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houston-development

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  1. houston-development
    i would say "i told y'all so" but that wouldnt do any good. having said that, i honestly believe its going to get a lot worse. if oil stays below $40 and the national economy doesnt improve, i think houston is going to suffer pretty badly. not mid 80s bad but it aint going to be pretty... keep some powder dry and there will be a lot of opportunities with significant upside. houston-development makes no representations or warranties of any kind, express or implied as to the information, content, materials or products included on this post, except as otherwise provided under applicable laws. neither houston-development, nor its affiliates, directors, officers, employees, agents, contractors, successors or assigns will be liable for any damages whatsoever arising out of, or in any way related to, the use of this information and any other information linked to this post. this limitation, without any limitations, expressed or implied, applies to direct, indirect, consequential, special, punitive or other damages you or others may suffer, as well as damages for loss of profits, business interruption or the loss of data or information.
  2. houston-development
    which started because of the behind the scenes L&T space discussions. i know some groups that spent a good of amount of money on preliminary drawings and underwriting, so it was more "than an idea tossed out". none of the players were interested in their terms, so simon went public with their desire to redevelop macys. dont always take everything you read in the paper as gospel. 9 out of 10 times, there are ulterior motives.
  3. houston-development
    gosh, i wish life were so easy... WRI, and their shareholders, know how difficult it would be to replace that asset. they will need to charge way over and beyond market price (ie unrealistic even by old standards). maybe really stupid money could have convinced a potential sale but that train left the station over a year ago. it could return but not in the forseeable future. no one wants negative arbitrage for some odd reason...
  4. houston-development
    editor is correct, it was the lord & taylor space. simon spoke to a couple of developers several years ago but couldnt make a deal work.
  5. houston-development
    holy crap, we are being invaded by red arrows and a really big circle. run for your lives!!1!
  6. houston-development
    nothing is going to happen anytime soon, regardless of how "irreplaceable" a site may be. no developer wants to put up 30 - 40%, extremely tough underwriting, and take full recourse on a loan... sad thing is that's best case if they can find one.
  7. houston-development
    or kjb is talking about the hisd site on taft and w gray. edited to add link.
  8. houston-development
    museum tower's average income is $400k per tenant. 7 riverway is exceeding initial projections by leaps and bounds, currently getting $2.45 psf in rents. one park place will do fine, just may take a little longer than inticipated to lease up.
  9. houston-development
    i would be absolutely shocked if hanover starts construction in six months. anticipate a two to three year delay. however, if the economy comes roaring back, this could change. hanover is completely changing their business plan. unfortunately, im not at liberty to discuss the specifics but will say that developing highrises, going forward, are doubtful in the near future.
  10. houston-development
    i can confirm this in regards to hanover. dont expect their tower to be built anytime soon.. i would consider it postponed indefinitely rather than slightly.
  11. houston-development
    some excerpts from the proposed contract, provided by sellers a month ago:
  12. houston-development
    disclaimer: some people may not like what i'm about to post. if you live there, know someone that lives there, or have very strong sympathetic emotions for the residents, please either don't read futher or lash out at me. just my $0.02 most of the owners knew the property was seriously in need for major repairs. this isn't something that recently came up, it's been known for years. to their credit, it is VERY difficult and time consuming to get everyone on board to sell. they were able to get majority approval to sell based upon the economics of renovation and bringing the building up to code. again, that was an accomplishment. on the other hand, knowing how bad things were, they shouldn't have strung this out as long as they did. some/most/all were convinced that they could make some really good money on the transaction and didn't even think twice what could happen if the city came in for an inspection. who's fault is that? well, i have my thoughts and will keep them to myself as to not offend anyone. additionally, the residents knew the city was coming in due to notices placed on their doors last month: ironically, the brokers requested best and final bids the day afterwards. coincidence??!? regardless, onus falls with the homeowners. sure, they can complain to the media, try and generate sympathy, but i ain't buying it because i know greed when i see it. one theory i have (which is purely speculation) is that the owners jaded a prospective buyer and they went to the city inspectors. personally, i think it makes some-what economic sense around $70 psf but someone will probably come in around $80. hypothetically if i had the deal under contract at $80 and saw this news, bet your bottom dollar i would be retrading the deal in a heartbeat. if they got their act together a year ago, which is what they should have done in hindsight, this deal would have easily traded for $90+ psf. nothing personal, just business.
  13. houston-development
    all i can really say is there may be a change of plans...
  14. houston-development
    really? i heard 2 months ago less than 50 sold (ie funded and closed). glad to hear sales are coming along. best of luck to your staff.
  15. houston-development
    think that is the case but i could be wrong.
  16. houston-development
    for example, morgan's 2222 smith deal. they leased the parking garage land from specs (50 years, i think). they believe once the lease is up, midtown parking requirements will vanish, and there will not be a need to renegotiate a lease with specs. or at least that's what they tell perspective buyers.
  17. houston-development
    HA! that actually made me chuckle out loud.
  18. houston-development
    they are putting up a chain fence around the super block today. dont know whats going on nor have i heard anything. maybe the city made them do it.. maybe they are finally moving forward..
  19. houston-development
    and if my aunt edna had balls, i garuntee (sic) he would be called uncle ed. sorry, couldnt resist. tgif
  20. houston-development
    original plans had apartments and condos abutting each other.
  21. houston-development
    what?!?! you mean to tell me that they wont make $100MM+ loans by snapping their fingers?!? well, that's just absurd if you ask me.
  22. houston-development
    oui
  23. houston-development
    finger does have an option to do a second phase. edited to add the word "have" duh : insert smacks head emoticon :
  24. houston-development
    if that is the case, bpe has my sincere apologies. it was similar writing style and broad generalizations. again, if it wasn't him, im sorry for making that assumption. ps - i, like ricco, am proud of my jackassedness but only to the appropriate parties.
  25. houston-development
    what?!?! seriously, stop. if you don't understand underwriting, please, don't act like you do. and let's not go back into the debate of economics because i already wasted enough time trying to explain things to you. had you been a tad more receptive back then, probably would be happy to elaborate.
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