fernz
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About fernz
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Hilton Americas renovation in lieu of Super Bowl? That would be a raw deal.
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City Center is in a similar island, yet they made walkable design work.
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Melrose Building to be Redeveloped into a Le Meridien
fernz replied to Urbannizer's topic in Downtown
If you don't count the Galleria -
My mistake, I thought there was 1M square feet. I did read the part about expenses on your post, but that ddoes not cover debt service (huge cost), RE taxes or maintenance.
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You are missing something. First of all, capping $30M at 6% gives $500M, not $600M. But more importantly, you should be capping net operating income, not gross income. To those $30M you need to deduct debt service, real estate taxes, maintenance, and expenses ( which will vary greatly depending on the type of lease)
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It will end up just like hardy yards
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If they bought for 50M, then that's when they got lucky!
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That will benefit the refining side of the business (and I guess all downstream overall), but that is not much help. That side of the business is booming right now with low oil and gas prices, but for whatever reason you don't see it impacting the city's economy...
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Skanska is another developer in town doing the same. There are benefits to this strategy, obviously, but most developers would still prefer to borrow money, even they had the cash, so they can leverage the borrower's money and make higher returns.
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Awesome news; thanks!!
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Of course they do, and it's even more difficult because they require "pre-sales"
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"Meanwhile, Hanover is setting its sights on other major markets nationally, like Boston and California. The company has four new apartments breaking ground in Atlanta this year. "We've got plenty of other projects we're working on," Bowden said." http://www.bizjournals.com/houston/news/2015/01/27/amid-plunging-oil-prices-luxury-apartment.html?page=all
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Rottet Studios is designing the interiors?! Did you all miss that?? So, this WILL be a very high-end hotel indeed. Midway is putting its money where it matters (at least to the hotel customers, if not to haif posters). You can bet top dollar that this will be one of Houston's best hotels, no sexy exterior needed.
