Jump to content

Fairfield Westcreek: Multifamily Along I-610


Urbannizer

Recommended Posts

On the bright side this land will probably be sold off to someone that will propose a nice midrise infill or a highrise MF or a few highrises for hotels or MF or office.

Literally prime real estate and location. Will be scooped up fast.

 

likely true although MF equity is drying up pretty quickly, especially for highrises - there's a general consensus that we may be overbuilding that sector and many of the major players are taking a wait and see approach to see how the market absorbs all the current projects u/c.

Link to comment
Share on other sites

likely true although MF equity is drying up pretty quickly, especially for highrises - there's a general consensus that we may be overbuilding that sector and many of the major players are taking a wait and see approach to see how the market absorbs all the current projects u/c.

 

I think we will start to see more projects get canceled or delayed, especially so given the dramatic decline in oil prices.  Probably a good thing that MF development takes a deep breath.

Link to comment
Share on other sites

Single Family still has catching up to do. I think we are in for a price correction once single family supply starts to catch up with demand. A nearer term drop in oil prices might bode well for certain projects--Chevron might wish to spend capital on its Downtown tower while there is less to pressure to invest additional capital in exploration for new production.

Link to comment
Share on other sites

I have no idea when that supply is supposed to catch up with demand. There are shortages of everything in this town - concrete, labor, lots, people to approve the permits - and home sales are still claiming 7,000 units a quarter. As long as job creation is over 100,000 a year, there will be no shortage of need.

 

As for Chevron, if their revenues start hurting that will only delay the tower. But absent a national recession prices won't stay down for too long. 

Link to comment
Share on other sites

Maybe this is still alive? Possibly more of a delay than being cancelled.

 

http://www.houstonchronicle.com/business/columnists/sarnoff/article/Tall-buildings-to-arise-near-River-Oaks-District-5828150.php#/0

 

An office building, a hotel and two additional high-rise apartment building are planned on the remaining Westcreek property, Brand said.
Link to comment
Share on other sites

I think if some of you are curious as to whether these things are going to get build should simply drive by this area. All of those former apartments are now gone and there is so much open land now. This simply can not stand in this explosive building market. If this doesn't happen then certainly someone else will.

Edited by Luminare
Link to comment
Share on other sites

  • 1 month later...

Well, not only does this one appear dead, but now there is an autopsy, courtesy of BisNow:

 

"Peloton announced plans for Westcreek Centre in February—the 21-story, 368k SF development was supposed to be the first office in 34 years built on the inside of 610 in the Galleria submarket. It was slated to break ground in Q4 right next to the River Oaks District, but the land never closed, and the deal is dead. (Multifamily buyers drove land prices too high for office.)"

 

https://www.bisnow.com/houston/news/office/Six-Office-Buildings-That-Didnt-Break-Ground-in-2014-41364#3

  • Sad 1
Link to comment
Share on other sites

  • 2 months later...
  • 5 months later...
  • 7 months later...

The marketing department's of companies (and the companies themselves) aren't going to have access to the potential development of their neighboring competitors, nor would they care. Not that that's a slight against them, it's just not really all that important unless they're trying to please, at max, 10 or 12 people in the city. 

Link to comment
Share on other sites

6 hours ago, TowermaniacXD said:

Wait a second, I thought the only thing proposed for Westcreek was Skyhouse, Wilshire, and Arabella... what are those three across the street from them? 

 

5 hours ago, H-TownChris2 said:

I was thinking the same thing...

 

One we know is this:

There was also a rumored potential luxury hotel on the future development site abutting ROD.

  • Like 2
Link to comment
Share on other sites

5 hours ago, BigFootsSocks said:

The marketing department's of companies (and the companies themselves) aren't going to have access to the potential development of their neighboring competitors, nor would they care. Not that that's a slight against them, it's just not really all that important unless they're trying to please, at max, 10 or 12 people in the city. 

I think it's laziness. The Dominion is not Apache Corp. In the second picture 2/3rds of ROD isn't highlighted blue.

Link to comment
Share on other sites

  • 1 year later...
  • 2 years later...
  • 2 months later...
  • Highrise Tower changed the title to Fairfield Westcreek: Multifamily Along I-610

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...