CREguy13

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.

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?

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!

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.

Breaking ground a year early in this economic climate? The demand must really be building... terrific news!

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.

Someone should probably tell JLL that Exxon is no longer downtown.

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.

To follow up here, 1111 Fannin was put on the market 5 days ago.

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.

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.

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!

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?

I wonder if the demand exceeded Rice's expectations? Are they revising their timeline for the next phase to break ground sooner than anticipated and will the project be larger in scale than originally planned?

This faced a lot of weather delays last week, but overall it has been slower. Now that they're starting on the residential floors, it should be a noticeable change in pace.

I actually like the scaled down version - it kind of looks like the Allen. The fact that it will have a neighboring tower on the same block is great for density and based on Drewery Place, Caydon will use high quality materials. Of course would prefer a higher floor count, but 30+ floors with good design/quality in an area that didn't have a high-rise 12 months ago is a W in my book.

Houston Planning Commission's virtual meeting on this is today at 2:30pm. Fingers crossed there's new information released, ideally updated renderings and revised timeline...

He tagged the concrete on the 3rd floor facing Westheimer. Would love this guy to get caught in the act at some point.

Wasn't able to snap a picture, but Rowdy tagged the project... this guy is so annoying and petty. Tag is faces Westheimer so it's easy to see and reads something like 'ROWDY here's your panel'. What a loser.

Went by here earlier this morning and saw what looked like superintendents and project managers walking the site. Again, nothing matters until dirt turns but hopefully this is more of a positive sign that we should see/hear something soon.

I'm a little confused as to the opportunity cost you're referring to. A Hines-developed large life-science campus, immediately adjacent to one of the largest life science accelerators in the country and less than a mile from the largest medical center in the world. I personally can't think of a better fit or use for this site.

Per the webcam, crane base has been installed.

Woodbranch put this block back on the market today. I'm okay with this as I thought I'd heard they were planning to hold this site to keep the unobstructed views from Market Square Tower. Hopefully it gets scooped up quickly by a developer with big ambitions!

Wow, This is incredible news. Hines Press Release from their website: Hines and 2ML Real Estate Interests to Build Levit Green Life Science-based mixed-use development will be adjacent to the Texas Medical Center JUNE 15, 2020 (HOUSTON) – Hines, the international real estate firm, has finalized an exclusive agreement with 2ML Real Estate Interests to develop Levit Green, more than 52 acres of prime real estate adjacent to the Texas Medical Center. The thoughtfully designed masterplan will offer a curated mix of uses, including research facilities, office, residential, shopping and dining, outdoor amenities and green space at the epicenter of Houston’s biotech, corporate life sciences and medical research hub. Located inside Houston’s I-610 Loop, steps from one of the city’s largest parks, myriad arts and cultural institutions and vibrant retail offerings, Levit Green will offer amenities that are increasingly rare today: unparalleled size, versatility and connectivity within the city’s urban core. The unique property is less than three miles from Houston’s Central Business District and its prominent location enjoys immediate access to State Highway 288, METRORail, METRO bus, bike trails and the planned TMC³ medical research campus. A partnership between the Hines and Levit families, two names synonymous with Houston, Levit Green will go beyond a live-work-play paradigm to create an environment that fosters interaction and collaboration in and out of the laboratory. From venture capital to IPOs and M&A, investment in life sciences is reaching all-time highs. We are seeing record-breaking R&D spending creating the need for highly sophisticated lab space and cutting-edge pharmaceutical facilities. “At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States. Impressive advancements in therapeutics, science and innovation are driving demand for real estate,” stated John Mooz, senior managing director at Hines. “With multimodal connectivity and proximity to TMC, we believe Levit Green will create a new and needed destination for Houston’s rapidly growing life sciences cluster.” An initial piece of the property was acquired by Joe Levit, founder of The Grocers Supply Co, which grew to be the largest independently owned wholesaler of grocery products in the southeast U.S. and the largest supplier of Hispanic grocery products in the country. Through the dedication of four generations of the Levit Family, Grocers Supply has enjoyed 97 years of success in serving and partnering with independent grocers to provide quality products for communities in Texas and surrounding states. “We are excited to bring the shared vision of Hines and the Levit family to the community. Our family has deep roots in the neighborhood, and we believe this development will add tremendous value to the area and the Texas Medical Center,” said Max Levit, President of 2ML Real Estate.

More detail on Gabriella Rowe's departure on Innovation Map: Houston innovation hub leader shares details on recent resignation Natalie Harms May 27, 2020, 5:36 pm Gabriella Rowe has stepped down from her role as executive director of The Ion. Courtesy of Station Houston A Houston tech ecosystem leader has announced her resignation from her position in order to seek out a new role. Gabriella Rowe, who served The Ion as executive director until earlier this week, has confirmed she has resigned from her position. The Ion is Rice Management Company's innovation center rising in Midtown, and Rowe was named executive director in October of last year. She was previously the CEO of Station Houston since August 2018, which was later merged with Austin-based Capital Factory. Rowe, who was selected for Mayor Sylvester Turner's new Health Equity Response task force that was established to help the city respond to COVID-19, says she hasn't yet announced what her next move is, but she tells InnovationMap will continue focusing on technology and equity. "I am stepping back from the Ion role in order to focus my time exclusively with the issues of equity and access in growing our tech ecosystem and economy," Rowe says, "because I think that is going to be an instrumental part of the recovery of Houston moving forward." While Rowe will have no official role at The Ion moving forward, she imagines her to-be-announced opportunity will work hand-in-hand with the mission of The Ion, which is expected to deliver next year. "The Ion is going to be an incredibly successful project that is going to have all the positive effect on the long term future of Houston that it is designed to do. I feel confident that it's set up to do that and has the people in place to carry it forward," she says. Rowe says her foray into Houston's tech ecosystem began when she was head of school of The Village School in West Houston. Now, her driving factor is creating a city where those students could grow their tech education and skills and have plenty of care opportunities in Houston. "From the very start, this has been for me about building a tech ecosystem in Houston that can support the development of the tech economy that would give our Houston talent an opportunity to stay here in this city and partake in this global opportunity," she says