is really doubling down on the local innovation ecosystem. Can't wait to watch Shell, BP and other majors/larger companies join the fold. A lot to be excited about.
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