infinite_jim

Caroline has been partially blocked of auto traffic from Elgin north to unspecified midtown cross-street. 

from today

There's another old-timey car dealership bldg at St. Joseph and Milam that's been renovated and sat empty for almost 5 years. The Houston Press/Gillum Pontiac bldg is a smaller version of the same type but it did have some interesting history and a pleasant, low key mural befitting the edge of the "parking lot district." 

Last night prior to the rain storm there was some strong winds that blew glass and metal debris over the block south of it. The portion of St. Joseph Pkwy. in front of the bldg was covered in broken safety glass with crumpled mullions littering the sidewalk in front of the Lonestar bar's parking lot. 

Until Younan sells, don't hold your breath on this. This should be a residential tower not office.

I'm more worried about getting murdered by someone making a right turn on red then getting murdered by a gunman. 

A little more history on holding finances of this property reveals that it was bought by New Era Hospitality from the Maharishi in 2008. This purchase was financed in the amount of a $5.95 mil. loan. They then incurred several transfer tax liens (superior to the loan) for 2008-2010 taxes to management district and 2010 property taxes in 2011. The bank then subsequently paid off the entity that advanced New Era the delinquent taxes and then foreclosed on them on 10/04/2011 with the winning bid of $4.4 mil + 1.00 dollar to Beaumont Medical Center Hotel which is actually also owned by SFK Development who then conveyed vested title out Beaumont to SFK (see above post) in 2012.

So the current owner has taken control of the bldg since 10/4/2011 and paid out $490,180.08 in property taxes. Subtracted from the bid total and you can see that the owner still has $3.9 mil in value. If taxes were frozen at 2016 levels it would take the taxing authorities about 35 more years to amortize the rest of the invested value, that's the year 2052. Of course I'm not including any upkeep costs or when they had laborers stripping the tower of fixtures, drywall, etc. 

Here's a case where the land value is astronomical compared to the improvement value ($18.7 mil v $2.9 mil, respectably). Hence the lopping off of the office tower but I wonder why they decided to keep the Macy's garage and the garage podium as Hillcorp has plenty of parking across the street. Maybe they have some ironclad contracts like the Houston Club bldg. 

SFK Develpment Inc. has owned it since 10/30/2012. They have paid $390,357.44 in property taxes over the last four years (2013 -2016 taxes), which is peanuts for a $4.3 mil assessed property (land @ $3.2 mil & the improvement @ $1.1 mil). That's why the bldg is still standing. 

55 minutes ago, kbates2 said:

 

Physics?

This isn't your mother's glulams were talking about here. 

How about a dinner theater? 

Looks fine by me, muralists will come knocking, & anyways this is the historic district, they get all the niceties unlike say southeast downtown. Like I said before, this means the parking in front (along Franklin going east) is now redundant and that space can be re-designed This is where political will power would be applied more productively in the short term. Also what's to stop a future developer putting a stick-frame high rise on top of the garage? That's how I see all the garages in the parking garage district (~Milam@Clay).That crustation parking lot, while banal was the real problem of place making but no one really cared or noticed because their was no "improvement" to make judgement about aesthetics. 

On 5/4/2017 at 4:27 PM, j_cuevas713 said:

$35!? Lol I'll wait for the park to officially open

If you're interested in design/architecture it might be worth your while to gain the insights of practicing professionals in the field. Just sayin' I know $35.00 can be a lot for a student but if you join the RDA it's only $15.00 per year for students and you get Cite mag subscription. $45.00 otherwise if you're not a student.

http://www.ricedesignalliance.org/membership/

You could look up the the new owner's deed of trust (which will have the amount borrowed for the note) with the county clerk.

http://www.cclerk.hctx.net/applications/websearch/RP.aspx

Also check the tax histories here: http://www.tax.co.harris.tx.us/Property/PropertyTax

& HCAD itself here: http://hcad.org/property-search/real-property/

You will at least three comparables, essentially you need to do some basic appraisal/broker price opinion work. Good luck! If you live in your home you should have signed a homestead affidavit but that's not necessary to get the homestead exemption but if you dont have one already get one.

Yeah saw today there's a bum fence to keep them out the landscaping on the southern side of the bldg. Must have had an incident. Which weird how across the street is a first floor apartment where they obviously have a child living there with a red scooty toy on balcony, surprised that has not gotten stolen yet.

A plaza would suggest an even sided accessible space, this is a linear space aligned along W. Dallas St. with not much in site depth from the street. Plaza does not mean what you think it does. This is a pocket park, would prefer a sculpture garden, IMHO.

5 hours ago, j_cuevas713 said:

I think you mean't to say every sidewalk in this city. 

No f'n way, screw that! Only the 19th century grid gets respect. The rest of you can fend for yourselves. 

I have some good top down shots of this demo. I'll try to post more pics soon.

If this gets completed it will look like a dull cross between the Reliant stadium (HOK) and that Jeanne Gang Aqua tower knock-off on Wesleyan @ Alabama. It's just a slick rendering, try not get too excited. At best it will have an Energy Corridor vibe.