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Bank of America Tower | 800 Capitol St. | Formerly Capitol Tower

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Rather than building the garage to 8 and the lobby level to 2 and then completing the work once they secured a tenant, they are now going to build the tower and parking garage to 12.  Speculate from there...

 

A tenant-by-tenant construction approach. Awesome. Every time a new tenant signs, build the building a little higher.

 

If they are putting any office space over the garage, that is probably going to be it. Cut their losses and walk away.

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The website hasn't been updated in an age, but the original plan was to have the garage go up to 11 across the entire block, with tower tenant space not starting until 12.

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Since this part of the tunnel is closed which would you suggest is the best building to enter.

I have some visitors in town and they wanted to see the tunnels.

I don't get down there enough, and I wanted to give them a good idea of what its like, without wasting a lot of their time. Any suggestions. Thanks

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I am puzzled. Economics, Commerce, or Real Estate are not my forte perhaps one of you can explain this. Why are so many supertalls or near supertalls going up in Manhattan ( One Vanderbilt, Hudson Yards. World Trade Center buildings etc ) yet we are struggling to get this building up?  I know  Manhattan has a huge number of attractions, but it also has a huge number of hassles and very high rent. This site in downtown Houston is not without some charms. It seems like a great site.

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It's still America, but the local economies of each city has a large enough difference that make the really complicated answer a bit less so. Also, that housing bubble in NYC is gonna crash and burn soon, which hopefully will drive down rents.

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I am puzzled. Economics, Commerce, or Real Estate are not my forte perhaps one of you can explain this. Why are so many supertalls or near supertalls going up in Manhattan ( One Vanderbilt, Hudson Yards. World Trade Center buildings etc ) yet we are struggling to get this building up?  I know  Manhattan has a huge number of attractions, but it also has a huge number of hassles and very high rent. This site in downtown Houston is not without some charms. It seems like a great site.

The extremely high rents that you mention are one of the biggest driving forces of supertalls. Being able to collect much higher rent per square foot means they can spend more per square foot, ie taller and more architecturally pleasing structures. Also the land costs more there so they must build a decently tall building just to cover the cost of land. 

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I am puzzled. Economics, Commerce, or Real Estate are not my forte perhaps one of you can explain this. Why are so many supertalls or near supertalls going up in Manhattan ( One Vanderbilt, Hudson Yards. World Trade Center buildings etc ) yet we are struggling to get this building up?  I know  Manhattan has a huge number of attractions, but it also has a huge number of hassles and very high rent. This site in downtown Houston is not without some charms. It seems like a great site.

 

The market for such buildings, at least the residential ones, is driven by the 1%. Overall metro economics do not apply.

 

This is true to a lesser extent with high profile office properties, where the companies that choose to rent space there are not subject to the same economics as the overall metro. They are firms that can float between cities and choose where they want to land their feet based on the prestige of the location. Firms like that pick places like Manhattan, not Houston.

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To H-town's point, Manhattan residential real estate is often a hedge by foreign interests trying to stake out something tangible in a stable economy.  London, Vancouver and others have similar dynamics. 

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Great job Marathon Man!! Looks like you made the rounds. Hope you didn't get too wet.

Thanks for the share!

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Great job Marathon Man!! Looks like you made the rounds. Hope you didn't get too wet.

Thanks for the share!

I had to cut the ride short when it started raining.

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We've got to be getting close to some sort of closure on the future of this one.  What was the enigmatic insider information posed a while back... 12 story parking garage and tower instead of 8 story garage and 2 floor tower??  It looks to me like they're almost to 8 on the garage.

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They will not start construction on the office component until they secure a lead tenant that will lease 50% of the building.

Well that isn't happening soon. Thanks a lot for the garage Skanska (not)

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I think they've reached the top of the garage.  I don't see any more work being done to get more forms up.

 

I am interested to see what structure goes up to seal off the would-be tower lobby/tunnel entrance side.

 

QnUzvSr.jpg

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This project is a damn joke and it's depressing to look at. Please just let this project slip into the bowels of this forum never to be seen again.

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This project is a damn joke and it's depressing to look at. Please just let this project slip into the bowels of this forum never to be seen again.

Did the previous building have structure issues? Was it unleaseable? I don't know much about this area. Trying to figure out the economics of demolishing a building and not sure about being able to deliver a replacement

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Did the previous building have structure issues? Was it unleaseable? I don't know much about this area. Trying to figure out the economics of demolishing a building and not sure about being able to deliver a replacement

 

Location, location. If the former building wasn't at the smack dead center of the CBD and tunnel system, it would still be in use.

 

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From the looks of things, this is about the same amount of parking that was there for Those Whose Parking Shall Not Be Disturbed - as a rough guess, about 1/3 of the eventual garage if it goes up according to plan.

 

Re the earlier building:  it was pretty much unleaseable.  It was about a B-, maybe C building with way more columns than what you'd see in something built more recently, and an extremely low occupancy rate.  If it weren't for Those Whose Parking Shall Not Be Disturbed and being a tunnel hub I wouldn't have been surprised to see it either become a ghost building or surface parking once the Houston Club's sweetheart lease from the 50s ran out.  We looked at leasing there once, but it was the first building crossed off the list.

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Those Whose Parking Shall Not Be Disturbed

 

I fear for the fate of whoever botched the demolition by a few feet and rendered the temporary garage job useless.

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I fear for the fate of whoever botched the demolition by a few feet and rendered the temporary garage job useless.

I'm not sure it really came down to any "one person". I never heard of any repercussions when talking to a Skanska project development manager.. Though he said the mistake cost them "a few million".

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I'm not sure it really came down to any "one person". I never heard of any repercussions when talking to a Skanska project development manager.. Though he said the mistake cost them "a few million".

 

I was being a bit tongue in cheek around the whole bizarre accommodation of the parking arrangement.  

 

I would imagine it was a calculated risk that didn't work out. It happens...

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I am interested to see what structure goes up to seal off the would-be tower lobby/tunnel entrance side.

Someone mentioned a while back that this block would make a nice location for a park (admittedly, i didn't think about the Gulf Building being on the block to the east, with pennzoil to the west and emperson to the south.. throw in Texas tallest skyscraper to the north and this really would have been a great spot for an urban block park). Maybe Skanska can temporarily sod over the tunnel/lobby and make half the block a park, or public garden space of some kind, until they're able to build the tower? It would of been great to have the whole block be green space, with the tunnel system opening up to the park above, but these properties are way too prime to permanently turn into green space i guess.

Edited by cloud713

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Well, at least Those Whose Parking Shall Not Be Disturbed will have a more modern garage for the valets to tool around in, while we plebes... well, do whatever plebeians do.   :ph34r:

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A like ok at the piers on the (podium or building) site. Im not an engineer but they look to be the same size as the piers at the northern end of the garage (see first pic)

Maybe that'll help figure out what's going on (or add further confusion lol)

https://twitter.com/thachadwick/status/688855091810557952

Edited by tigereye
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People kept mentioning GE could get this spot. Unsurprisingly, GE did not pick downtown Houston. They went to South Boston Waterfront. More urban than their usual suburban type campuses but still not surprising.

 

Edit: I used to be part of GE Capital but that's all been collapsing so they've been trying to restructure that mess as best as they can. They sold my sector off.

Edited by Triton
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What is the likelihood of Skanska moving forward with a restructured development concept..? Say.. try to lure one of those fabled high end hotels and residences to the property? It seems they would have an easier time developing this property as something other than office.

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What is the likelihood of Skanska moving forward with a restructured development concept..? Say.. try to lure one of those fabled high end hotels and residences to the property? It seems they would have an easier time developing this property as something other than office. 

 

I would say 0%.  They are sitting on a city block in the south side of downtown that they have owned for 5+ years.  I don't see them in much of a hurry.  The only change here is if their global development cash flow got pinched.  

 

Which seems to be doing fine....

http://www.bizjournals.com/washington/breaking_ground/2016/01/skanska-lands-first-tenant-for-spec-office-project.html

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I would say 0%. 

 

I would say 5%. There's zero chance an oil company will want this building right now but there are other markets that can certainly take advantage of this tower. 

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I haven't actually wandered close enough to see if they're jumping a crane or bringing one down.

 

Oh the funny looks you get when you park and pop your head out of your sun roof for photos.... >.<

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From L9 deck of Aris: 

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I haven't actually wandered close enough to see if they're jumping a crane or bringing one down.

 

Oh the funny looks you get when you park and pop your head out of your sun roof for photos.... >.<

 

 

Best guess is that the tower crane is coming down.  It looks like they're just building enough to satisfy Those Whose Parking Shall Not Be Disturbed and (with any amount of luck) hooking the tunnel system hub back up.

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Oh the funny looks you get when you park and pop your head out of your sun roof for photos.... >.<

 

 

Welcome to the HAIF photographer world.  I always get a kick out of seeing people crane their necks looking for something interesting when I stop to get a picture of a building/garage under construction.  

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One of the 2 tower cranes is coming down Saturday. By my count that leaves downtown with 14. I wonder which one is next to come down? The other Skanska one, the SkyHouse 3, the luffer at 609 or the Marquis Marriott?

 

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