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SMU1213

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  1. Axiometrics has them at 53% occupied and The Travis at 41% occupied. ApartmentData has them at 53% occupied and the Travis at 39% occupied. Based on what I can tell from the occupancy schedule on the website, Drewery opended in July '19 and The Travis opened in April '20. For comparison, Apartment Data has The Driscoll and Colombe D'or both opened in August '20 and are 60% occupied 45% occupied respectively.
  2. Yes, but they are significantly lower than most of the other highrises that are going through the same pandemic.
  3. I would actually argue that they made it harder for future highrise development in Midtown because The Drewery's rents are so low. Their effective rents are low enough that developers would struggle to make a podium development underwrite, much less a high rise. Also, they haven't been able to get past 65% occupied even with their low rents. The Travis is a much better story for Midtown.
  4. Someone should have converted it into a comedy club...The fact that all Houston has is The Improv at the Marq*E is embarrassing.
  5. No. There are multiple tracts that are on the market in that area that I know the pricing of and it is nearby, so it is a good data point.
  6. Lower Heights District is less than a mile away and you could build an additional 50 affordable units for the increase in land cost. Hopefully the city would rather have 50 additional units than build at a spot with some of the highest land values in the city less than a mile away.
  7. You realize that land by the bayou is worth about twice as much as land less than a mile away right? They could put affordable housing by the lower heights district for land about 40% less than this site.
  8. TIRZ 5 has plans to remove the concrete in White Oak Bayou. It's part of their next major project.
  9. John Moore's (ex-owner of the Padres, from San Antonio/Houston) investment company (JMI) masterplanned and developed the area around the Padres' stadium.
  10. Why do you think that? Has Midway ever done workforce housing? Market rate units tend to underwrite better regardless of a tax credit. And if they are going to try to push the retail rents, they are going to want as high of an average income as possible in their multifamily projects to show any potential retail tenants.
  11. I doubt they are doing any workforce housing in the project but I could be wrong...
  12. From what I have heard, they designed too expensive of a building and are redesigning it. They would need about $10 psf (25%) above market rents to make a market return on the building they designed.
  13. They shot for the stars with the original plan and failed. Good for them for at least trying. Now they have to start with something that is realistic and that makes sense financially, while leaving future development sites for when the market supports them. I'm all for it.
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