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City Place Memorial Park, 160 Birdsall St.

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This will go up across the street from the Birdsall Memorial Apartments.

 

Quote
Houston apartment developer Jonathan Farb is joining a multifamily development boom near Memorial Park.

 

The grandson of the late real estate maven Harold Farb has purchased two blocks of land just east of Westcott and north of Memorial Drive for a six-level complex of 264 luxury apartments.

Farb's site encompasses 2.3 acres on Birdsall and Malone. It, too, houses an older apartment complex containing 92 units that will be demolished to make way for the new pro-ject, named Park Place.

Units there will range in size from 600 square feet to 1,300 square feet. Rents are expected to range from $1,500 to $2,500 per month.

Steinberg Design Collaborative is the architect, but Farb said the design is still in the conceptual stage. There may be a retail aspect to it.

 

Demolition won't happen immediately, he said. The project isn't expected to break ground until late next year.

http://www.houstonchronicle.com/business/columnists/sarnoff/article/Apartment-frenzy-near-Memorial-Park-intensifies-5023325.php?cmpid=btfpm

 

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^^^ another solid HAROLD FARB design... and similar color scheme as the montrose project.

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7 hours ago, monarch said:

^^^ another solid HAROLD FARB design... and similar color scheme as the montrose project.

And similarly, highly priced.

 

Makes me almost want someone to build a huge ugly box building but with cheap units. 

 

Our service industry residents are going to have a hell of a commute in the next few decades if middle income units keep getting demolished to build higher priced ones. 

 

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9 hours ago, HoustonIsHome said:

And similarly, highly priced.

 

Makes me almost want someone to build a huge ugly box building but with cheap units. 

 

Our service industry residents are going to have a hell of a commute in the next few decades if middle income units keep getting demolished to build higher priced ones. 

 

 

 

- Relatively new

- In a desirable location

- Reasonably priced

 

...you can (at most) pick two of these.

 

 

It sometimes doesn't seem this way when cheaper units are replaced by more expensive units on a given site, but for the overall market, as long as the number of units on the site goes up (which it almost always does), the net effect is to lower prices relative to where they otherwise would have been. For a given demand, increased supply reduces the market-clearing price.

 

Most "affordable housing" isn't comprised of new-build units. Rather, it's previously un-affordable housing that has come down in price.

 

W/r/t commute, a lot of reasonable priced housing can be had in the Houston "donut" (the area between 610 and 8), which is within a 20-30 minute commute to a lot of job centers.

 

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13 hours ago, HoustonIsHome said:

And similarly, highly priced.

 

Makes me almost want someone to build a huge ugly box building but with cheap units. 

 

Our service industry residents are going to have a hell of a commute in the next few decades if middle income units keep getting demolished to build higher priced ones. 

 

 

I have been thinking that Houston should be a renters market soon with 20K new units being delivered and absorption in the hundreds of units only, could there ever be a better time to live in Houston than now if you do have a decent paying job and will have a plethora of nice choices if the price of oil stays low for a while?

 

- Will developers leave them empty when their banks notes come due, waiting things out till the market turns around?

- Will they accept lower rents to fill them and attract folks from less desirable buildings?

- Will investors buy the condos while they can get them cheap and some of the buildings that default?

- Will builders take their time finishing them up with fewer renters/buyers on the horizon in hopes of a turn around by delivery date?

Edited by Timoric

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13 hours ago, Timoric said:

 

I have been thinking that Houston should be a renters market soon with 20K new units being delivered and absorption in the hundreds of units only, could there ever be a better time to live in Houston than now if you do have a decent paying job and will have a plethora of nice choices if the price of oil stays low for a while?

 

- Will developers leave them empty when their banks notes come due, waiting things out till the market turns around?

- Will they accept lower rents to fill them and attract folks from less desirable buildings?

- Will investors buy the condos while they can get them cheap and some of the buildings that default?

- Will builders take their time finishing them up with fewer renters/buyers on the horizon in hopes of a turn around by delivery date?

 

When I moved back to Houston in 2009, I recall the (then recently completed) apartments at 22nd and Yale offered some pretty aggressive discounts off of "list" rent. A number of people ended up moving a year later when their leases were up and those discounts were no longer available. I suspect a similar thing will happen with some of these new-builds opening this year: aggressive move-in discounts, but not much in the way of across-the-board reduction in rents.

 

 

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18 hours ago, Angostura said:

 

 

- Relatively new

- In a desirable location

- Reasonably priced

 

...you can (at most) pick two of these.

 

 

It sometimes doesn't seem this way when cheaper units are replaced by more expensive units on a given site, but for the overall market, as long as the number of units on the site goes up (which it almost always does), the net effect is to lower prices relative to where they otherwise would have been. For a given demand, increased supply reduces the market-clearing price.

 

Most "affordable housing" isn't comprised of new-build units. Rather, it's previously un-affordable housing that has come down in price.

 

W/r/t commute, a lot of reasonable priced housing can be had in the Houston "donut" (the area between 610 and 8), which is within a 20-30 minute commute to a lot of job centers.

 

Let me respectfully disagree with you here. 

I have seen Houston  rental stock rise by the 10s of thousands in the last few years and the prices have steadily risen.

 

This is largely due to new arrivals accustomed to paying higher rents in California and certain east coast states.

 

I think the balance would be preserved if the affordable rents were left to coexist with the newer and more expensive residences.

 

But if you create new residences on vacant or abandoned property AND on already occupied AND we continue to receive new residents accustomed to passing higher rents, what makes you think the new builds will lower prices? 

 

These new apartments are often better looking than what was there before

 These new apartments are often better use of the the land in terms of increasing density.

However it is not sustainable to keep eliminating the lower price point units and creating these fantastic but Uber expensive units.

 

The city will continue to densify if we add to what we have. 

Not everyone can afford a $2000 a month unit. In fact the bulk of our city can only afford maybe $600  to $1000

 

Taking away housing for the 75% to build for the 25% will result in the 75% breaking for the burbs. Now guess what is going to follow the people? The jobs, entertainment and retail.  And guess what that does to our metro? It makes it even more spread out as people seek cheap housing and the service industry chase them. 

 

We need to increase density by maintaining the crappy but affordable housing that we currently have And build new luxurious housing. We need both to keep the city growing.

 

Perfect example is Dallas from 2000 to 2010. Dallas built so many new developments all the census estimates predicted that the city grew by hundreds of thousands of people based on the density of all the new luxurious builds.  But what they didn't take into account was that these new units were created by displacing many many low income residents. 

 

Houston is a huge city by the land area. We have enough space for both. I wouldn't be surprised if by the next census we join Dallas in having all these new buildings but yet out rate of growth drops from hundreds of thousands a decade to only a few thousand a decade.

 

 

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On 7/13/2016 at 11:26 AM, HoustonIsHome said:

[...]

But if you create new residences on vacant or abandoned property AND on already occupied AND we continue to receive new residents accustomed to passing higher rents, what makes you think the new builds will lower prices? 

 

These new apartments are often better looking than what was there before

 These new apartments are often better use of the the land in terms of increasing density.

However it is not sustainable to keep eliminating the lower price point units and creating these fantastic but Uber expensive units.

 

The city will continue to densify if we add to what we have. 

Not everyone can afford a $2000 a month unit. In fact the bulk of our city can only afford maybe $600  to $1000

 

Taking away housing for the 75% to build for the 25% will result in the 75% breaking for the burbs. Now guess what is going to follow the people? The jobs, entertainment and retail.  And guess what that does to our metro? It makes it even more spread out as people seek cheap housing and the service industry chase them. 

 

We need to increase density by maintaining the crappy but affordable housing that we currently have And build new luxurious housing. We need both to keep the city growing.

 

Perfect example is Dallas from 2000 to 2010. Dallas built so many new developments all the census estimates predicted that the city grew by hundreds of thousands of people based on the density of all the new luxurious builds.  But what they didn't take into account was that these new units were created by displacing many many low income residents. 

 

Houston is a huge city by the land area. We have enough space for both. I wouldn't be surprised if by the next census we join Dallas in having all these new buildings but yet out rate of growth drops from hundreds of thousands a decade to only a few thousand a decade.

 

 

 

 

 

I didn't say that replacing older, more affordable units with newer, more expensive units would lower rents overall. I said that adding units at ANY price point will lower overall housing prices relative to what they would be without building anything.

 

If we "continue to receive new residents accustomed to passing higher rents," and DON'T build more units, those $1000/mo apartments in desirable locations won't be $1000/mo anymore. (Ask someone who's tried to rent an apartment in SF.) Housing seems to be the only market where people think that the way to keep prices down in the face of growing demand is to restrict supply.

 

There is plenty of "crappy but affordable" housing in Houston. To be fair, none in brand new buildings across from Memorial Park, but in areas that are reasonable commutes from major job centers. In a lot of cases, today's crappy but affordable was yesterday's new and luxurious. And today's new and luxurious may one day become tomorrow's crappy but affordable. Either way, adding units, even at the top of the market, tends to hold down prices at other tiers of the market.

 

 

 

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2 hours ago, Angostura said:

In a lot of cases, today's crappy but affordable was yesterday's new and luxurious. And today's new and luxurious may one day become tomorrow's crappy but affordable.

 

Reading this I could almost hear a breathy "Hi, I'm Michael Pollock..." and the Colonial House jingle.

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Well Houston is not SF.

And no one is advocating reducing supply.

In fact I am advocating increasing supply by leaving existing supply in tact and adding new luxurious supply.

The existing luxurious supply should,  as you say try to be more competitive by dropping price, but not as competitive as the existing lower priced units that keep getting demolished in favor of ultra luxury units.

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On 7/16/2016 at 6:37 AM, HoustonIsHome said:

Well Houston is not SF.

And no one is advocating reducing supply.

In fact I am advocating increasing supply by leaving existing supply in tact and adding new luxurious supply.

The existing luxurious supply should,  as you say try to be more competitive by dropping price, but not as competitive as the existing lower priced units that keep getting demolished in favor of ultra luxury units.

It is easier to build new multifamily on the site of existing multifamily, rather than trying to buy an entire block from 15 different owners.

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https://www.jordanfosterconstruction.com/article/new-luxury-apartments-to-rise-near-jfcs-birdsall-memorial-project

 

Jordan Foster Residential definitely earned the contract to build City Place Memorial Park in Houston, thanks to the mountain of HUD paperwork that the RFP required.

Located inside Loop 610, close to Houston’s Memorial Park, City Place will provide luxury multifamily housing in an urban infill location near the central downtown business district. The development is a market-rate luxury apartment complex, with 264 units divided between two buildings on non-contiguous sites, separated by a thoroughfare. There will be a cumulative total of 235,007 net rentable square feet.

But first, demolition of the existing, obsolete apartment complex and townhomes on the two adjacent city blocks must take place. The owner had acquired the properties in April 2013, and operated the complex until November 2015.

The two new City Place structures will be four stories of wood-framed construction over a two-level, cast-in-place concrete garage. The first building will host an amenity/leasing area on the ground floor level. Elevated swimming pools will be featured on the podium decks of both buildings. The exterior of the buildings will consist primarily of stucco and brick/cast stone.

The City Place Memorial Park client is Farb Homes, operating as 57 off Memorial Ventures, LLC for this project. The architect is Wallace Garcia Wilson of WGW Architects. 

City Place Memorial Park was secured through a HUD GMP with Lump Sum Side Agreement contract. The projected start date is targeted for August 20th, with a project duration of 24 months.

 

DG-4HZMVoAAzDn2.jpg

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It looks nice.

More density in the loop I guess.

 

Still over all the ultra luxury tho.

I get more excited with new construction over tear down and reconstruction.

 

Housing prices have risen too rapidly. We need tomorrows luxury development to knock down prices of yesterday's luxury not knock down the actual structures

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I like this project but I hate the strip center with the gas station in front. I wish strip centers like these would remodel to blend in better, like how it's done in Sugar Land and The Woodlands.  

 

Does anyone know when the completion date for this is and the percentage of units leased?

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5 hours ago, CrockpotandGravel said:

I like this project but I hate the strip center with the gas station in front. I wish strip centers like these would remodel to blend in better, like how it's done in Sugar Land and The Woodlands.  

 

Does anyone know when the completion date for this is and the percentage of units leased?

 

I would imagine the percentage of units leased is pretty close to zero, since they don't appear to be actively leasing the property yet.

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