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Construction at 11 1/2th and Studemont


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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...

Just noticed yesterday that the car wash at 11th 1/2 and studemont is closed and surrounded in orange construction tape.  The vaccums have been removed.  This is right next to the big multistory 1111 Studemont.

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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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