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McNair Plaza: Mixed-Use At Post Oak And Richmond


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The searchable online real property records have only been updated through June 20. Additionally, I have always been puzzled by the use of "sale" in press announcements. Generally, I understand a "sale" to occur when the sales contract is signed, even though the property will not actually be transferred until closing some period later (for residential homes, usually after an option period and a period to obtain financing for the buyer/borrower). I suspect these "sales" are actually closings where the property is transferred, and the signing of the sales contract would be kept quiet in the event the buyer exercises an option, assuming one exists, to terminate the contract.

 

I'd be curious if anyone had insight into the general practice for large commercial transactions. Is the "sale" announced at the execution of the contract or is it announced at closing when the warranty deed transferring the property is signed.

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Project Name: McNair Plaza   Architect: House & Robertson Architects   Groundbreaking: Beginning of April 2021   Completion of Construction: Decem

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According to the Harris County Real Property Records, this property was conveyed from Deyaar to a "Palmetto RPO, LP" by Warranty Deed filed for record on June 11, 2014. It appears that Palmetto RPO,LP lists a "Palmetto RPO GP, LLC" as the general partner and gives the address of this general partner as being 109 N. Post Oak Ln, Suite 600, Houston, TX 77024--the same address as the McNair Foundation.

 

Good call on Bob McNair, H-Town Man. Now, if we can just figure out what they might want the land for.

Edited by houstontexasjack
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  • 1 year later...

If this is the huge parcel that stretches from Sage to Post Oak (north of Richmond), I assume that's the Mark we're looking at in the very right of the rendering? Looks more like the Dominion, but either way, cool looking project. And ANYTHING to cover up the Mercer is a total win in my books.

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Urby, how did we conclude this is Mcnair, because of NRG on the big screen? I quickly browsed through the entire thread and didn't see any mention. I wouldn't be surprised. He had cancer a few years ago. With this and his TMC endeavors, he may be trying to leave his mark on the city.

 

And for the record everyone, this site originally was planned to have an 80+ tower. :) Go reread the first few pages of this thread.

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Urby, how did we conclude this is Mcnair, because of NRG on the big screen? I quickly browsed through the entire thread and didn't see any mention. I wouldn't be surprised. He had cancer a few years ago. With this and his TMC endeavors, he may be trying to leave his mark on the city.

 

And for the record everyone, this site originally was planned to have an 80+ tower. :) Go reread the first few pages of this thread.

 

I saw Dominion Post Oak in the background, but this officially gave it away as the location:

 

http://zieglercooper.com/wp-content/uploads/2015/12/McNair-dusk-rendering_hotel-crop-940x626.jpg

 

McNair within the link. An article from 7/2014 mentions McNair as the buyer of the site.

 

 

UPDATE:An entity affiliated with Houston Texans owner Bob McNair is the buyer. Property records show the new owner as Palmetto RPO LP, which is located at the same address as the Robert and Janice McNair Foundation. In addition to the Texans, Bob McNair is the owner of Palmetto Parnters Ltd., a private investment company that manages the family’s public and private equity investments.

 

 

http://blog.chron.com/primeproperty/2014/06/galleria-area-development-site-trades-hand/

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I saw Dominion Post Oak in the background, but this officially gave it away as the location:

 

http://zieglercooper.com/wp-content/uploads/2015/12/McNair-dusk-rendering_hotel-crop-940x626.jpg

 

McNair within the link. An article from 7/2014 mentions McNair as the buyer of the site.

 

 

 

 

http://blog.chron.com/primeproperty/2014/06/galleria-area-development-site-trades-hand/

 

Excellent work detective!

 

EDIT: What do y'all think about McCue road that splits this property. Does it look like this entire thing could fit on the eastern half? It certainly doesn't look like it would take up both sides. 

Edited by lockmat
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Man, this one looks great! I'm looking at mainly office, correct?

 

That being said, I don't see this one getting built anytime soon especially after I read the internal CBRE report yesterday on Houston. Although Houston is still doing good in other parts of the market (we see apartment fundamentals beginning to soften), office is doing incredibly bad right now. Sublease space spiked to 7.1 million sq. ft, a year over year increase of a mind-blowing 95%!! We are seeing a 20-year high in oil/gas mergers and acquisition activity, a sign of a distressed market. As we see with the tenant announcement of 609 Main yesterday, it will most likely have to be companies that are not oil related to lease these towers. Houston's best bets right now are condo, hotel, multi-family and retail.... definitely not office.

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OMG! I can't take it. This and the Perennial need to get built! Do you all realize what type of impacts these development are going to have on an already impressive skyline??!!

 

Completely agree. These are some really nice developments, Perennial included.

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Agreed. Houston is now about caught up to where it should be with office. However, with Houston's heavy international traffic and transformation of its convention district/business, condo, hotel, multi-family and retail will continue to be winners...especially luxury retail, which is off the charts. And we're all awaiting the drum roll announcement of several luxury hotels in the works. Not all that we wanted, but not bad progress at all, especially during a slowdown.

 

Let me just clarify my point though. Those are indeed Houston's best bets but I am not saying Houston is doing great at all. The area that is more interesting is downstream in the oil market... there is $50 billion in capital improvements planned or underway. ....We're talking about projects that an architecture forum won't be talking much about.

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  • 5 months later...
On 5/28/2016 at 11:29 PM, shasta said:

I don't have any pictures but there were trucks and equipment all over the site. Looks as if they were doing soil test and early prep work but something was definitely happening there today!

 

Any activity today?

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On 6/25/2016 at 10:53 PM, BigBlueContractor said:

That is not what it is going to look like, a lot has changed.....

 

Is this part of the change??  Richmond/McCue has been speculated as the site for the project below.

 

 

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1 hour ago, BigBlueContractor said:

It still could change again. The renderings show still density, but not as large of buildings. I would also state that it looks less "plain"  than the rendering from ZCA. The right group is leading the project, it will be better than the lot that is vacant!

 

You have seen updated renderings?

 

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No updated renderings available. ZCA to my understanding is no longer involved, a international boutique architect has been selected. 

 

The red box on the map, might be one of the partners that were in discussions early on. They were planning on handing off the "apartment" component to a builder/developer combo. I would suspect that this will go, but with the news of practice facility relocation, etc. the rest of the space could be a ways out.

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^^^ @BigBlueContractor  props for the information my pal.  however, what exactly is this news of "practice facility relocation" (what does this mean?) is bob mcnair deciding to relocate his team's practice facility and finally get them out of that hideous and ridiculous air-inflated bubble off of main and kirby?  also, what does this practice facility have to do with this new and prospective development on post oak?  

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Yes. That inflatable bubble has to go. 

 

Have you seen what Jerry did in Dallas, or what was done in Denver? This has some justification of why Mcnair is looking to relocate and create partnership "permanent" facility - not a inflatable balloon. 

 

This development being most likely a destination for a "Texans Headquarters" in post oak, would also put the practice facility location into question. Truly, the model that just happened in Dallas is one that other owners across the NFL may look at as the best way to earn extra revenue, but also provide world class facilities to their team, i.e. not a big bubble.

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1 hour ago, BigBlueContractor said:

Yes. That inflatable bubble has to go. 

 

Have you seen what Jerry did in Dallas, or what was done in Denver? This has some justification of why Mcnair is looking to relocate and create partnership "permanent" facility - not a inflatable balloon. 

 

This development being most likely a destination for a "Texans Headquarters" in post oak, would also put the practice facility location into question. Truly, the model that just happened in Dallas is one that other owners across the NFL may look at as the best way to earn extra revenue, but also provide world class facilities to their team, i.e. not a big bubble.

 

^^^ aaaaahhhh excellent!  yes, of course i am acutely aware of just what jerry jones has just completed within the dallas metroplex area.  THE STAR is simply a brilliant concept / model for all NFL owners to aspire to.  however, i really doubt that bob mcnair harbors such lofty and magnificent aspirations.  the man just does not think as big, and he takes forever to get things done.  JERRY JONES thinks like an old guard TEXAN.  PERIOD!  mcnair is from south carolina where they like to take things much slower all the way to a snails pace.  nonetheless, i am very happy if this is what he is now trying to accomplish as per his football team.  POST OAK BLVD would indeed be a magnificent district to construct a new and state of the art HOUSTON TEXANS HEADQUARTERS.  i simply cannot imagine a better place within the city of houston.  however, it shall take him years and years to get this accomplished.  forgive me, but one can only hope and pray that he can see it come to fruition.....

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On 11/7/2016 at 3:38 PM, BigBlueContractor said:

No updated renderings available. ZCA to my understanding is no longer involved, a international boutique architect has been selected. 

 

The red box on the map, might be one of the partners that were in discussions early on. They were planning on handing off the "apartment" component to a builder/developer combo. I would suspect that this will go, but with the news of practice facility relocation, etc. the rest of the space could be a ways out.

 

Where did you see this news of a practice facility relocation?

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On 11/10/2016 at 0:26 PM, Houston19514 said:

 

Where did you see this news of a practice facility relocation?

Good connections. I can say it is very hush hush - by the time we publicly hear about it, it will be halfway built. 

 

Time will tell if it does happen - I side with Monarch. It is is a lot of talk and little action, it has been discussed for about 2-3 years now and nothing to show. 

 

I will believe it when I see it. 

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This possibility is very exciting.

However, there is no way this site would be the location for a Texans practice facility/HQ/mixed use development.

A football field by itself is over 1.1 acres. This site is 6 acres. If there weren't any attached facilities, the practice field would take up 1/5th of the site (assuming the building dimensions are the same size as the field).

And to compare a similar development concept, The Star in Frisco cowboys practice facility/HQ/mixed use development is 91 acres..

I'm not doubting the legitimacy of these rumors, I'm just saying this site couldn't fit such a development. Maybe they are in talks with the owners of the portion of the Astroworld site that doesn't belong to the Houston Livestock Show & Rodeo? Otherwise, I wonder if they would look towards the suburbs for such a development?

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6 hours ago, BigBlueContractor said:

Good connections. I can say it is very hush hush - by the time we publicly hear about it, it will be halfway built. 

 

Time will tell if it does happen - I side with Monarch. It is is a lot of talk and little action, it has been discussed for about 2-3 years now and nothing to show. 

 

I will believe it when I see it. 

 

It's sounding more like a rumor than news.  ;-)

Edited by Houston19514
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25 minutes ago, cloud713 said:

This possibility is very exciting.

However, there is no way this site would be the location for a Texans practice facility/HQ/mixed use development.

A football field by itself is over 1.1 acres. This site is 6 acres. If there weren't any attached facilities, the practice field would take up 1/5th of the site (assuming the building dimensions are the same size as the field).

And to compare a similar development concept, The Star in Frisco cowboys practice facility/HQ/mixed use development is 91 acres..

 

 

And, a Texans practice facility will almost certainly have at least two football fields and likely more (Their current facility appears to have four, three outdoor and one indoor.)  So they would be effectively taking 1/2 or more of the available space just for football fields. 

Edited by Houston19514
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  • Highrise Tower changed the title to McNair Plaza: Mixed-Use At Post Oak And Richmond

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