houston-development
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having said that, when theres a glut of class "a" properties, they start offering concessions and reduced rents. they need warm bodies in the units and will practically give it away.. 2 or 3 months free, prorated, zero deposit, and with a free flat screen tv?!? no problem.. they end up taking people that would normally rent in a "b" property. their net effect is essentially the same, so why wouldnt they move into a brand-spanking-new apartment? who cares about the income requirements when their occupancy is blood red. so then the "b"s have to start dropping rents, raising concessions, etc. just to keep their current residents. in turn, "c" residents start upgrading to "b"s. its a domino effect. obviously this is a worst case scenario but is realistic. heck, we saw it just 18 months ago -
when i read the article this morning, that was the first thought that crossed my mind. there is a HUGE glut of newly constructed apartments within a mile radius of this site. if you are a renter, i bet you will find some great deals in that area within the next 12 months
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- windsor communities
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: standing ovation :
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last i heard, atlas signed up the required reservations and fremont made the loan.
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i agree with you
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i know this will appear to be talking out of both sides of my mouth, but it is what it is. 1) with an unknown timeline and if rail was or was not going down richmond, prospective retailers were hesitant to commit. if the rail line was to stop in front of the site, there was concern of how long construction would take and the damage it hypothetically could create for opening businesses. there are retail guys here that know more than i but from what ive heard in the past, the first year makes or breaks a business. its a rock and a hard place scenario. 2) without rail, the site became less appealing. with the clock ticking down to zero, crow had to make a decision. from a responsible development perspective, they screwed the pooch in my humble opinion. however, on the other hand, from a business perspective, they did the right thing. houston... gotta love it
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dont know if i mentioned this earlier but FWIW, no retailers were going to commit to the site without knowing about the rail situation. time was of the essence, since crow and morgan had a sizeable deposit up, and had to make a decision. costco came in at a great number, so they had to take it. dont blame morgan because their input on the commercial side was minimal. lets just say i seriously doubt they will ever partner up with crow commercial again.
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gosh darn it, now ive got to purchase a new monitor. just blew coffee all over it after looking at their asking $30/sq ft nnn
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atlas already has about $250 psf in the deal
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Texas Medical Center Skyline Update
houston-development replied to WestGrayGuy's topic in Texas Medical Center
not that theres anything wrong with that -
the deal is moving forward because atlas got construction financing via fremont. in regards to velocity and if this project being sucessful or not, well, i cant dispute a word you said. honestly, i think the chances of atlas loosing his shirt are better than not but i hope for the best.
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havent seen it but that could be phase 2 of esplanade.
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dont have any inside information, honest. know they cleaned the site and its significantly more valuable than when they bought it. would think they could easily make 3x on their money. hardy will be eventually redeveloped; probably by an out of state group.
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think everyone had doubts at some point but all that matters is the deal going forward.
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let me clear up some misconceptions. the site that hanover wanted to purchase was the only land available that was for sale (i believe it was 3 acres). anyone can confirm this with ken katz, who brokered the dickey track. since hanover does not develop on leased land, that one piece was the only one they pursued. it has nothing to do with what they wanted, it wasnt available for ANY price, period. the dickey trust is flush with cash (understatement). i try to show respect to everyone, regardless of their number of posts. every person here started off at 0 however, if someone comes on here and spreads lies, acts like they are talking about when they dont, or calls me out, im going to call a spade a spade. i try not to portray myself as arrogant but i can see how someone may see me that way. hence the reason i will occasionally even apologize in advance, just in case. if i have come across that way, again, i apologize. ive been wrong before and will admit to it without hesitation. i speak with the higher ups more than i care admitting to. its my business and what i do, in addition to other "stuff", day to day. i have never lied, misrepresented, nor elaborated on any information i have passed along onto this forum. sometimes i get bad info, it happens.... if i get 2nd hand intel, i will state it (ie from a source i deem reliable) but otherwise, its 1st hand. honest. please dont confuse knowledge with arrogance. stay warm, its chilly out there. edited to add: that high-rise across san felipe from 4-leaf is hanovers (back and top right). there is a street between it and where eatzis was. notice, one tower only.
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okay, im going to go back on what i said only to show that you dont know what you are talking about. after this, im done. hanover does not participate in leased land. the site they were going to take down is the only piece that was available for sale of the dickey site, not for lease. i wont be "mean" if you stop acting like you know facts when you clearly dont. have a wonderful day and stay warm.
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im going to comment on this once and only once. if you want to flame or continue to troll, more power to you. i just wont participate in it. first off, you essentially copy and pasted everything i said before. secondly, if you talked to anyone that was higher up in hanover, they will all tell you they regret not moving forward on dickey site. thirdly, they are not going to build 2 towers where eatzis is. they are going to build 1 tower and its where the palm reader currently resides. and finally, hanover did not try to buy page parkes from atlas. tried buying the left over phase of oak lane, in which they passed and zom took it down.
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note to self. dont feed the troll.
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i was just skimming through the first page and this one caught my eye. note the date it was written. hanover could have bought that land for $72 and passed. ask them today what site they regret most passing on, in all of their years as a company. bet you $100 they say kirby/westheimer.
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please note that the following post should not be seen as arrogant. if it does, i apologize in advance because its not my intention and PLEASE do not take it that way. just telling it how it is... obviously you havent read much of this thread. go see how critical and doubtful ive been of it let me be perfectly clear, i have absolutely, positively ZERO interest in this project. promise. condos historically command a higher price / sq ft compared to its single-family neighbors; however, the total price is significantly less. while i completely understand your argument, that, my friend, is the whole condo concept. we can agree to disagree but it is what it is. im guessing that the average unit will go for $800,000 (please, someone correct me if im wrong). Compared to most of the homes in river oaks, you get more for less (ie new construction). and theres a couple of VERY rich houstonians who would love to say that they live in the best unit for only about $8M. thats their ego talking... land prices, especially in the past 3 years, have gone bonkers (wish I were eloquent enough to acurately describe how nuts its been).you cannot find land on kirby for less than $100 psf. if you know of some and its at least 30k sq ft, please let me know and ill have a contract for you tomorrow. seriously. once you have breached $75 psf (a number that has been confirmed by many), you have to go vertical. tcr is going against this rule on post oak and i wish them the best of luck. hopefully their rents will justify that development.
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oh dear.. if you look at har, a majority of the units are $400 - $500 psf. stop focusing only on the high end because it is not a representative sample. 2,000 sq ft sells for $450 / sq ft which equals $900,000. Assuming a full assessment, 3% is $27,000 which is $13.50 / sq ft. big difference between my number and yours, eh?
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from the other weekend:
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what are you talking about $400 - $1,000 psf? and just so everyone knows, $0.65 is not completely unreasonable going forward. assures buyers that the reserve will be flush and they dont have to worry about a reassessment any time soon. and you cant find anything in nyc for $400 psf that would be comparable to 2727 kirby. would think easily $1,000+.
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i heard this weekend that they plan on charging $0.65 psf for hoa dues
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dont mean to toot my own horn but who did i say the lender was? ps - they were moving more dirt today
