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1111 Studewood Place


maggie

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Looks more like the standard construction project to me. There is a lot of activity as dirt work, foundation framing and exterior are built. Then, nothing appears to be happening as the electrical, plumbing and mechanical trades perform their work on the inside, out of sight of onlookers. Sounds like you are engaging in wishful thinking more than insightful observation.

The development's website says occupancy Fall 2012. I signed up of updates from the website a while ago and have never seen anything. People living nearby have not seen anyone coming or going and have not seen any vans for trades parked near the building. I guess they could drive up into the internal parking garage, but it doesn't even look like you can get in the garage, at least the last time I went by. It's a sellers market inside the loop and this project has been under construction for over two years with nothing listed and a retail tenant walking away from lease negotiations. If this is what you consider to be a standard construction project, then good luck to any project you are involved in.

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I've seen numerous workers coming and going from there daily.  ( I think I saw some Pool Designer people there the other day ).  I heard they were trying to have a model ready for public view by the end of December 12' (when I spoke with someone back in July/August),  if they have one ready in March that isn't that much of a delay.  Pretty much standard construction project, keep grasping for straws though...

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 If this is what you consider to be a standard construction project, then good luck to any project you are involved in.

 

Prior to becoming an attorney, I was involved in construction of Deerbrook Mall, the Houston Design Center, the San Luis Hotel & Condominiums, and the Huntingdon Conominiums. They seem to have done alright.

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I live nearby, there's been work going on there.  SilverJK's observations of worker comings and goings is accurate.

 

Not sure why they're having trouble getting a business to commit to the location, but I've always wondered about the business model of selling $400,000 + condos in a sea of $300,000 homes.  Remains to be seen if that works out.

 

There's an interesting practical effect of the construction that I've noticed.  Initial worries were expressed about the building blocking sunlight from surrounding homes.  That may be happening, but what definitely happens on the east side is that in the morning, the highly reflective windows cast beams of light onto the street below.  Walking through them is sort of like being an ant under a magnifying glass!

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Not sure why they're having trouble getting a business to commit to the location, but I've always wondered about the business model of selling $400,000 + condos in a sea of $300,000 homes.  Remains to be seen if that works out.

 

 

There's a very specific market segment these are aimed at: (a) people who want nothing to do with home maintenance, let alone remodeling, and/or (B) people who spend a lot of time out of town, and don't want to leave a single-family home empty for that large a proportion of the time. (My next door neighbor seems to be away about 40+ weeks/year, and it's always pretty obvious when the house is unoccupied.)

 

People in category A will want new construction, and new construction in the ~2000 s.f. range in the Heights pretty much starts at half-a-million dollars.  See, for example, here, here or here.

 

People in category B will want a multi-family property with doorman/concierge.

 

I appreciate that it seems expensive compared to a lot of what is available nearby, and it's not a choice that's rational for many, even most, people, but it's not a non-existent market.  In fact, for newer-built condos in central Houston/Uptown, $240/s.f. is closer to the floor than the ceiling, price-wise.

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I've seen numerous workers coming and going from there daily.  ( I think I saw some Pool Designer people there the other day ).  I heard they were trying to have a model ready for public view by the end of December 12' (when I spoke with someone back in July/August),  if they have one ready in March that isn't that much of a delay.  Pretty much standard construction project, keep grasping for straws though...

I am not saying that this project is done for. It just seems like they are having problems. This is just a twenty unit building with some ground floor retail. They have been at it for over two years. Talking about having a unit or two ready to show isn't a very good goal line for a condo building. No one wants to be an owner in a half full condo building and have to get hit with higher condo fees. If this drags into summer and fall of this year, then shirts will be lost.

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  • 3 months later...
  • 3 months later...

The big brick box at 1111 Studewood is expected to be completed by year end: 2-year construction nears an end for Heights lofts

 

 

The ground floor will house two locally owned chain restaurants: Los Cucos Mexican Cafe and Piatto Ristorante, a Carrabba's family venture. They are expected to open in the first three months of next year. The developer still has about 3,000 square feet left of retail space to lease on the first floor.

 

 

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The property will have 20 residential lofts with pricetags ranging from the high $400,000s to the high $500,000s. Four units have been sold, and residents should be living there by the end of the year, said Mike Davis, president of developer Vita Nuova.

 

 

 

Davis said building took more than two years to complete because of some of its uncommon design elements, including an exhaust system for the restaurants that's being vented through the roof.

 

 

Yes. I'm certain the delay is due to the very complicated exhaust system, and not to the fact that 80% of the units remain unsold.

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I think they drug it out a bit to catch the market on it's peak.  I am curious on how these will sell once completed. 

 

That is a novel concept.  Most everywhere else, condo developers will usually need a certain percentage of pre-construction sales just to get the financing they need.  These guys built on spec and probably got less favorable financing deals.  So, it would totally make sense that they would let the cost of carry run up just to time the market.  And this must have been their strategy considering that they have sold a measly 4 out 20 units with a substantially complete building.  Even that Morrison Heights thing has done a better job getting units sold prior to completion.

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  • 3 months later...

Reviving the most recent dead thread about 1111 Studewood. I drive by there all the time at many different times of day and night, and I have seen absolutely NO evidence that anyone is living there, or that any retail has signed on. Pretty sure when the project started they were touting their condos starting in the "low 400's," the sign now says "starting in the $480's."

I have always been very skeptical that there is a market for condos that expensive in this area, if they'd priced them in the $250-350K range I think they would have sold out by now. And I think there's a huge risk/stigma about being the first buyer/tenant of a vacant project like this. I know enough about how real estate works to believe someone is losing their azz right now. How long can a building go vacant before they give it back to the bank? Anyone have any details about this place?

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Reviving the most recent dead thread about 1111 Studewood. I drive by there all the time at many different times of day and night, and I have seen absolutely NO evidence that anyone is living there, or that any retail has signed on. Pretty sure when the project started they were touting their condos starting in the "low 400's," the sign now says "starting in the $480's."

I have always been very skeptical that there is a market for condos that expensive in this area, if they'd priced them in the $250-350K range I think they would have sold out by now. And I think there's a huge risk/stigma about being the first buyer/tenant of a vacant project like this. I know enough about how real estate works to believe someone is losing their azz right now. How long can a building go vacant before they give it back to the bank? Anyone have any details about this place?

 

They actually do have two tenants.  Piatto and Los Cucos are going in on the ground floor.  As much as I do not like the project, I will readily concede that they have managed to get good tenants after losing Union Kitchen as a tenant a year ago. 

According to their website, they have sold five of twenty units.  The units are larger (1800-2000 sq ft).  So, 400s is a fairly reasonable price.  Demand for condos in Houston has always been tepid as there has always been plenty of affordable townhomes to chose from for people needing low maintenance living close to the city. 

I think this project will eventually fill up.  The property market is just too hot.  You really have to try hard to not make money off a project inside the loop these days.  The problem that this project is having is that it is an incredibly ugly building and it took three years to finish.  I suspect that the developers either have friendly financing or have put their own cash into the project.  If it was a typical institutional lender, the project would have been taken over by the bank a year and a half ago.  And it probably would not have been build on spec, but required a percentage of preconstruction leasing.

I actually think that the neighborhood could support condos in this price range and possibly even more expensive if they were in an attractive building in a good location.  $450-500k is becoming a vanishing price point in the Heights as builders are turning everything into $800-1 mil+. 

 

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  • 3 weeks later...

Two or three weeks ago I talked to the maintenance man for those car washes on the day that one first closed.  The owners of the eyesore condo next to it bought it for retail parking.

 

That is strange considering how much parking garage they built.

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  • 2 years later...
  • 3 years later...
  • 2 years later...

I have not visited this part of the Heights in a while, but I think Studewood Grill closed.

Studewood Grill is the steakhouse concept from Studewood Hospitality. It's located on the ground floor of 1111 Studewood Place at 1111 Studewood St, Suite B and it the sister restaurant to Studewood Cantine.

A sushi restaurant is taking over the 1111 Studewood, Suite B unit. Hiring posts show a dining concept named Sushi by the Heights at the address. I think the former chef at Aka / Aka Sushi (Energy Corridor location) is involved with Sushi by the Heights.

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  • The title was changed to Construction At 11 1/2th And Studemont St.
  • 4 weeks later...
On 5/12/2022 at 6:59 AM, IntheKnowHouston said:

A sushi restaurant is taking over the 1111 Studewood, Suite B unit. Hiring posts show a dining concept named Sushi by the Heights at the address. I think the former chef at Aka / Aka Sushi (Energy Corridor location) is involved with Sushi by the Heights.

 

There is an Instagram account for Sushi by the Heights, a restaurant opening soon at 1111 Studewood St, Ste B.

One post contains visuals of the restaurant's proposed design.

 

Instagram: @sushibytheheights

 

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The Leader reported an update on Sushi by the Heights, opening soon at 1111 Studewood Place.

 

"...Sushi by the Heights is tentatively planning to open its doors at the site of the former Studewood Bar and Grill, 1111 Studewood St., Suite B, in mid-July. The restaurant will offer various kinds of sushi as well as a bar featuring wine and more."

https://www.theleadernews.com/food_drink/nibbles-and-sips-local-spots-hosting-independence-day-celebrations/article_de9cc634-f730-11ec-b311-cf38b07eccf6.html

 

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  • The title was changed to 1111 Studewood Place

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