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

[gene]

man i have been waiting forever for them to tear down Courtyard at Post Oak however just today i drove by and saw that they are renovating the former Dessert Gallery portion of that building and placed a permit sign in the window...hoping to go by tonight and see who is moving in there...i am hoping it is something good at least...maybe Torchys?

Edit to say: just drove by and its a Parvizon (sp?) Rugs store! BOO!

Edited February 20, 2014 by gene

[Urbannizer]

Uptown Park's 360,000 square-foot luxury tower will break ground by the end of the year with completion slated for early 2017.

 

http://www.bizjournals.com/houston/blog/breaking-ground/2014/02/more-details-emerge-on-1b-uptown-park-project.html?page=2

[gene]

wow how cool! i live across the street from all of this so this is exciting news....*

thanks for all the info and updates!

 

*until my rent is raised so high i cant afford it

[Urbannizer]

Located in the heart of a mixed-use district, this 28 story luxury residential tower offers a convenient urban lifestyle. The tower sits on a 7-story garage and 14,000 s.f. of street level retail. The building is clad in a crisp combination of low E solar glass and aluminum panels for an architectural expression of subtle sophistication.

The development focuses on young professionals and baby boomer empty nesters. The Design of the tower offers a fine mix of modern luxury and a lifestyle of convenience. Residents will be able to enjoy outdoor cafes, boutique retail shops and entertainment at their doorstep.

http://zieglercooper.com/luxury-apartment-tower-retail-3/

[cloud713]

so that is the final design of the first residential tower? i was afraid it would be that curved beige tower.. this one is much nicer looking IMO.

[ClutchCity]

Those are all conceptual.

Guess not(;

[uscats35]

This is going to be great!

[Urbannizer]

The owner of Uptown Park has signed an agreement with Patrinely Group to build a luxury residential tower with 250 units in the Italianate shopping center at the prominent corner of Post Oak Boulevard and the West Loop.

 

The project will be the first of many changes planned for the 17-acre property, which was developed 15 years ago as a series of low-slung retail buildings surrounded by surface parking.

 

Earlier this year, owner AmREIT announced plans to redevelop the site into a much higher density development with housing, hotel rooms and office space valued at around $1.2 billion. The Houston-based real estate 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.

 

The agreement is “the beginning of what could be a transformation of our Uptown Park property to one of the finest mixed use communities in Houston,” AmREIT’s chairman and CEO Kerr Taylor said in a news release discussing the company’s first-quarter earnings.

 

The new building, Crimson at Uptown Park, will be developed on the northwest corner of the property where the stores Baker, Pelucha Decor and Bella Rinova are now.

 

As part of the agreement, Patrinely Group will sign a 99-year ground lease for the property, according to the news release. AmREIT will acquire a 15 percent interest in the joint venture as a co-general partner in the project in exchange for $4.8 million and will have a “right of first offer” to purchase the project. USAA Real Estate Co. is expected to provide equity for the project.

 

http://blog.chron.com/primeproperty/2014/04/uptown-park-developer-inks-deal-for-new-luxury-residential-tower/

[Urbannizer]

Solomon Cordwell Buenz is the architect for the first tower. At 26-floors, the project will break ground next year with ground floor retail and underground parking.

http://www.houstonchronicle.com/business/real-estate/article/Luxury-high-rise-to-break-ground-next-year-in-5443130.php

[houstontexasjack]

Interesting. I suppose AmREIT wanted a different style than the various projects Ziegler Cooper has been designing around town.

 

[Urbannizer]

We found Ron (right) with Tribble & Stephens' Van Martin during yesterday's networking. He says he'll be announcing more details about his Uptown Park redevelopment this year. And he says he could have news for all his Post Oak properties. (Ron knows that if you keep them guessing, you keep them coming back.) That might include some hospitality—he says there are about 10 possible hotel projects floating around Uptown. Ron's a fan of horizontal rather than vertical mixed-use (he's also a fan of Jimi Hendrix—Ron caught his last tour).

http://www.bisnow.com/commercial-real-estate/houston/1984-state-of-the-market-amazing/

[Montrose1100]

http://www.bisnow.com/commercial-real-estate/houston/1984-state-of-the-market-amazing/

Like for the 10 hotels in Uptown, dislike for horizontal and not vertical. 

[cloud713]

http://www.bisnow.com/commercial-real-estate/houston/1984-state-of-the-market-amazing/

Claims he's a fan of horizontal mixed use.. His company plans 7 high rises on top of Uptown Park and a 50 story tower in front of the Cosmo.. Lol

[Houston19514]

I think he means, mixed use occurs in the building next door (i.e., high-residential next door to a high-rise hotel, next door to a retail building, rather than a high rise containing several floors of retail topped by hotel topped by residential)

[Urbannizer]

http://www.houstonchronicle.com/business/real-estate/article/Bid-for-AmREIT-could-go-higher-5616118.php

Pong said he expects the redevelopment to move forward even if the company is sold, as some of the development and financial partners have already been tapped to participate.

[Urbannizer]

I think phase one is a mid-rise building now.

On July 25, 2014, the Omnibus Agreement with Crimson Real Estate Advisors, LP with respect to 1.12 acres on the northwest portion of the Uptown Park property, known as the “Baker Site” expired and was terminated. When we successfully negotiated with Champps to release to us the development rights of their parking lot contiguous to the Baker Site, we were able to return to our original vision of developing a lower profile residential project by expanding the building’s footprint. While we no longer expect to enter into a ground lease with respect to the Baker site, we believe this more appropriately sized project, which we are calling The Palazzi at Uptown Park, will be the finest for-rent multifamily project of its type in our market. We now will be able to increase the size of the retail square footage, making the north end of Uptown Park a more prominent place-making experience that is essential to long term value creation in projects of this kind. The project is anticipated to include approximately 200 residential units and approximately 40,000 square feet of retail. Total project costs are estimated to be approximately $80 million and construction is anticipated to begin in 2015. A rendering of our master plan and The Palazzi at Uptown Park can be found in our corporate presentation.

First information on phase two:

We are in exclusive negotiations with a four-star hotel flag and a hotel development partner for a mixed use development project at the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Blvd. The anticipated development could include 243 hotel rooms, 234 residential units and up to 20,000 square feet of ground floor retail. Total project costs are estimated to be approximately $204 million. Construction could begin within the next 18 months.

[nate]

First information on phase two:

 

 

I'm hearing that this will be the long rumored W Hotel.

 

It sounds like a very substantial building.

[houstontexasjack]

I'm hearing that this will be the long rumored W Hotel.

 

It sounds like a very substantial building.

 

It sounds quite large indeed.  W seems to like highrise hotels based on their offerings in Dallas and Austin, and so an Uptown highrise would make sense.

[swtsig]

243 + 234 sounds quite large.

[lockmat]

From the last shot, it looks like they're saving the taller towers for Post Oak, scaling it smaller away from it. Not a bad plan I suppose. Don't see why it couldn't all be highrise though

 

 

 

 

 

http://ir.amreit.com/Cache/1500062350.PDF?Y=&O=PDF&D=&FID=1500062350&T=&IID=4161790

Edited July 29, 2014 by lockmat

[houstontexasjack]

lockmat, is that the Palazzi that was referenced?

[nate4l1f3]

I think phase one is a mid-rise building now.

First information on phase two:

Was it originally suppose to be a high rise?

[monarch]

 

w hotels, at least the one's that i have been affiliated with abroad vs austin, tx... for TEXAS football games.  are normally considered 5***** properties.  i cannot ever imagine a 4**** w hotel.

[cloud713]

W has always been 4* as far as I know..

That residential still looks like a high rise..?

[lockmat]

Was it originally suppose to be a high rise?

 

Possibly. See post 33 and rendering below. Per the report, it sounds like it flattened out because they were able to use more land, which seems like what they wanted anyway for the ability to include more retail in the project.

 

[King Owl]

For comparison:  The W Dallas has 252 hotel rooms and 61 residences.  Roughly 13 stories of hotel and another 20 of residences + lobby + convention rooms.  That makes it 33 stories and 439 feet.

 

Extrapolating that to the Houston one..243 rooms might be about 12 stories of hotel.  

 

For the condos, the W Dallas has about 20 stories with 61 condos.  That's about 4 per floor.  They built a second tower next to it that has 83 condos in 15 stories, which means about 5.5 condos per floor. 

 

So for the Houston tower, if it has 234 condos, that could be another 43-59 stories, depending on how many condos/floor they do.

 

So in summary, we could be looking at a 55-71 story tower.  Between 700-900 feet tall.  (rough math) 

[lockmat]

This is the SECOND time I have seen this statement in one of their presentations. Someone needs to call them out on this.

 

[cloud713]

For comparison: The W Dallas has 252 hotel rooms and 61 residences. Roughly 13 stories of hotel and another 20 of residences + lobby + convention rooms. That makes it 33 stories and 439 feet.

Extrapolating that to the Houston one..243 rooms might be about 12 stories of hotel.

For the condos, the W Dallas has about 20 stories with 61 condos. That's about 4 per floor. They built a second tower next to it that has 83 condos in 15 stories, which means about 5.5 condos per floor.

So for the Houston tower, if it has 234 condos, that could be another 43-59 stories, depending on how many condos/floor they do.

So in summary, we could be looking at a 55-71 story tower. Between 700-900 feet tall. (rough math)

 

 

That would certainly make up for them reducing the Courtyard tower to 40-42 stories and make this the new book end to north uptown.

 

Edited July 29, 2014 by lockmat

[lockmat]

That would certainly make up for them reducing the Courtyard tower to 40-42 stories and make this the new book end to north uptown.

 

It looks like they made a fair attempt at making the block models to scale. If that's true, is it possible this is a two tower development or is the second tower to the west of the one on the corner a totally different project?

 

[swtsig]

It looks like they made a fair attempt at making the block models to scale. If that's true, is it possible this is a two tower development or is the second tower to the west of the one on the corner a totally different project?

 

 

at this point isn't your guess as good as anyones?