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Uptown Park: Uptown Shopping Center At 1121 Uptown Park Blvd.


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  • 5 months later...

http://blog.chron.com/primeproperty/2014/02/amreit-plans-1-billion-redevelopment-of-uptown-park/

 

The owner of the Uptown Park shopping center at the corner of the West Loop and Post Oak Blvd. is planning a more than $1 billion redevelopment of the retail project that will include multiple new towers, bringing the low-rise retail project into the modern era.

The changes will come over the next seven to 10 years and include luxury residential, office, hospitality and additional retail space, according to property owner AmREIT, a Houston-based real estate investment trust that has owned the 17-acre complex for about a decade.

In a Wednesday morning earnings call, the developer said it is negotiations with a national developer to build the first tower at the site — a luxury residential building — that would sit atop 20,000 square feet of retail space. It will be developed where the stores Baker, Pelucha Decor and Bella Rinova are now.

The deal would be structured as a 99-year ground lease to the developer.

AmREIT said it has identified seven potential development sites in Uptown Park.

 

Edited by Mab
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Also in the earnings release:

 

During the third quarter of 2013, we began the process of terminating leases with or relocating tenants occupying a portion of our Uptown Park property which we refer to as the Baker Site and our Courtyard at Post Oak property at Post Oak and San Felipe in Houston, in order to prepare those sites for vertical re-development.

 

The courtyard post oak is the one right in front of the cosmo

 

http://www.amreit.com/files/property/17/brochure.pdf

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So it looks to me that they have not finalized the design of the resi tower as there are conflicting designs.

I'm very excited there is very limited surface parking and it includes green space. But I wonder where retail customers will park.

The only disappointing thing for me is only one resi tower, but I'll take it.

Edited by lockmat
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So it looks to me that they have not finalized the design of the resi tower as there are conflicting designs.

I'm very excited there is very limited surface parking and it includes green space. But I wonder where retail customers will park.

The only disappointing thing for me is only one resi tower, but I'll take it.

 

You must be looking for something to be disappointed about. 

 

There are 7 identified high-rise/density redevelopment sites.  Only one has a specified use and that is this residential high-rise.    It is unkown what the other six will be.  They could all end up being residential towers, for all we know at this time.

 

As to parking, the video says they have identified 7 sites that will "accommodated mid- to high-rise buildings and their supporting parking."

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i was just wondering when they would announce details for redeveloping this site.. so is this the million+ sq foot development Urbannizer first linked about or is that separate? i didnt notice anything about 75,000 sq ft of retail in the info for this..

It's probably too big, especially given how big the buildings are in the conceptual renderings. I doubt they'll actually build something as large as what they show, but 7 sites at only 300-400k each is still 2 mil+.

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I laughed at this picture. The whole presentation is filled with dozens of CAD renderings that probably took a couple of a hundred work-hours... 

 

Then they insert crayola art sketch. 

 

Anyway, fantastic project--- if it ever gets built. 

 

[....image....]

 

That's what urban planners (and some architects) do.  Every big project has something like this.  Nothing new, and while it looks like a crayon sketch it still took time to draw, and in some instances may have been produced by photoshop - still taking many hours....but this probably was not.  Still, I'm sure you'll see charette after charette of these drawings at said architectural firm.

 

Edited by arche_757
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I wonder when the one on the northeast corner of Westheimer and Post Oak will bite the dust?  That is one I would love to see go away.

 

My understanding is that all of the existing leases in that center expire by approximately 2020, so not until then unless they can somehow buy out or terminate all the leases.

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Here's a rendering of the project from the Houston Chronicle! 

 

1024x1024.jpg

 

Site for the apartment tower:

 

1024x1024.jpg

 

The changes are expected to come over the next decade and could begin late this year with the first building tentatively scheduled to break ground.

 

AmREIT is in negotiations with a national developer to build a luxury residential tower at the site of perhaps 30 stories with 20,000 square feet of retail space at ground level. It would be developed where the stores Baker, Pelucha Decor and Bella Rinova are now.

 

The deal would be structured as a 99-year ground lease to the residential developer, but AmREIT would own the retail space and underground parking.

 

Altogether, the company has identified seven potential development sites in Uptown Park and plans to add significantly to the existing 169,000 square feet of retail space.

 

Uptown Park expansion When it's completed, Uptown Park could include luxury residential, office space, retail and a hotel. Here are the developer's projections:

 

Residential: more than 1,000 units in at least three buildings

Hotel: more than 300 rooms

Retail: an additional 100,000 to 150,000 square feet

Office: 850,000 square feet

 

 

http://www.houstonchronicle.com/news/houston-texas/houston/article/Uptown-Park-to-alter-area-s-skyline-5250104.php#/5

 

 

 

 
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(i cant figure out how to turn the italics off..)

here are the stats for BLVD Place, from wikipedia, to compare to the Uptown Park stats.. (BLVD Place is planned to have 6 towers)

"The development will be the largest in Uptown with over 1.8 million square feet with 205,000 sq. ft.of retail space, 1,400,000 sq. ft. of office space, 275 hotel rooms and 1,000 high rise residential units. "

Uptown Park expansion When it's completed, Uptown Park could include luxury residential, office space, retail and a hotel. Here are the developer's projections:

 

Residential: more than 1,000 units in at least three buildings

Hotel: more than 300 rooms

Retail: an additional 100,000 to 150,000 square feet (on top of 169,000)

Office: 850,000 square feet



so Uptown Park will possibly have 100,000 sq ft more retail than BLVD Place, a few more hotel rooms, about the same amount of residential, and almost 2/3rds the amount of office space.
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