Big Tex Storage At 4503 Montrose Blvd.

[Urbannizer]

Site Plan :

Second Floor , Gallery Level:

Parking Floors:

Office Floors:

Penthouse:

Swamplot

[ricco67]

OOh! It's going to be on THAT side of 59!

For some reason I thought it was going to be on the South West section of the montrose and the bridge.

Yeah, this will be a big improvement on the area and it should have out the local restaurants in the area as well as be on the Montrose stop of the Richmond rail once it's built.

[Subdude]

It's not about whether they'll be just fine. It's that they could do better.

I believe the intention is to use most of the building for gallery space. That makes Montrose a great location for this since there is already a core of art galleries in the immediate vicinity.

[TheNiche]

I believe the intention is to use most of the building for gallery space. That makes Montrose a great location for this since there is already a core of art galleries in the immediate vicinity.

Just the second floor, according to the floor plans.

[porTENT]

@theNiche:

A Shepard/59 site would diminish the sexy allure the 59/Montrose site has from the auto-motorist's perspective. Imagine traveling down 59 and submerging as a tower rises over the freeway, that is architectural drama. Versus an exposed and oblique POV much like Greenway Plaza's towers. No drama, no value, and in effect blending in with Greenway and eastern ancillary developments.

City wide identity and desirability are the long term goals at play here (which explains the bldg's height & planar slenderness), and if catching onto pedestrian/street retail perceptual inertia in an upscale enclave while providing that enclave with a freeway barrier/visual distraction is what makes this site a shoe-in. Remember how area archipiles wanted to get Santiago Calatrava to design the Montrose bridge, but TXDOT turned a deaf ear? Houston has a long long history for being bad neighbors of those who would try something different, so in this case it makes sense to "get in where you fit in," considering it's contextual neighbors are much more affluent than say Whataburger. Your right that this would not appeal to the group-think of institutional investors, this project is more akin to the wild-catter developments of Houston's former glory days.

P.S. Not to mention mature oaks, hard to put a consensus valuation on shade in Houston. Shepard/59 = no shade.

Edited August 23, 2010 by porTENT

[TheNiche]

Your right that this would not appeal to the group-think of institutional investors, this project is more akin to the wild-catter developments of Houston's former glory days.

Yeah, so how does that paradigm mesh with cap rates in 2010?

P.S. Not to mention mature oaks, hard to put a consensus valuation on shade in Houston. Shepard/59 = no shade.

There's shade along the north side of buildings, so stick to the south side of streets and you'll be fine. ...besides which, nobody of importance to an office lease was going to walk anywhere to begin with.

[dbigtex56]

...besides which, nobody of importance to an office lease was going to walk anywhere to begin with.

People of importance never perambulate?

Sounds like 20th Century wisdom.

[TheNiche]

People of importance never perambulate?

Sounds like 20th Century wisdom.

Well sure, if their doctor tells them that they have to or that they will die. Otherwise, no. They have access to nice private transportation, dress nicely and don't like to sweat, and are human and therefore lazy.

[Jax]

I'm glad not everybody is like that.

[rsb320]

Well sure, if their doctor tells them that they have to or that they will die. Otherwise, no. They have access to nice private transportation, dress nicely and don't like to sweat, and are human and therefore lazy.

Excuse me. I just walked around the block, dressed nicely, whilst smoking a cigarette. No doctor has told me that I was going to die, but it does say pretty much that on a pack of smokes. __~~

[porTENT]

Yeah, so how does that paradigm mesh with cap rates in 2010?

I am honestly am out of my depth here and am generally hoping your handle-sake of a niche market exists city-wide for this type of office space. Even if this particular project doesn't get off the ground, this site will likely spawn another project of similar height/size later in time.

There's shade along the north side of buildings, so stick to the south side of streets and you'll be fine. ...besides which, nobody of importance to an office lease was going to walk anywhere to begin with.

LOL,not trying to dog pile with the rest of the posters, but what time do you eat lunch?

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Another thing I was thinking in terms of the site is that it will close a cul-de-sac street, meaning less city maintenance and more so that the city will get more taxable property sqft'd in the exchange. I would take the next logical step by closing Woodrow Ave's T-interesection with Montrose, but realistically they will employ HPD to let office workers out. Highway access is a beautifully veiled cinch, with the Richmond exit off the Spur northbound and the Fannin exit off US59 southbound. I'm just glad Ewald didn't get to design this! J/K, Also if anyone's been to the site recently there's a nice quiet niche behind the art gallery with a lofty cantilevered concrete flat roof with 20' bamboo's underneath. I want to say Peter Zweig designed it.. my memory's a little fuzzy but the tactile nature of that space is worth checking out.

[mfastx]

Personally, I really don't care where this building goes. I do think it's too bad that it will be set back so far for some billboard. But I'm just glad there's proposed development in this economic climate.

[TheNiche]

I am honestly am out of my depth here and am generally hoping your handle-sake of a niche market exists city-wide for this type of office space. Even if this particular project doesn't get off the ground, this site will likely spawn another project of similar height/size later in time.

New office space of any sort is a niche market nowadays with so little new construction. I wouldn't argue that this building can't be filled (eventually), however the competition will be stiff, particularly from more accessible properties. Additionally, investor confidence is not strong regarding rent growth in any reasonable span of time; it seems to be getting worse; that's going to be a problem. Compound that with a hoarding mentality in the capital markets and a flight to quality. Even nice properties get passed over when there is a downside; the few investors that exist can afford to be exceedingly picky.

And that, in a nutshell, is what's wrong with commercial real estate. There are a few good deals being transacted, but VERY FEW. West Ave. comes to mind, but this is no West Ave. In the eyes of investors...this site sucks monkey balls compared to the West Ave. site (or a Shepherd site).

Excuse me. I just walked around the block, dressed nicely, whilst smoking a cigarette. No doctor has told me that I was going to die, but it does say pretty much that on a pack of smokes. __~~

Do you lease half a floorplate of office space? No? Then I wasn't talking about you.

[porTENT]

http://www.chron.com...ff/7206728.html

The developer, meanwhile, is pre-leasing another office building it plans to develop in Montrose.

"It's a boutique building in a unique market — one that's been largely underserved," Brinsden said.

Located at the northeast corner of Montrose Boulevard and the Southwest Freeway, the site currently houses a parking lot and a small house.

The new building would be 88,000 square feet in 12 stories.

[lockmat]

The developer, meanwhile, is pre-leasing another office building it plans to develop in Montrose.

So does it getting built depend on how the pre-leasing goes?

[lockmat]

This article answer my question above ;P

Closer to downtown, Midway’s proposed M Fifty Nine project will have 74,000 square feet of space with ground level retail. Once some tenants have committed to the 13-story project, construction will start at the northeast corner of Montrose and Highway 59.

Midway will develop the project in partnership with the land owner, whose name was not disclosed.

“We’d like to get it kicked out of the ground,” Freels says. “It will only take two to three pre-leases to get there.”

Preston Young of Stream Realty Partners LP is responsible for finding tenants for the Inner Loop office

http://www.bizjourna.../20/daily7.html

Edited September 21, 2010 by lockmat

[HtownWxBoy]

I drive up and down Montrose Blvd. almost every day... sometimes a few times a day... looking forward to watching this building go up... I really like it.

[dbigtex56]

Someone's gotta say it.

I'm sorry to see another of the original Montrose Boulevard houses bite the dust. I won't even try to defend this structure as a significant piece of architecture; it's not.

Its absence will make picturing Montrose in its heyday a little more difficult. This proposed new building is welcome - in a bittersweet way.

[DrLan34]

Someone's gotta say it.

I'm sorry to see another of the original Montrose Boulevard houses bite the dust. I won't even try to defend this structure as a significant piece of architecture; it's not.

Its absence will make picturing Montrose in its heyday a little more difficult. This proposed new building is welcome - in a bittersweet way.

http://culturemap.com/newsdetail/12-27-10-demolishing-the-doldrums-office-towers-somehow-keep-rising-in-houston/

[LTAWACS]

I mean... i like it... but perhaps it should be taller?

[ChrisPHous]

Has this project started construction? I think I remember reading it would be around now.

[Jax]

I haven't seen any activity on the lot. Does anybody else have any new info on this?

[KinkaidAlum]

They are actively trying to market the office space. Doubt they will break ground without a solid lease in place.

[lockmat]

From the brochure:

http://www.streamrealty.com/pdfs/properties/M59%20-%20Leasing%20Package.pdf

[kennyc05]

From the brochure:

http://www.streamrealty.com/pdfs/properties/M59%20-%20Leasing%20Package.pdf

Thats kool as hell!!!

[DrLan34]

http://www.houstonrealestateobserver.com/houston-developers-starting-new-office-buildings/

"The most surprising of the new office projects being discussed is the so-called Block 69 deal at Main Street and Texas Avenue in downtown Houston. Hines owns the block and it has retained an architect to design plans for a new tower there."

"Midway Cos. has two new buildings on the drawing board – the 250,000-square-foot City Centre III project and the proposed M Fifty Nine, a 74,000-square-foot building on Montrose Boulevard."

[Jax]

It kind of reminds me of the BRC at Rice with the brick/glass facade.

[lockmat]

Is this building under construction? When the 18-wheeler lost it's load last week on the I-10/610 ramp, I was diverted and had to take 59 past downtown and saw some construction, but couldn't remember exactly where it was. It was really close to the freeway on the north side, which made me think it might be this project. Anyone know?

[ChrisPHous]

Is this building under construction? When the 18-wheeler lost it's load last week on the I-10/610 ramp, I was diverted and had to take 59 past downtown and saw some construction, but couldn't remember exactly where it was. It was really close to the freeway on the north side, which made me think it might be this project. Anyone know?

It's practically on 59, north side and east side of Montrose. I drive by there from time to time and nothing has been done, the sign is still out front if that counts for anything.

[lockmat]

It's practically on 59, north side and east side of Montrose. I drive by there from time to time and nothing has been done, the sign is still out front if that counts for anything.

So what is being built just to the north of 59, I'm assuming it's further west where I saw it.