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Two Hermann Place & Three Herman Place: High-Rises In The Museum District


ClutchCity

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Based on the movement in the Park/Museum area, I felt like this was going to be built eventually by someone. Seemingly anything near the three big parks in the loop is going to be built because those areas, as someone pointed out in another thread, are just now correcting for the under-development that occurred over the years. People like parks.

 

Boomtown, to me, would be like the Ion (if it was private) or some of the Australian developer's eventual buildings (Condos/Hotel). If Houston can just make it 2021 and then TMC3 starts to get going, is it really a boom or just the new normal.

Edited by X.R.
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I could see a slight hiccup in late 2020 or early 2021, but nothing that's going to hinder these developments. Feels like this a start of another boom rather than the end of one, and a prolonged one at that. I also have a feeling both the PMI and CPI will heavily dictate how long it last, and how well it does. Consumer confidence will definitely be a huge part of this. 

While oil hasn't been doing to well, all of Houston's other sectors have been on the come up and should stay like that for a while. These recent quarters shows that Houston's economy has diversified greatly, and is showing signs that this development could be the new norm like @X.R. said. 

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25 minutes ago, TheSirDingle said:

I could see a slight hiccup in late 2020 or early 2021, but nothing that's going to hinder these developments. Feels like this a start of another boom rather than the end of one, and a prolonged one at that. I also have a feeling both the PMI and CPI will heavily dictate how long it last, and how well it does. Consumer confidence will definitely be a huge part of this. 

While oil hasn't been doing to well, all of Houston's other sectors have been on the come up and should stay like that for a while. These recent quarters shows that Houston's economy has diversified greatly, and is showing signs that this development could be the new norm like @X.R. said. 

 

Private Mortgage Insurance and Consumer Price Index?

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24 minutes ago, TheSirDingle said:

Purchasing managers' index and CPI is correct. We need an economist in here to see if my bs is up to snuff lol. Haven't looked deeply at economic trends in a while. 

Just remember

 

President  Truman famously asked to be sent a one-armed economist, having tired of economists  proclaiming "On the one hand, this" and "On the other hand, that". 

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Amazing and the hits keep happening. Good work Hindesky!

By the way our band Ti Night is playing at the best barbecue joint in Houston tonight.

7:00 - 10:00 at the Patio and Pit Barbecue on Richmond and Graustark between Montrose and Mandell. Love to have you come out and spread some Christmas cheer. 

Thought I'd invite the HAIFERS to our party.

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The Chron's article about The Parklane going condo included this about Two Hermann Place:  "Once a construction loan is lined up, Tema will break ground on the 32-story Two Hermann Place apartment tower in partnership with Nitya Capital. The project has been delayed due to the lending climate with COVID-19, Zabaneh said."  https://www.houstonchronicle.com/business/texas-inc/article/Museum-District-condo-tower-renovation-targets-15300476.php

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20 hours ago, Houston19514 said:

The Chron's article about The Parklane going condo included this about Two Hermann Place:  "Once a construction loan is lined up, Tema will break ground on the 32-story Two Hermann Place apartment tower in partnership with Nitya Capital. The project has been delayed due to the lending climate with COVID-19, Zabaneh said."  https://www.houstonchronicle.com/business/texas-inc/article/Museum-District-condo-tower-renovation-targets-15300476.php

Thanks for the link.

 

While leasing may be down because of COVID-19 I think the real issue is budget/loan related.  There have been three sets of drawings released between October and December of 2019, each with more "cost savings" changes.  General Contractors last submitted proposal packages in late January and a contractor wasn't selected until late February/early March.  I could be wrong, but I don't think that the selected GC has entered into a contract with the Owner yet.  I will try find out and update with any additional information.

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Nitya Capital LLC has launched a crowdfunding platform, providing investors with the ability to attain interest in Nitya’s deals. The platform provides a full-scale range of wealth fund options across asset classes, including multifamily and office properties. It also eliminates additional fees that are typically passed along to investors using third-party crowdfunding models. Nitya has approximately $2.5B in assets under management. Opportunities are open to accredited investors and start at $25K.

Contact Christie Moffat at christie.moffat@bisnow.com
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  • Highrise Tower changed the title to Two Hermann Place & Three Herman Place: New High-Rises In The Museum District
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3 hours ago, houstontexasjack said:

Caution tape and a porta potty are next to the site. The caution tape we’ve seen in the last couple years. The porta potty is new:

NLgTBAI.jpg

I believe they have a parking agreement with the museums during summer peak demand. 

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  • Highrise Tower changed the title to Two Hermann Place & Three Herman Place: High-Rises In The Museum District
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Not sure how this judgement will affect this project but it certainly doesn't help.

Houston property management firm hit with $62 million judgment

 

 Natalie Postgate The Texas Lawbook
Aug. 17, 2021Updated: Aug. 17, 2021 12:21 p.m.
 

A federal judge in Sherman on Thursday awarded Plano-based property management software company ResMan $62.5 million and permanently enjoined ResMan’s courtroom opponents, Houston-based Karya Property Management and Expedien, from accessing and using ResMan’s confidential information.

The final judgment follows a jury trial this spring that found Karya and Expedien improperly accessed ResMan’s confidential software to develop a rival product. The five-woman, three-man jury awarded ResMan $152 million. U.S. District Judge Amos Mazzant’s $62.5 million award reflects what is allowed under the law.

The plaintiff is entitled to attorneys’ fees, and on Thursday ResMan’s lawyers asked the court to award $14.8 million in attorneys’ fees and other costs.

“ResMan is very pleased with the final judgment and permanent injunction,” Maria Wyckoff Boyce, a Hogan Lovells partner and ResMan’s lead attorney, said in a statement.

In a statement, Swapnil Agarwal, chief executive of Karya Property Management and its sister company, Nitya Capital, said only that plans at the companies would not be impacted by the judgment.

“Nitya is in the process of closing deals worth $650 million in the next 45 days,” he said, adding that the company is expanding in Orlando, Fla., with the purchase of 1,600 apartment units and in Dallas with the purchase of 2,500 units.

R.A. Schuetz contributed to this report.

A longer version of this story is available at TexasLawbook.net.

Edited by hindesky
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