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East River: KBR Site Purchased By Midway


citykid09

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5 hours ago, Urbannizer said:

 

 

I'm pretty sure there's no article out mentioning a 2019 groundbreaking, nothing official at least.

Yeah I don't remember anything like that either but at the pace they are going I just assumed that this would start sooner than later. I get that all the basic infrastructure needs to be set first though. 

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8 minutes ago, j_cuevas713 said:

Yeah I don't remember anything like that either but at the pace they are going I just assumed that this would start sooner than later. I get that all the basic infrastructure needs to be set first though. 

 

They are basically building a whole new city in a area that used to have terrible infrastructure. Its going to take time. I get it though. I want this to start as well.

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On 7/1/2019 at 3:53 PM, thedistrict84 said:

 

Huh. I thought we were expecting an official groundbreaking this year? And a 20 year build-out for all phases is also longer than initially suggested.

 

I understand that projects of this scale are hard to fully predict, but the fact that these dates and numbers are changing this early is a tad bit concerning.

A 20 year build-out seems reasonable if you compare East River to City Center.  They’re still expanding City Center, and it has been operational for many years.  I’m guessing East River will be similar.  It will exist and be functioning well before the 20 year time frame.  It will just continue to grow in scale year-by-year.  From a business standpoint it makes sense.  Grow slowly, invest slowly, and start generating revenue sooner.

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They seem to know how to grow a development, so I'll give them leeway. City centre seems to have have developed in an organic way and has become a very popular and successful west side mixed use project. Let it grow in a more natural way instead of building a Disney type theme city all at once.

 

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6 hours ago, Mr.Clean19 said:

What does this mean when this is released? Construction about to start? Just more plans? 

 

In order for them to do what they are proposing they have to re-plat the land. If you look to the right of what they are initially replatting you will see what older plats looked like. An application doesn't necessarily mean that something is happening, but many times it does mean something is happening or is going to happen.

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  • 2 weeks later...
13 hours ago, H-Town Man said:

 

Looks like a shorter version of Stuyvesant Town. Might be taking this East River thing a little far.

 

 

 

Stuyvesant Town is towers-in-a-park, single-use residential, whereas this site plan has more street-level mixed-use urbanism. 

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2 hours ago, Angostura said:

 

 

Stuyvesant Town is towers-in-a-park, single-use residential, whereas this site plan has more street-level mixed-use urbanism. 

 

I was referring to the particular buildings in the photo that I quoted, which are midrises-in-a-park, single-use residential.

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22 hours ago, Mr.Clean19 said:

They will definitely do some workforce housing to get a tax credit. 

Why do you think that? Has Midway ever done workforce housing? Market rate units tend to underwrite better regardless of a tax credit. And if they are going to try to push the retail rents, they are going to want as high of an average income as possible in their multifamily projects to show any potential retail tenants. 

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55 minutes ago, Mr.Clean19 said:

Its not a matter of common sense... Its a matter of political environment. This is a multi-billion dollar development in 5th Ward... That is going to require some amount of political capital to pull off and the only way you will do that is with some % of work force housing. 

Yes, as this location is considered an opportunity zone by the govt.

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I really think they need to make Hirsch/Waco an underpass at the railroad. I know Gregg & Jensen are a work around. The trains have to slow down significantly for that right turn when the tracks turn North. Unless the city redoes Jensen and Gregg, Waco is the only road leading to this from I-10 & the east end that’s not suspension damaging. 

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  • 2 weeks later...
1 hour ago, bobruss said:

In many ways Midway is similar to Hanover in that they do their due diligence and move to action. This will not come to fruition over night but will grow organically over several years.

I am so pleased to know that they will be working with Buffalo Bayou Partnership to insure a healthy and viable greenbelt along the Bayou which will continue the growth of one of Houston's most visible and undeniably best assets. I look forward with anticipation to seeing this stretch of the bayou becoming an even more valuable asset to the community and give the east side of town  the impetus to become the next great hotbed of community activity, and dynamic and thoughtful growth.

 

Working with? A better description would be that they knew about the Partnership's plans for the bayou before they were even released to the public over 5 years ago. To most this would be more akin to insider trading lol.  

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3 minutes ago, iah77 said:

 

Working with? A better description would be that they knew about the Partnership's plans for the bayou before they were even released to the public over 5 years ago. To most this would be more akin to insider trading lol.  

Sure they knew about it but they are willing to design with this in mind. Believe me there are many a developer in this city that still don't pay attention to their surroundings or even care about 

what effects their project will have on the environment or public realm unfortunately.

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16 minutes ago, iah77 said:

 

Working with? A better description would be that they knew about the Partnership's plans for the bayou before they were even released to the public over 5 years ago. To most this would be more akin to insider trading lol.  

 

No it isn't. This is clearly a collaboration. Insider Trading would be if multiple entities were planning on building on this KBR site (if it were split up into multiple parts and Midway only had one part), and Midway locked up an exclusive deal that would lock up the waterfront preventing others from doing so. This is not what is going on here. Midway is highly attuned to their surroundings with this project or they wouldn't have reached out to other entities and not just the Buffalo Bayou Partnership. You are literally trying to make up a conspiracy in your own mind.

 

9 minutes ago, bobruss said:

Sure they knew about it but they are willing to design with this in mind. Believe me there are many a developer in this city that still don't pay attention to their surroundings or even care about 

what effects their project will have on the environment or public realm unfortunately.

 

I agree with this 100%. Synergies is a bit cliche and has turned into a marketing buzzword at this point, but thats partly because its a truism. These big developments do work with and against one another, but the better synergies between them means a win-win for all parties involved. They would be idiots to not explore opportunities by touching base with these various entities. Its just smart business. Aside from it being a smart business tactic if we can get a better bayou environment and public realm then thats just the cherry on top.

Edited by Luminare
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11 hours ago, Luminare said:

 

No it isn't. This is clearly a collaboration. Insider Trading would be if multiple entities were planning on building on this KBR site (if it were split up into multiple parts and Midway only had one part), and Midway locked up an exclusive deal that would lock up the waterfront preventing others from doing so. This is not what is going on here. Midway is highly attuned to their surroundings with this project or they wouldn't have reached out to other entities and not just the Buffalo Bayou Partnership. You are literally trying to make up a conspiracy in your own mind.

 

 

I agree with this 100%. Synergies is a bit cliche and has turned into a marketing buzzword at this point, but thats partly because its a truism. These big developments do work with and against one another, but the better synergies between them means a win-win for all parties involved. They would be idiots to not explore opportunities by touching base with these various entities. Its just smart business. Aside from it being a smart business tactic if we can get a better bayou environment and public realm then thats just the cherry on top.

Well, except for the fact that Midway’s CEO was chair of real estate at Buffalo Bayou Partnership until about 2 years ago...

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Buffalo Bayou Partnership wasn't the seller of this property. It's merely a steward for Buffalo Bayou.

Midway was smart enough to see the potential and willing to cooperate with B. B. P.,  knowing the importance  saving this strategic piece of property would be.  Thank goodness Midway's CEO had the interest in helping B. B. P. for years, being involved in whatever capacity he was. The fact is he understood the importance of this property for the city, the public, and the B. B. P. for access,  recreational use and natural beauty.  This was an opportunity to save and develop at the same time. And it will be a very successful development for Midway, as it should. I believe it was KBR who sold the property too Midway. I 'm pretty sure the bidding for this tract was open to the public and several different groups were speculated as winners during the process.

It  came down to Midway, and I'm glad it did, because their CEO through his time spent with the B.B.P. is going to insure that Midway helps the B.B.P. create the most beautiful scenic waterway for everyone with  more access for all to interact with and enjoy.

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8 hours ago, bobruss said:

Buffalo Bayou Partnership wasn't the seller of this property. It's merely a steward for Buffalo Bayou.

Midway was smart enough to see the potential and willing to cooperate with B. B. P.,  knowing the importance  saving this strategic piece of property would be.  Thank goodness Midway's CEO had the interest in helping B. B. P. for years, being involved in whatever capacity he was. The fact is he understood the importance of this property for the city, the public, and the B. B. P. for access,  recreational use and natural beauty.  This was an opportunity to save and develop at the same time. And it will be a very successful development for Midway, as it should. I believe it was KBR who sold the property too Midway. I 'm pretty sure the bidding for this tract was open to the public and several different groups were speculated as winners during the process.

It  came down to Midway, and I'm glad it did, because their CEO through his time spent with the B.B.P. is going to insure that Midway helps the B.B.P. create the most beautiful scenic waterway for everyone with  more access for all to interact with and enjoy.

Anyone with a brain can understand the "importance" of building next to someone else's billion dollar tax funded beautification project having retrieved information to buy land below what it's market value would be had the public known lol. It's cool to like what they are doing but don't say that it was a totally transparent deal, they had access to not yet public information. 

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BBP is looking for as many opportunities to work with landowners  of industrial sites and old city of Houston sites to continue progress on it's eastern sections.

On this present document the East River is defined as a development called Richardson.

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Just now, bobruss said:

BBP is looking for as many opportunities to work with landowners  of industrial sites and old city of Houston sites to continue progress on it's eastern sections.

On this present document the East River is defined as a development called Richardson.

That's absolutely not true because they don't seem to care about the thousands of low income families around the site who are going to be displaced by the incoming wave of gentrification. Do you really think people who live in the area now are going to go to the fancy cafes in the render or use "boat landings" lol? How about they figure out a a way to lock down property taxes to not displace families and industries already there?

 

HR&A out of NYC btw was working on these plans way before 2002 when they were released to the public. A lot of large plots magically traded hands around then. 

 

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On 9/1/2019 at 1:36 PM, iah77 said:

That's absolutely not true because they don't seem to care about the thousands of low income families around the site who are going to be displaced by the incoming wave of gentrification. Do you really think people who live in the area now are going to go to the fancy cafes in the render or use "boat landings" lol? How about they figure out a a way to lock down property taxes to not displace families and industries already there?

 

HR&A out of NYC btw was working on these plans way before 2002 when they were released to the public. A lot of large plots magically traded hands around then. 

 

 

that land was going to be redeveloped irregardless of who bought it.

 

the bayou is going to be made into a park irregardless of who bought it.

 

these things would have happened on their own, without midway being involved.

 

You give Midway, and this development way too much credit, take a look around gentrification is happening, and has been happening for a while. 

Edited by samagon
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The perhaps apocryphal story in my family was that a cousin a few generations back had a choice as to where to build his home once he had some means and had considered what is now Southampton and River Oaks, but ultimately concluded that he would prefer living off Wayside.  Sometimes you get priced out of your lovely neighborhood, sometimes other people get priced in. You never know how that market is going to bounce. 

 

 

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  • The title was changed to East River: KBR Site Purchased By Midway

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