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East River - KBR Site Puchased by Midway

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how so?

I knew I should have phrased that in question form. From the sounds of the company, they don't develop, or am I misunderstanding?

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bocephes from Swamplot said:

The mystery buyer has been buying other landmark real estate sites in the city. I think he knows what he is doing and has deep pockets, a great combonation! Rumors I hear are this is going to be an office/resi mix…just like city center.

http://swamplot.com/new-mystery-owner-of-136-acres-in-the-fifth-ward/2012-11-28/#comment-350665

I'm still trying to wrap my mind around something high end at this location. It's not so much the physical location as much as it is it's surroundings. The nice townhomes and the bayou are great, but it's hard for me to imagine high end retail and office. Could yall imagine City Centre here? Then again, that's why I'm not a developer.

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bocephes from Swamplot said:

http://swamplot.com/...#comment-350665

I'm still trying to wrap my mind around something high end at this location. It's not so much the physical location as much as it is it's surroundings. The nice townhomes and the bayou are great, but it's hard for me to imagine high end retail and office. Could yall imagine City Centre here? Then again, that's why I'm not a developer.

Great access to hike/bike trail, Jensen puts you minutes outside of downtown, great views of the downtown skyline.

these niceties won't change.

that it is situated in a section of town that isn't known as one of the better areas to live in can always change (and as far as the whole of the East End goes, it is changing).

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Their website. Very professional and sleek, hopefully a reflection of their developments, which by the way are not shown on the site, if they even have any yet. Real estate is only a portion of their business anyway. Seems like the're big into oil/energy so they probably do have really deep pockets. Does anyone know if they have already built anything before? They've only been around since 2010.

http://cathexis.com/

In the second quarter of this year, they expanded their office space in Wells Fargo Plaza from one floor to three. http://downtownhouston.org/site_media/uploads/attachments/2012-07-02/Downtown_Real_Estate_Update_Second_Quarter_2012.pdf

Does anyone have any idea what they are registered as in hcad? If they really are buying up other pieces of land in the city, I'd like to find out which ones.

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I could tell you but I won't... Lets see your detective skllls :P Btw they have no track record of development bc they've never developed anything.

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well the site has officially sold and knowing the buyer i'd be shocked if anything other than high density mixed-use was ultimately developed.

Haha you're not going to get that info outta me... But I think it bodes well for the type of development that will ultimately happen.

i was told sold but they very well could have meant under contract. even if it is only under contract i have no doubt it will ultimately close and no doubt something high-density will get developed.

I could tell you but I won't... Lets see your detective skllls :P Btw they have no track record of development bc they've never developed anything.

In previous post you have made on this topic you said that this would be high density mixed use development because of the buyer. How do you know that this will be nothing other then high density mixed use development if the buyer doesn't have a track record of developing anything ?

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I could tell you but I won't... Lets see your detective skllls :P Btw they have no track record of development bc they've never developed anything.

I thought I read the other day it takes a few days for hcad to reflect the change. I thought it would take much longer, but I hope they are right.

Since they are newbies to the development game, at least the company, who knows about the people, hopefully they are cautiously ambitious.

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The KBR site would be perfect  for A&M if they opened a Houston campus for their expanded College of Engineering. The internships in the area would be great for students if they decided to do so. It'd also be better because you can only have so many mixed-use developments at once. If this got developed into mixed-use it would probably take away from development that could go downtown, BLVD Place, River Oaks, etc.

 

Heres the article about A&M hoping to expand their Dwight Look College of Engineering by 14,000 students in just 12 years. It's ambitious but has support from big energy players Exxon and Chevron:

http://www.bizjournals.com/houston/news/2013/01/23/texas-am-on-mission-to-increase.html

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I totally disagree.

 

1) Having A&M take over would mean a huge reduction in the tax base

 

2) Rice, UH, and TSU all have engineering programs within 5 miles of this site

 

3) UH just started a petroleum engineering program and is spending millions (with corporate backing) to turn the old Schlumberger site into an Energy Research Park. 

 

4) I doubt an Aggie Campus just south of the Fifth Ward would be successful. 

 

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I totally disagree.

 

1) Having A&M take over would mean a huge reduction in the tax base

 

2) Rice, UH, and TSU all have engineering programs within 5 miles of this site

 

3) UH just started a petroleum engineering program and is spending millions (with corporate backing) to turn the old Schlumberger site into an Energy Research Park. 

 

4) I doubt an Aggie Campus just south of the Fifth Ward would be successful. 

 

When you think about it, the competitive perspective doesn't really make sense.  TAMU *is* going to expand and draw in 14,000 more engineering students from all over the state, country, and globe.  They can be based in College Station, or based in Houston.  I would argue it's better for Houston to have them based here.  It should also help TAMU attract those students, since Houston is probably a more attractive city for students than College Station.  Win for the city, and win for TAMU.  Impact on Rice/UH/TSU would be minimal.  In fact, it might be synergistic, with opportunities for collaboration, like what happens in the Medical Center.

 

The tax reduction would be trivial compared to the economic development benefits of a major engineering campus in the city, and it would absolutely transform that east end neighborhood.

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Only works if there is a high speed rail connection between Houston and College Station. No one would go for it.     <_<

 

Christof Spieler, Carroll Robinson, and Tory Gattis Chron Op-ED,

 

 

 

The Brain Train from College Station through Houston to Galveston. Today, cities gain much of their economic strength from their intellectual strength, from engineers, scientists, medical researchers and MBAs. So we can strengthen our region by connecting intellectual centers and employment centers. That's what regional rail can do: one line, connecting Texas A&M, Prairie View A&M, University of Houston-Clear Lake, the Johnson Space Center and UTMB-Galveston to the urban rail network that will include Downtown, Uptown, the Texas Medical Center, Rice University, Texas Southern University, and the University of Houston-Downtown and Central campuses. All that brainpower, connected by fast, convenient, Wi-Fi-enabled trains, creates one connected, more prosperous, region. And the same rail line also carries commuters to work.

 

 

This idea, along with the greener, more effective bayous idea had always stuck in my mind. 

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A water park would be righteous. 

Schlitterbahn style? (using water from the bayou, instead of a river obviously).

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When can we decide that this was just a land hold?

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When can we decide that this was just a land hold?

for the price paid it would be a very costly land hold, imo. they would have to have a VERY optimistic outlook but who knows.

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When can we decide that this was just a land hold?

 

Not a land hold, btw this is not the same William Harrison you linked to earlier. He's the youngest billionaire I know.  ;)

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Not a land hold, btw this is not the same William Harrison you linked to earlier. He's the youngest billionaire I know. ;)

Not a land hold but will it have the same fate as hardy yards and take a decade to develop?

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Think the the point at this point would be, to develop what?! At least the Rail Yards had a sketchy vision. Does anyone have any clues, here?

Wondering what we will blooming at by Super Bowl 2017. There will now be lots of visions of what Houston will be looking like in 2017.

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How about a helistop?

Anyone know why a helistop would be needed here?

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Tilman would need one!

 

They are doing lot of digging and making piles of earth...that get covered up.  Is this, perhaps, cleaning contaminated soil? 

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Tilman would need one!

They are doing lot of digging and making piles of earth...that get covered up. Is this, perhaps, cleaning contaminated soil?

Forgot to post these

post-723-0-15830600-1370292280_thumb.jpg

post-723-0-57937900-1370292438_thumb.jpg

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It's going to be a trick to connect this tract with downtown. Any ideas?

 

 

And as strickn has pointed out, it's not well connected to downtown either.

I'm very pessimistic.

The East End has plans for a street car system that would run through downtown, form a loop around the East End, and eventually connect to the KBR property, so by the time this would be developed they could have a street car service in place, connecting KBR, the East End, and downtown.

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A resent post my swamplot 

 

SWAMPLOT READER Robert Meaney sends some observations along with these photos from the Fifth Ward of the 136-acre formerKBR industrial property, sold a little more than a year ago and most recently designated for use as a private helistop: “I know they have been excavating for some time to get the contaminated soil out of the area. Currently they are scheduled to be finished digging up the lot by [December of] this year and according [to] the KBR manager I talked to on site the land will be up to commercial and residential standards.”

 

QdUOvcg.jpg

 

 

 

 

jh5KdGJ.jpg

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nice to see some money is being invested into the site.. makes me a little bit hopeful for development in the future.

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Many many months ago I was told a decent chunk was sold to a town home developer... Not sure how accurate that was since I haven't kept up with it but thought I would throw that out there.

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I'm not sure that is true.  I've been hearing that Cathexis has been grabbing up more adjacent land rather than selling it off.

 

Who knows though, they play it pretty close to the vest.

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Hey Diggity, I hadn't heard that.  What parcels has Cathexis grabbed?  There are big empty nearby pieces:

1. North of Clinton/East if Bringhurst

2. West of Jensen

3. South of Buffalo Bayou

 

Interesting news if its true.

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Hey Diggity, I hadn't heard that.  What parcels has Cathexis grabbed?  There are big empty nearby pieces:

1. North of Clinton/East if Bringhurst

2. West of Jensen

3. South of Buffalo Bayou

 

Interesting news if its true.

 

Just what I have heard from some land guys in the area.

Looking at their holdings, it appears that 2800 Clinton was a separate purchase than KBR but I can't be sure of that.

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Ok. Thanks for the research and answer. Wasn't aware that they owned 2800 Clinton along the western edge of KBR. Big warehouse now.

Makes sense, however.

Anyone know what else they control in the area?

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I'm not sure that is true. I've been hearing that Cathexis has been grabbing up more adjacent land rather than selling it off.

Who knows though, they play it pretty close to the vest.

Ya for the amount he paid I found that a little far-fetched... Wouldn't be surprised at all if he wad actively buying adjacent properties, he'd been linked to many. Def the MO

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I found another company similar to the one that bought this property, that does the same thing and buys distressed properties like KBRs. Seems like an odd interest. I mean, I know they're in it to make money, but real estate?

 

 
 

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As those were being built, people probably griped about how they didn't fit in, weren't the right style, shouldn't have replaced what was there before, etc.

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As those were being built, people probably griped about how they didn't fit in, weren't the right style, shouldn't have replaced what was there before, etc.

Are you suggesting that in 150 years we'll look at streets lined with garage entrances as nostalgically as we look at these?

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Are you suggesting that in 150 years we'll look at streets lined with garage entrances as nostalgically as we look at these?

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It would be interesting for the Cathexis (or whoever the developer will be) to Plat, Subdived, "zone" and issue some Design/material guidelines, so that there is some harmony and some unplanned rendomness.  Then, sell the lots to individual buyers or smaller devlopers and let it develop quasi-organically.  I know this goes against everything we as Houstonian's stand for.  But, it might just be interesting in an area this size.  Maybe the zoning could expire after a period of time...so, that it could be considered part Houston. 

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Half the property is divided on hcad right now towards Jensen. Its a great property with so much potential. Hate to see it held or mis-managed into a crummy shopping center. I'm afraid that the market for 300k+ townhomes are being eaten up quickly all over town. If Hines builds its other community out on the west side near 610 and i-10, it will be hard to fill these. Although a great skyline view and immediate bayou access are hard to pass up

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As those were being built, people probably griped about how they didn't fit in, weren't the right style, shouldn't have replaced what was there before, etc.

 

They were actually quite well received at the time, and what was there before was marsh.

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Using my powers of Google, I just happened to search out the adress for cathexis and found another company sharing the same suite (Catsyn LLC). They seem to be related based on the people that work at both

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Are you suggesting that in 150 years we'll look at streets lined with garage entrances as nostalgically as we look at these?

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All the "bland" (per so many comments) townhomes, apartments and office buildings in general will disappear into the ciry fabric as a whole once Houston is completely in-filled. And in 150 years that should done. Of course, it's highly unlikely I will be around to see it!

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