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

[houstontexasjack]

Interesting. I will want to hear Edens' vision for Uptown Park as part of this deal is.

[citykid09]

http://www.bizjournals.com/houston/morning_call/2014/11/uptown-park-owner-to-be-acquired-in-763m-deal.html

 

BOOOOO! Bad for Houston. So I guess the big $1.2 billion redevelopment wont be happening.

[houstontexasjack]

I wouldn't necessarily think this means a halt to development. Edens owns, among a number of other properties, the City Vista development near where I lived in DC. They have experience with mixed-use and could be well positioned to develop some of AmREIT's properties.

[swtsig]

BOOOOO! Bad for Houston. So I guess the big $1.2 billion redevelopment wont be happening.

And you base that on what exactly?

[brijonmang]

I've known about this deal for a while (knew they were being shopped around not who was buying them) and much of the management will probably remain. At this point I think it's a bit premature to think things will be put on hold because of the sale. This company buying AmREIT knew literally EVERYTHING going on with the company before being sold.

[swtsig]

AmREIT was an attractive buy specifically because many of their properties have extensive upside potential.

[toxtethogrady]

And you base that on what exactly?

 

Edens is swooping in from out of town (just like Regency was going to do). Uptown is probably not the only property they own or are developing, and their priorities may be different from those of AmREIT. That alone means the full $1.2 billion project may be more of an investment than they would want to commit to. So I see revisions coming and at the least a re-timing of the developments.

 

On the positive side, I think Edens offers deeper pockets to support whatever AmREIT had planned to build.

[ClutchCity]

No nightlife nearby? It's not exactly my scene by Belvedere does pretty good business. Also, the tasting room is great.

I miss your great weekly updates! Please move back, thanks!

[Urbannizer]

The redevelopment project is still happening:

 

http://blog.chron.com/primeproperty/2014/11/amreit-updates-development-plans-for-uptown-park/

 

The Palazzi at Uptown Park: A 16-story, 238-unit apartment building on 1.1 acres at the northwest portion of the Uptown Park property. The building would have 14,000 square feet of ground level-retail space. The total project cost, including land, is estimated at $134 million, and construction is expected to start in the second half of next year.

 

The Tower at Uptown Park: AmREIT is in negotiations with a four-story hotel flag and development partner for a mixed-use project on the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Boulevard. The plan involves a 37-story building with 310 hotel rooms, 236 apartments and 18,000 square feet of retail space. Total project costs are estimated at $200 million. Construction could begin within the next 15 months.

 

[Avossos]

The redevelopment project is still happening:

 

http://blog.chron.com/primeproperty/2014/11/amreit-updates-development-plans-for-uptown-park/

 

The Tower at Uptown Park: AmREIT is in negotiations with a four-story hotel flag and development partner for a mixed-use project on the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Boulevard. The plan involves a 37-story building with 310 hotel rooms, 236 apartments and 18,000 square feet of retail space. Total project costs are estimated at $200 million. Construction could begin within the next 15 months.

 

This would be the W Hotel...?

[Naviguessor]

Think the W hotel is still just rumor at this point.  Developers across the street would like to make possible clients THINK that a W Hotel is planned for the lot across the street.  But...it's not up to them to announce...but rumor works well for them.

[Avossos]

Think the W hotel is still just rumor at this point.  Developers across the street would like to make possible clients THINK that a W Hotel is planned for the lot across the street.  But...it's not up to them to announce...but rumor works well for them.

 

With an office portion likely, an additional hotel makes sense. But I was secretly hoping the W would go to West Creek area.

[houstontexasjack]

Maybe the rumors will make it come true. After all, American Express made the Centurion card after rumors of a secret black credit card used by celebrities persisted for awhile.

 

Uptown Park would not be a bad area for the W. It would be very visible from the highway.

[Houston19514]

The redevelopment project is still happening:

 

http://blog.chron.com/primeproperty/2014/11/amreit-updates-development-plans-for-uptown-park/

 

The Palazzi at Uptown Park: A 16-story, 238-unit apartment building on 1.1 acres at the northwest portion of the Uptown Park property. The building would have 14,000 square feet of ground level-retail space. The total project cost, including land, is estimated at $134 million, and construction is expected to start in the second half of next year.

 

The Tower at Uptown Park: AmREIT is in negotiations with a four-story hotel flag and development partner for a mixed-use project on the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Boulevard. The plan involves a 37-story building with 310 hotel rooms, 236 apartments and 18,000 square feet of retail space. Total project costs are estimated at $200 million. Construction could begin within the next 15 months.

 

I'm guess where it says "AmREIT is in neogotiations with a four-story hotel flag"...  they meant to say "four-star" hotel flag"...?

 

Edit:  After  a little digging, I discovered that AmREIT indeed reported they are in negotiations with a "four-star" hotel flag.   The error was the Chronicle's.  I know;  I'm as surprised as the rest of you.  ;-)

Edited November 4, 2014 by Houston19514

[toxtethogrady]

This would be the W Hotel...?

 

It sounds like it will be someone's hotel, though not necessarily a W. Another Sorella would be a good addition.

[swtsig]

Think the W hotel is still just rumor at this point.  Developers across the street would like to make possible clients THINK that a W Hotel is planned for the lot across the street.  But...it's not up to them to announce...but rumor works well for them.

 

not a rumor.

[houstontexasjack]

With Swtsig's Post, Monarch gets a mulligan to put up something extra bright for the confirmation. 

[bobruss]

not a rumor.

That sounds pretty definitive. Thanks SWTSIG

[Naviguessor]

I believe swtsig. And I expect it'll happen. But, until there's an announcement, an acknowledgement or verification by the developer, contractor or Starwood...than it's still a rumor.

[monarch]

let's go houston!

[lockmat]

The redevelopment project is still happening:

http://blog.chron.com/primeproperty/2014/11/amreit-updates-development-plans-for-uptown-park/

The Palazzi at Uptown Park: A 16-story, 238-unit apartment building on 1.1 acres at the northwest portion of the Uptown Park property. The building would have 14,000 square feet of ground level-retail space. The total project cost, including land, is estimated at $134 million, and construction is expected to start in the second half of next year.

The Tower at Uptown Park: AmREIT is in negotiations with a four-story hotel flag and development partner for a mixed-use project on the southeast corner of Uptown Park, located at the corner of Loop 610 and Post Oak Boulevard. The plan involves a 37-story building with 310 hotel rooms, 236 apartments and 18,000 square feet of retail space. Total project costs are estimated at $200 million. Construction could begin within the next 15 months.

Holy cow, i'm kind of shocked more people aren't going gaga over this announcement. I know that we kind of knew that this was coming but now that it's becoming reality and the details are showing that so many of these buildings are tall it's really impressive.

Also I'm assuming that's a typo and they meant four-star not four stories, am I correct?

Also I'm guessing the other towers that the article mentions are pasted in another thread?

Edited November 5, 2014 by lockmat

[Montrose1100]

Holy cow, i'm kind of shocked more people aren't going gaga over this announcement. I know that we kind of knew that this was coming but now that it's becoming reality and the details are showing that so many of these buildings are tall it's really impressive.

Also I'm assuming that's a typo and they meant four-star not four stories, am I correct?

Also I'm guessing the other towers that the article mentions are pasted in another thread?

I'm kinda shocked we knew a W was planned like 3 pages back (spawned the whole dallas W close to a freeway discussion), and then this came out and it's a great shock.

[Luminare]

Before we go gaga over this stuff. I think we need to see an up-to-date master plan with the buildings mentioned. We have seen a few before, but that was quite a ways back and I'm sure much has changed since then. I think we are all still stuck on the rendering that continues to be the one shown whenever this project is mentioned. Are they staying true to walkability? What's the street presence like? How far along are all these projects in terms of design?

[scarface]

I'm with citykid09 on this one. I'm a little iffy about all the redevelopment will going as planned now that the ownership is changing hands.

 

Oh well, can only sit back and hope for the best.

[toxtethogrady]

Holy cow, i'm kind of shocked more people aren't going gaga over this announcement. I know that we kind of knew that this was coming but now that it's becoming reality and the details are showing that so many of these buildings are tall it's really impressive.

Also I'm assuming that's a typo and they meant four-star not four stories, am I correct?

Also I'm guessing the other towers that the article mentions are pasted in another thread?

 

The reason it's not gaga time is the name of hotel hasn't been announced (and I'd take another Valencia Group Hotel as a substitute), so it's not even certain this will happen or that it will be a W. And the four stories does indeed look like a typo; kind of hard to cram 300 hotel rooms in four floors. But four star is a downgrade from five stars.

 

I also think Houston needs to start turning up its nose at some of these newbies. W didn't see fit to bring in a hotel to Houston back in 2007 when they built one in Dallas? Screw them. Ritz Carlton? We're way beyond that. Bloomingdale's never opened in the Galleria when they had the chance? Tough luck - we want Raffles City or Harrod's now. Roche Bobois still not interested? There are better furniture designers who are. We're the most important city in Texas, and if you high-end retailers don't get it, we don't want you.

[Montrose1100]

.

Roche Bobois still not interested? There are better furniture designers who are. We're the most important city in Texas, and if you high-end retailers don't get it, we don't want you.

They have a cute stand alone store on San Felipe...

[HTOWN LIVE]

The reason it's not gaga time is the name of hotel hasn't been announced (and I'd take another Valencia Group Hotel as a substitute), so it's not even certain this will happen or that it will be a W. And the four stories does indeed look like a typo; kind of hard to cram 300 hotel rooms in four floors. But four star is a downgrade from five stars.

I also think Houston needs to start turning up its nose at some of these newbies. W didn't see fit to bring in a hotel to Houston back in 2007 when they built one in Dallas? Screw them. Ritz Carlton? We're way beyond that. Bloomingdale's never opened in the Galleria when they had the chance? Tough luck - we want Raffles City or Harrod's now. Roche Bobois still not interested? There are better furniture designers who are. We're the most important city in Texas, and if you high-end retailers don't get it, we don't want you.

Agreed, just last week the city turned down a deal to redevelop 1111 Main Street (the old Sakowitz building) into a Bloomingdale's and a Ritz Carlton. Neiman Marcus ran Bloomingdale's out of Dallas years ago, and now Houston doesn't want them either. The Ritz Carlton was in Houston years ago and failed to impress, and got the boot.

Houston is clearly not chasing those brands (which are not all that great), as there IS better. Houston has moved on and now wants better than that, so what happens will be interesting.

[Fortune]

Agreed, just last week the city turned down a deal to redevelop 1111 Main Street (the old Sakowitz building) into a Bloomingdale's and a Ritz Carlton. Neiman Marcus ran Bloomingdale's out of Dallas years ago, and now Houston doesn't want them either. The Ritz Carlton was in Houston years ago and failed to impress, and got the boot.

Houston is clearly not chasing those brands (which are not all that great), as there IS better. Houston has moved on and now wants better than that, so what happens will be interesting.

So wait . . . Now this downtown Bloomingdale's anchored shopping district that you have been telling us is going to happen isn't going to happen because now the city of Houston doesn't want them ? If that's the case then why was the idea entertained at all? Also I thought the Ritz was going to be by Discovery park ? Now it was going in the old Sakowitz building ? Just doesn't add up seems like back pedaling.

We have Nieman Marcus, we have Saks. . . What other department store is better then Bloomingdales? Especially for downtown Houston.

[HTOWN LIVE]

So wait . . . Now this downtown Bloomingdale's anchored shopping district that you have been telling us is going to happen isn't going to happen because now the city of Houston doesn't want them ? If that's the case then why was the idea entertained at all? Also I thought the Ritz was going to be by Discovery park ? Now it was going in the old Sakowitz building ? Just doesn't add up seems like back pedaling.

We have Nieman Marcus, we have Saks. . . What other department store is better then Bloomingdales? Especially for downtown Houston.

I agree it's back-peddlIng, they should have gone with the plan (even if it was with newbies). Houston definitely could have used the downtown retail and the hotel rooms. But it's not, at least not at 1111 Main Street. The city and the property owner no longer want it, saying they have something better they're putting together. We'll see.

Houston already has the other big stores except Bloomingdale's, so it would take Harrods, Selfridges or Galeries Lafayette to top that. Does Houston have the leadership, talent and power to make that happen? We'll soon see.

Edited November 9, 2014 by HTOWN LIVE

[Naviguessor]

"The City" turned down a deal? I can see how the city can enocourage development and even discourage other types of development. But how could the city turn down a development on private property? Or does the city own the Sakowitz building? When you talk about "The City" who are you referring to?