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And under contract and sold are very different things. Land buys aren't the slam dunk with lenders they used to be, plus you have to convince them that your development plan makes senseNow if someone was coming in with all cash to buy and develop, that's another story, but really that's not going to happen on this scale.

I agree that if the sale goes through, it's probably for a long-term purpose, maybe even just a land-hold strategy. Or maybe the city will throw money at it and accelerate development.

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At the same time, whether it is developed next year or next decade, won't it bring more investment to the east side of town in anticipation?

Look at Midtown. Lots of land being held...and has been held for a long time...all in anticipation. The problem with anticipation is there needs to be a critical mass of action to get the investors to start on their own projects. Otherwise it's like a game of chicken.

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At the same time, whether it is developed next year or next decade, won't it bring more investment to the east side of town in anticipation?

Anticipation of what, now?

(Welcome to the wonderful world of business ownership. Since I've made my exit from the East End and the realm of business ownership altogether, I can give in to my cynicism again.)

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At the same time, whether it is developed next year or next decade, won't it bring more investment to the east side of town in anticipation?

It will just cause land speculation. Land will be purchased and held on to for long periods of time. I doubt that we would see any development anytime soon. Land prices will just be driven up.

Like was mentioned look at midtown its perfect example. Lots of developments could have taken off in the area if not for land speculation driving up the prices of property and property owners holding on to land to attempt to make a higher profit.

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It will just cause land speculation. Land will be purchased and held on to for long periods of time. I doubt that we would see any development anytime soon. Land prices will just be driven up.

Like was mentioned look at midtown its perfect example. Lots of developments could have taken off in the area if not for land speculation driving up the prices of property and property owners holding on to land to attempt to make a higher profit.

Would you rather that townhomes were built at 18 units/ac. around the light rail stations on $30 PSF land, or that dense midrises at 80+ units/ac. and eventually highrises get built around the light rail stations at $80 PSF? Land speculation has a vital role in the long-term future of our city. Just gotta be patient, let market forces to their work.

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Another interesting aspect of this site is the big piece of land just to the north (to the right in photo below) of this site. Anyone know what's up with that piece of land?

Yeah, it was a Superfund site that Frank Liu bought and cleaned up for residential development, but his timing was right before the real estate bust, and so that never happened. Not sure if he still owns it, but I think so. We probably would've heard about it transacting, otherwise.

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Yeah, it was a Superfund site that Frank Liu bought and cleaned up for residential development, but his timing was right before the real estate bust, and so that never happened. Not sure if he still owns it, but I think so. We probably would've heard about it transacting, otherwise.

Hopefully, if he does still own it, it will give a slight confidence boost for the KBR owners, knowing there is a very good possibility they'll have some "good" (wealthy) neighbors. I wonder if this would alter Liu's plans at all, or maybe he already knew of KBR's potential and that's why he bought his land in the first place.

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Hopefully, if he does still own it, it will give a slight confidence boost for the KBR owners, knowing there is a very good possibility they'll have some "good" (wealthy) neighbors. I wonder if this would alter Liu's plans at all, or maybe he already knew of KBR's potential and that's why he bought his land in the first place.

Whatever gets built on the KBR site will generate a lot of sales and rental traffic for the Clinton Dr. submarket that would not have existed otherwise. If Liu develops his land concurrent with his competitor, then he can leach off their marketing efforts and take a substantial cut of the market share. It'd be good strategy, that's for sure.

Edited by TheNiche
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If Lovett Homes Inc. is the only name he owns property under, I don't see an east side address for him per hcad - only a few on the west side, inner loop.

No, the entity name is Fenway Development Inc., which is linked to Frank Liu. He's already platted out all that land for townhome development just within the past year. You can look at the HCAD plat maps to see how it's configured.

EDIT: Here's a story about the cleanup process:

http://stateimpact.npr.org/texas/2012/06/18/urban-renewal-toxic-brownfields-tough-to-redevelop/

Edited by TheNiche
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Would you rather that townhomes were built at 18 units/ac. around the light rail stations on $30 PSF land, or that dense midrises at 80+ units/ac. and eventually highrises get built around the light rail stations at $80 PSF? Land speculation has a vital role in the long-term future of our city. Just gotta be patient, let market forces to their work.

Well it will be great when market forces start working and some midrises and highrises start going up in midtown.

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  • 2 weeks later...

I didn't realize that town home development had occurred in the mid 2000's just north of the KBR site. They're not as high end as the ones just east of downtown, but they're new and decent. I think seeing that will be a big comfort to potential home owners and business leaders since it won't seem as high risk. The area seems mostly deserted too, which I think will confidence to developers because, to me, it seems easier to develop.

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Big letdown

The buyer of the East End KBR tract that closed this week has still not come forward, but a source familiar with the situation said William Harrison of Houston-based Cathexis was under contract to purchase the site.

Cathexis Holdings is an investment firm formed by Harrison in 2010 and funded by “legacy assets” dating “back to the early 1900s,” according to the firm’s website. The company has investments in oil and gas, minerals and real estate.

http://blog.chron.com/primeproperty/2012/11/buyer-idd-in-east-end-kbr-sale/

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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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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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  • 2 weeks later...

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