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McNair Plaza: Mixed-Use At Post Oak And Richmond


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15 hours ago, tangledwoods said:

This project is now on hold.  The developer and GC couldnt come to terms on pricing.  

Damn. Was really looking forward to having a Rosewood, would have probably been one of the top 3-5 nicest hotels in Houston. It was so exciting to think we would have Rosewood, Kimpton, and Thompson all entering the market in a short span, but now Thompson is the only one remaining.

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It is a delay at this point and not a cancelation like the Caydon stuff. I really think it has to do with construction prices. This should rebound with either changes or wait for prices to drop back to normal.

correcto, they tried to make subcontractors hold numbers and in this market everyone is freaking out.  Copper at record highs, lumber is bonkers and steel is through the roof.  It is a HORRIBLE time to try and buy anything.  We are going to see a lot of projects go on a 3-6mo procurement hold.

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Posted (edited)
On 5/12/2021 at 9:46 AM, tangledwoods said:

correcto, they tried to make subcontractors hold numbers and in this market everyone is freaking out.  Copper at record highs, lumber is bonkers and steel is through the roof.  It is a HORRIBLE time to try and buy anything.  We are going to see a lot of projects go on a 3-6mo procurement hold.

At the same time though demand for construction has shot up through the roof. I do expect to see a lot of projects get the green light this year simply due to general fears of inflation. No better way to secure general wealth than to put it into real estate. Prices for everything in nearly every kind of market will yo-yo for probably the next couple years honestly mostly due to supply chain disruption. This was the worst thing about the lockdowns globally. I like to think of it like Houston traffic. You get that initial disruption, and then a trickle moves along. Finally you reach the part where you think the accident is, but its no longer there, but its effect still lingers. Same works for supply chains. Because of bloated inventory nobody was buying, most cut production radically to empty inventory. Now that everything has opened up again you see supply shortage because of the previous cut back.

Edited by Luminare
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From CoStar in an article regarding McNair's recently announced Westchase multifamily/active lifestyle development on the old Dow Chemical site:

 

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Elsewhere in Houston in the Uptown-Galleria area, McNair Interests has put a proposed high-rise, mixed-use development on Post Oak Boulevard on hold. The project at 3200 Post Oak Blvd. has secured financing and the design is complete, but McNair Interests is waiting for the right market conditions and timing to proceed, Steffen said.

 

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Makes perfect sense. ON NPR yesterday, it mentioned that it looks like the lumber bubble may be busting and prices coming back down but that lumber prices are still 3x what they were a year ago. China is also releasing more metals into the market and that help other construction costs as well. Seems simple enough to wait a year or two and save millions.

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2 hours ago, thatguysly said:

Makes perfect sense. ON NPR yesterday, it mentioned that it looks like the lumber bubble may be busting and prices coming back down but that lumber prices are still 3x what they were a year ago. China is also releasing more metals into the market and that help other construction costs as well. Seems simple enough to wait a year or two and save millions.

Except for the fact that carry costs (including pref and or/opportunity costs) on that expensive of land is millions of dollars a year. Heck, the taxes on that property alone are half a million a year. 

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17 minutes ago, HOUCAJUN said:

What is the most current rendering for this project?

https://skyscraperpage.com/forum/showpost.php?p=9150397&postcount=19

13 minutes ago, arche_757 said:

As I understand… there is a searchable image that’s on Pinterest.

Who is the design architect?  It isn’t Munoz + Albin still by chance?

House & Robertson, @hindesky posted a link to their page. Original design was by SOM. Munoz + Albin’s was a concept that was never chosen.

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1 hour ago, Urbannizer said:

https://skyscraperpage.com/forum/showpost.php?p=9150397&postcount=19

House & Robertson, @hindesky posted a link to their page. Original design was by SOM. Munoz + Albin’s was a concept that was never chosen.

Yes, I went to that website.  What I can tell is that House & Robertson specialize in being the architect of record/project architect for many flashy design firms (Jean Nouvelle, Frank Gerhy etc.), as you can see by perusing their website they didn’t actually get accolades for designing some of those structures.  They did however make them work - which is an art form into its own right.  So, I am sorta thinking that maybe they’re not the designers(?), but the project architect… but hey, if they are good for them!

They are similar to a firm here locally - Kendall Heaton.  That firm served as the project/architect of record for the Beck Building for Rafael Moneo among others.

http://www.kendall-heaton.com

Edited by arche_757
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On 6/16/2021 at 5:44 PM, swtsig said:

From CoStar in an article regarding McNair's recently announced Westchase multifamily/active lifestyle development on the old Dow Chemical site:

 

 

So... is it still "on hold" or have they pulled the trigger? Things seem to be a bit more favorable now

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