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CREguy13

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Everything posted by CREguy13

  1. They have updated their marketing flyer and it appears the Maritime Museum is no longer part of Phase 1... they are now showing that site as a smaller boutique office/retail building. Hopefully the Museum is planned for a later phase and didn't fall through. That would be a real bummer.
  2. It's listed as 50,000 SF above, but the existing structure is 40,000 SF, so I wonder if they're adding on to this building? $670/SF is extraordinarily high and far exceeds Greentown's original budget they mentioned publicly so I'm thinking something has changed... hopefully demand has been so strong it's made them rethink their original expansion plans.
  3. Full Costar article: Timber Office Project Planned Near Houston's Buffalo Bayou Local Partners to Develop Mid-Rise Project at Autry Park A boutique office project is tentatively set to break ground next year in what could be Houston's first office building constructed of cross-laminated timber. (Local Partners) By Marissa Luck CoStar News November 20, 2020 | 5:09 P.M. Developers behind a 14-acre mixed-use project overlooking Houston's Buffalo Bayou Park are betting on a boutique, sustainable office design to gain a competitive edge to attract tenants in a tough leasing environment. The office project is part of Autry Park, the newly named mixed-use project being developed by Hanover Co. and Lionstone Investments. At full build-out, the project is expected to include 1,400 apartments, 350,000 square feet of office space and 100,000 square feet of retail space near Allen Parkway at the corner of West Dallas Street and the future Buffalo Park Drive. Local Partners is developing the office portion of the project and plans to include two office buildings: one 20-story building built with traditional concrete and one six- or seven-story building built with cross-laminated timber. The mid-rise office building with cross-laminated timber for the floor and ceiling decks in combination with a steel frame is the first publicly proposed cross-laminated timber office project in Houston. Another unrelated timber project, involving apartments, was announced earlier in the city. However, it is "very likely other developers are considering this technology" in the city as the nascent building technique gains traction, said Shon Link, managing partner at Local Partners. Link previously worked at the Houston real estate firm Midway before breaking off to form his own development firm two years ago. Cross-laminated timber consists of glued together strips of wood in prefabricated slabs and is touted as a more sustainable building material than steel or concrete. While research into the material's sustainability varies, at least one study published in the Journal of Sustainable Forestry found that using mass wood for buildings and bridges could cut greenhouse gas emissions between 14% and 31%. “We wanted to create a unique experience on the office floors. You can tour plenty of properties that use lay-in ceilings or exposed concrete, but this exposed wood ceiling is something really unique and something really beautiful,” Link said in an interview. The cross-laminated timber building could be between 75,000 square feet and 90,000 square feet, depending on demand. Construction is slated to start in 2021, if a tenant signs on, and the shell of the building could be complete by mid-2022. Link said the team is hoping the unique design as part of a major mixed-use project will make the office building appealing enough to compete in a tough leasing environment. “I think the amenities and the connection to Buffalo Bayou Park is just a very special opportunity,” Link said. While a couple of developers in Austin and San Antonio have used cross-laminated timber for office projects, the material is still rare in Texas and nationwide. That could help it stand out in Houston, the fourth-largest U.S. city by population, which has one of the highest office vacancy rates in the country that has been made worse by the pandemic and energy downturn. "Given the overhang in office supply in Houston, this shows that developers are trying to gain a competitive edge to attract tenants," said Justin Boyar, CoStar's Houston director of market analytics. The proposed Houston office building would follow the lead of a few other timber structures around the state. Earlier this year, Hixon Properties completed construction on a cross-laminated timber office project in San Antonio called The Soto. The Soto, located at 711 Broadway St., is believed to be the first office project in Texas that used mass timber not only for the floors and ceilings but for all the beams, columns and everything structural above the concrete podium, said Andrew Herdeg, partner with Lake Flato, the architecture firm who designed the project. While there are more mass timber projects in the Pacific Northwest, Herdbeg said the fairly rare building material is starting to crop up in more projects in the East and the South as the technology advances. The architecture firm now has seven office projects either in construction or in design using mass timber across Texas, Colorado and Pennsylvania, he said. Lake Flato also worked on the first mass-timber boutique hotel in Texas, the Hotel Magdelena, which recently completed construction in Austin’s South Congress neighborhood and used dowel laminated timber — a slightly different technology than cross laminated timber — he said. The firm also designed the 39,000-square-foot Sarah Campbell Blaffer Foundation Center for Conservation for the Museum of Fine Arts’ in Houston that used dowel-laminated timber for the ceiling and opened in 2018. “Mass timber is relatively unusual still. I think the technology has really advanced so that it is quite cost competitive now, if you know how to design within the system. It’s just a matter of education and priorities. Some clients would rather have a steel or concrete building for other reasons, but if you’re interested in an interior environment that is warm and tactile, if you’re interested in driving down your carbon footprint, if you’re interested in substantiality in general , it’s quite cost competitive and creates a wonderful environment in which to work,” Herdbeg said. Elsewhere in Texas, Endeavor Real Estate and Pegalo Properties used cross-laminated timber in an East Austin project at 901 E. Sixth, which sold for a premium to Clarion Partners last year. Like the Autry Park project in Houston, the Austin project also used cross-laminated timber for floor and ceiling decks with steel framing. Lionstone Investments was an equity partner in the 901 E. 6th project and saw first-hand how using the unique building material could attract tenants and buyer interest, Link noted. As a codeveloper of Autry Park, Lionstone Investments is also involved with the office portion of the project. Houston has had at least one other significant cross-laminated timber project proposed but it is an apartment project, not office. Rice University is planning a five-story student housing tower out of cross-laminated timber in a project expected to break ground in May or June, a Rice University spokesman said in an email. Houston-based developer Hines, which has developed several timber office buildings around the country, has hinted it was interested in building a timber office project in Houston but solidified plans have not been revealed. A newly unveiled rendering of Autry Park, the 14-acre mixed use development by Hanover and Lionstone where Local Partners is building its new office project. (Hanover) Beyond the boutique office building, the Autry Park development is planned to include a larger 20-story, 275,000-square-foot office building featuring views of Memorial Park and downtown Houston. The larger office tower's use of traditional concrete building materials is because it incorporates a parking structure, Link said. He expects leasing on the larger office tower to take longer than the mid-rise. “For the most part, those [big] tenants are being strategic and any kind of movement has slowed down. There are some that need to make a move but not as many. They are going to be strategic, but they’re probably going to start coming back into the market in early 2021,” Link said. Local Partners plans to wait to have one or two office tenants committed to the project before it breaks ground on either building, Link said. Right now, Local Partners is doing direct outreach and marketing for tenants but expects to hire an undisclosed brokerage to assist with leasing in the future. There are several high-rises proposed or underway near the emerging submarket that stretches along Allen Parkway near Buffalo Bayou Park. DC Partners is planning additional office high-rises directly across from the park at its 6-acre mixed-use project where condominium and retail buildings are currently under construction. Radom Capital is redeveloping the historic Star Engraving Co. building, where technology company Thrasio leased about 17,000 square feet as part of its headquarters relocation from the Boston area to Houston, a spokeswoman told CoStar News in an email. For the record The Autry Park office design team includes Munoz+Albin and Kirksey Architecture.
  4. To be fair, Trammell Crow was not involved during that time period. It wouldn't surprise me in the least if this project and/or Skanska's downtown project break ground sooner than many think.
  5. That site is still planned for a 1m SF office tower developed by TC and Linbeck. They are trying to secure lead tenants, which is certainly a challenge in the current climate, but I believe the designs have all been completed.
  6. I drove by this afternoon and while there wasn't much activity, there were a few construction workers on-site. So hopefully you're right @kennyc05
  7. Can anyone speak to the hold up on the Ion garage? Is it still moving forward as planned and is just delayed, or has something happened that's made Rice re-assess the full use of this block? Greentown Labs has a massive parking lot to utilize, but can this garage be finished by early spring of 2021 when both Greentown and Ion open their doors?
  8. I'll be curious to see what is going on. I've always thought this lot plus a tear down of the Novel coworking building would be a perfect site for a high end hotel that could service this growing part of downtown, market square, theatre district, etc.
  9. $1.4m in federal funds to launch aerospace tech accelerator? In partnership with NASA's Johnson Space Center? SIGN ME UP. https://www.houstonchronicle.com/techburger/article/The-Ion-gets-1-4M-in-federal-funds-for-space-15630626.php
  10. I'm not sure if it's this site or the adjacent lot, but one of them is currently under contract.
  11. Does anyone know if this will return as Main Street Market? I walked by this morning and it's completely gutted with construction workers in there. Wasn't sure if this is still post-fire remediation or something new?
  12. A few pages back, it was mentioned that the leases were all expiring by 2020. This is incredible news and exciting to think about the gravitational pull this area is going to have. There was already so much momentum prior to this announcement.
  13. It appears we may have our first retail tenants at Montrose Collective. On the marketing brochure it lists La La Land Kind Cafe (second HOU location) and Van LeeuWen Ice Cream. It looks like VL is only in NYC and LA, but has a location opening soon in NJ.. Judging by their website it looks like a great fit for this project and Montrose, in general. Anybody ever been?
  14. Originally thought Halal Guys was going next to Mendocino Farms, but it appears it's going on the Fannin st. side adjacent to Prelude. Abu Omar Halal recently opened on Main just a block away.. love having halal options for lunch during the week. Great news!
  15. Yes, homelessness has definitely picked up on this stretch of Main street and along both Texas/Prairie street. I agree that people have certainly gotten more aggressive in their pandhandling. On a more positive note, the progress of Texas Tower and now the Preston picking up steam, it is really starting to help visualize what this area will be like in the coming years. I'm pretty convinced closing down Main street to vehicular traffic on this strectch will happen, because it fits the vision Central Houston, Hines, and others have for the North District to create an urban downtown neighborhood.
  16. I'm fine with a nice coffee shop, considering the next phase will likely have much more retail and this only occupies a portion of the block. I'm also betting on Kimpton having a pretty sweet hotel bar which should be a solid landing spot in the area. This should add to the ground floor activity and will most certainly have a nice patio designed to engage the adjacent laneways buildings.
  17. Someone should probably tell JLL that Exxon is no longer downtown.
  18. Costar Article: New 43-Story Apartment Tower to Rise in Downtown Houston Trammell Crow's High Street Residential Breaks Ground Near Discovery Green A street view of High Street Residential's planned new apartment skyscraper in downtown Houston. (High Street Residential/Trammell Crow Co.) By Marissa Luck CoStar News July 20, 2020 | 06:33 P.M. A Trammell Crow subsidiary is transforming a former parking lot into a 43-story luxury apartment tower in downtown Houston. High Street Residential, a subsidiary of Trammell Crow, has broken ground on the skyscraper at 808 Crawford St., the companies announced this week. Construction on the 309-unit apartment tower is expected to be complete in late 2022. The project is called Block 98 in planning and permitting documents but a formal project name is forthcoming, according to High Street Residential. Development costs were not disclosed. The property at 808 Crawford St. currently consists of a surface level parking lot adjacent to Discovery Green, a bustling 12-acre urban park often booked with events and activities. The apartment skyscraper is being built diagonally on the same block as Hess Tower, a 29-story office building at 1501 McKinney St. that Trammell Crow developed in 2011, the same year it sold it to Toronto-based H&R Real Estate Investment Trust for $442.5 million. The Trammell Crow project is less than a mile away from where global developer Hines is concurrently building an apartment tower and office skyscraper diagonally on the same block. Hines' 46-story apartment skyscraper called The Preston is at 414 Milam St. and its 47-story office tower known as Texas Tower should be completed next year. Trammell Crow's apartment tower is expected to be the only residential skyscraper downtown with direct access to the Houston tunnel system, providing residents with all-weather access to most of downtown’s major employers, according to High Street Residential. An aerial view of the planned apartment tower at 808 Crawford Street across the street from Marriott Marquis Houston with its Texas-shaped rooftop pool visible. (High Street Residential) High Street Residential is targeting high-end renters including empty nesters, working professionals and anyone seeking an urban, walkable living experience, said Jim Casey, senior managing director at High Street Residential, in an email. The project comes at a time when Houston is seeing substantial growth in new luxury apartment construction even as the pandemic is expected to dampen demand in the medium term, according to CoStar analysts. There are about 25,804 apartment units under construction in the Houston area, close to the level of activity seen in recent peaks, according to CoStar analysts. About 90% of these new apartment units are luxury projects targeting high-end renters, according to CoStar. That means any new luxury project will face stiff competition. The project will offer a mix of one-, two- and three-bedroom apartment units with 16 townhome-style units, each two stories, on the 15th-34th floors. The tower will also have four two-story penthouses on the 41st floor. The apartments are designed with nine- to 10-foot ceiling heights, floor-to-ceiling windows, blackout shades, kitchens with gas ranges and quartz countertops, European-made custom cabinetry, “spa-like” bathroom features and spacious custom closets, according to High Street Residential. The project includes 420 parking spots on levels 2-12, Casey said. Plans for the tower include three amenity levels, including a rooftop pool with indoor and outdoor lounge areas and a cantilevered observation deck more than 430 feet above street level. Planned amenities on the 14th floor include an enhanced work-from-home center offering conference rooms and offices, a lounge and club room, catering kitchen, fitness center, two guest suites, an outdoor fireplace and a yoga terrace. Residents are expected to have access to a covered dog run and pet grooming area, valet and concierge services. The Discovery Green area could see more redevelopment in the future after Skanska USA bought a 3.5-acre city block nearby in October. For the Record The construction loan for Trammell Crow's project at 808 Crawford St. was provided by Sumitomo Mitsui Trust Bank Ltd. Ziegler Cooper Architects is the project’s architect, while Andres Construction is the general contractor. Other design partners include Walter P Moore, SCA Consulting Engineers, Kudela & Weinheimer, Wylie Consulting Engineers, and Waldrop + Nichols.
  19. To follow up here, 1111 Fannin was put on the market 5 days ago.
  20. I agree 1111 Fannin being vacated may be the bigger story. However in my opinion, the real silver lining is that the current owner buys distressed assets and I believe got this on the cheap a few years back after the previous owner defaulted on its loan. I'd bet this will be put on the market in the not too distant future and be picked up by a major developer *cough Hines *cough. This is one of the most desirable locations for development in CBD with its proximity to Greenstreet, Red Line station, Houston Center, Discovery Green, and Skanska mixed-use among several others. To me this has building demo and Hines next masterpiece written all over it.
  21. This area of downtown is going to transform at a rapid pace... Hines lands tenant for 250K-SF lease in Houston's tallest office tower with renovations underway By Jeff Jeffrey – Reporter, Houston Business Journal Jul 13, 2020, 2:23pm CDT Hines has landed a major tenant for Houston's tallest office tower, which the Houston-based firm is in the process of renovating. An unnamed financial services firm has agreed to lease 250,000 square feet of space in the 75-story office tower at 600 Travis St., which is commonly known as JPMorgan Chase Tower, according to a press release. The lease comes after Hines and an affiliate of New York-based Cerberus Capital Management teamed up to buy 600 Travis and the adjacent building at 601 Travis St., formerly known as JPMorgan Chase Center, in October. Hines is in the midst of renovating 600 Travis, which will see significant updates to the lobby and exterior plaza; the addition of connected, collaborative workspaces; enhancements to other building common elements; and the addition of a conference center that can accommodate up to 150 people. The renovations were designed by St. Louis-based HOK, according to a news release. “The planned changes to the building’s ground-floor plane will be some of the most transformative in our firm’s history,” Hines Senior Managing Director John Mooz said in a statement. “For several years, our team has contemplated the unique untapped potential of the building’s large plaza area. The renovation takes strong advantage of that opportunity and that vision resonated with our new tenant.” Here are some highlights of the renovations: The exterior plaza will be converted into an urban garden, featuring increased green space, an expanded canopy and more connections from the outdoors to the building. The lobby renovations will see additional retail space added, which will provide new food and beverage options to tenants. The renovations will also reimagine the entrance, paying homage to the building’s designer I.M. Pei, who died last year. The five-story curtainwall will switch from the existing current chrome and glass grid to a new trapezoidal pyramid, which will add almost 3,000 square feet to the lobby. The former Sky Lobby on the 60th floor will be redesigned as an exclusive “Sky Lounge” for tenants. The lounge will provide space for tenant meetings and collaboration. Hines and Cerberus Capital Management paid an undisclosed sum to purchase 600 and 601 Travis last year in what was reported to be one of the largest property deals of 2019. The building was valued at $473.5 million as of Jan. 1, 2020, according to Harris County Appraisal District records. Hines continues to manage the office tower. In the lease with the unnamed financial services firm, Hines and Cerberus were represented by Michael Anderson, Diana Bridger and Margaret Elkins of Cushman & Wakefield as well as Chanse McLeod with Hunton Andrews Kurth.
  22. Looks like this is finally kicking off... They've closed 2 lanes on Crawford, are in the process of fencing off the entire parking lot and have construction trailers set up in the vacant lot catty-corner from the site. Cheers to another 40+ floor multi-family development in downtown!
  23. Slightly off topic and total speculation, but I don't see how HEB doesn't plant a huge Central Market or HEB in Midtown in the next 3-5 years with the amount of luxury housing and quality development U/C or proposed in Downtown, Midtown, and Museum District. This corridor becomes more walkable and livable every year. I'd be shocked if HEB isn't engaging in early discussions for a destination store likely a part of a grander development - maybe the South Main Innovation District?
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