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Angostura

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Angostura last won the day on July 7 2010

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  1. Some properties for lease (w/o parking) on LoopNet: $2.60/sf/mo $2.25/sf/mo (2nd floor) $2.25/sf/mo $2.50/sf/mo $2.92/sf/mo Making a place denser and more walkable tends to increase, not decrease rents, though the tenant mix will probably be different.
  2. Let's say you own a block in Midtown with (considering 5-ft setbacks) about 57,000 of buildable area that currently has a 20,000 s.f. strip center and 90 surface parking spaces. At triple net retail lease rates of $2/month, those 90 parking spaces are costing you over $800/month each in opportunity costs. So yes, I'd expect the number of parking spaces to decline over time. Since it's not very efficient to charge for parking in small lots in front of strip centers, I'd expect parking to be concentrated in places like this garage. I'd also expect parking to be more efficiently allocated once it's priced at a level above zero.
  3. Because pretty much every place you would park in this garage to go already has their own parking. And street parking is plentiful 20 hours per day, and free after 6PM. There are 12 blocks surrounding Midtown Park, and 10 of them are at least 50% surface parking. An 11th is pretty close to 50%, and the 12th is an apartment building wrapped around a parking garage. The area is not under-parked.
  4. So, remind me again why we need city-mandated parking minimums if developers and tenants are already acutely aware of the need to provide parking in places where personal vehicles are still the dominant mode of transport? BTW, I don't disagree that the vast majority of customers for this development will need a place to park, and I'm skeptical that the land value here is high enough to justify structured parking. But there is already a massive amount of parking within 1000-ft of this site, most of which (YMCA, high school, Hare Krishna temple) will sit empty during peak hours for this development. It's not a case of not enough parking, it's a case of poor allocation.
  5. There is no shortage of parking near Heights Water Works, it's just (under-priced and therefore) poorly allocated. That said, given the current CoH parking rules, it may have been worthwhile for WW to have a parking structure to serve the various Braun developments in the vicinity, and allow additional retail of residential development of existing surface lots.
  6. No one goes there. The lines are too long.
  7. Angostura

    1344 Yale

    I hope you're right. I think it depends on how they use the space. About ten years ago there was a wine bar/retail shop on Shepherd (the name escapes me) that split the space about 50/50. They had a fair amount of interesting wines, occasional tastings, etc. Over the course of the time they were open, the area dedicated to the wine shop gradually shrank, and the area dedicated to on-premise grew, until eventually the retail operation ceased altogether. A successful restaurant, with a full reservation book and/or significant wait times at some point looks around their space and thinks, "if I didn't have all this retail stock taking up floor space, I could seat more people." Which is why a lot of places that start out as a restaurant/grocery or restaurant/delicatessen or restaurant/retail wine shop end up as just restaurants sooner than later. (Not to mention the impact on wine mark-ups when you're no longer selling the same bottles for retail prices a few feet away.)
  8. If you look at traditional, fine-grained neighborhoods, be they medieval towns in Europe or 19th century US cities, they were largely built before sufficient financing was available to build immediately to a finished state, let alone develop an entire block. You would buy a small plot, maybe build a small building (usually with a facade right on the street), and add incrementally over time. This is virtually unheard-of now.
  9. Angostura

    1344 Yale

    Interesting that they'll have one kitchen, but two menus and two wine lists, and two liquor licenses, so as to be able to both sell spirits for on-premise consumption and wine for off-premise consumption. Having seen similar ventures in the past, I expect the off-premise business will struggle to justify its square footage, and gradually atrophy (though I hope I'm wrong). If the over-under on the number of concepts operating in this space in 24 months were set at 1.5, I'd take the under.
  10. This is a problem common to former industrial sites, since the parcels are very large. See also: I-10 from Heights to Taylor. The quality of an urban environment is inversely proportional to the average size of each developed parcel. You could solve this by having someone buy the land, run some streets and utilities through it, and sell off small plots to individual developers/builders. This happens a lot in exurbia, where a developer buys land for essentially nothing, sets up a MUD, plats out a subdivision and sells of individual plots. In areas where large plots of land are already expensive, it's hard to add enough value to make that approach economically attractive to the developer. It's not unheard of, but the place needs to be either already integrated into an existing urban context, or a destination on its own. Unfortunately, given the availability of financing to large developers, small plots rarely have more value per s.f. than large ones.
  11. From here: ...though you're probably right about the payment terms.
  12. The on-street bike lanes are in the bike plan, but in the "long term vision" layer of the map.
  13. I think there's too much focus on making a few places slightly less shitty for the rare pedestrians who might find themselves there despite a complete lack of pedestrian-oriented buildings. I'd rather see us build a handful of truly great pedestrian-focused (even pedestian-only) places in areas that have the bones for it, like the Main St corridor.
  14. The complete streets mindset generally requires a buffer between sidewalk and traffic. In this case, traffic on main is generally very slow-moving, so it probably doesn't need to be this wide. Or, in this case, since driving on Main is so pointless anyway, you could just remove all distinction between traffic lane and sidewalk, and restrict Main to deliveries only from Commerce to Wheeler.
  15. Basically, yes. HCSA built and owns the stadium, and leases it to the Astros, who retain substantially all revenue generated inside, including naming rights and non-baseball events. In return, they pay a few million dollars a year in rent (now $8.1M, with the lease extension). The team also pays for certain stadium improvements. BTW, an annuity purchased with the $178M naming rights fee paid by Coca Cola would more than pay for the team's lease costs over the 28-year term of the naming rights deal.
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