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40-Story High-Rise Development at 1660 Post Oak Blvd.

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If develpers can't put a 50+ story tower in Uptown, what area besides downtown would this guy see appropriate?

i seriously doubt they are going to stop a 50 story tower from being built in uptown. there is already a 64 story tower in uptown, multiple 40 story buildings, and a handful of highrises going up or planned along Post Oak.. stopping this development would mean potentially stopping all the other single story commercial strip malls along post oak from developing into tall mixed use developments. it would kill property values (imo, im no expert so correct me if im wrong) and royally piss off all the developers and investors who have spent a long time sitting and paid a pretty penny for some of these prime properties, just waiting for the right offer to redevelop them into towers.

besides the fact that him opposing the BRT completely stands against everything he argued about with the new developments "causing harmful traffic congestion".. obviously BRT (and eventually light rail) is meant to RELIEVE traffic.

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just noticed this when i did a quick search for anything on the new tower.. so i guess it is planned to be condos?

http://www.bizjournals.com/houston/news/2014/02/26/amreit-puts-post-oak-property-on-the-market-for.html



"The Courtyard at Post Oak property was built in 1994 and was 29.5 percent occupied with Verizon as the only tenant, according to the earnings report.

“Similar to the Uptown Park opportunity, we anticipate executing a ground lease with a co-developer who will own the improvements above our retail which we would own in a condominium interest,” AmREIT said in the report."

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Nothing is being built there soon though. There is a coming soon sign for Persian rug store on the old Ninfa's building, I'll try to take a picture.

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just noticed this when i did a quick search for anything on the new tower.. so i guess it is planned to be condos?

http://www.bizjournals.com/houston/news/2014/02/26/amreit-puts-post-oak-property-on-the-market-for.html

"The Courtyard at Post Oak property was built in 1994 and was 29.5 percent occupied with Verizon as the only tenant, according to the earnings report.

“Similar to the Uptown Park opportunity, we anticipate executing a ground lease with a co-developer who will own the improvements above our retail which we would own in a condominium interest,” AmREIT said in the report."

 

No.  That only speaks about how they (AmREIT) would own the lower levels of retail while the tower would be owned by someone else.  Technically, the term "condominium" is a form of ownership.  It does not necessarily mean residential.

 

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A 'condominium' is a creature of law where the individual unit owners each own a share of the limited common elements. The Texas Uniform Condominium Act expressly applies to. 'commercial, industrial, residential, and other types of condominiums.' Residential is most common, but one could have a commercial condominium ownership structure. AmREIT's proposal wouldn't jive with Fannie Mae condo requirements (which are generally the straw that stirs the drink in the residential mortgage lending world) if this were to be a residential tower. However, I suspect these condos would all go for prices above the Fannie Mae maximum loan limits, in which case private bankers might be making these loans to high dollar clients.

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A 'condominium' is a creature of law where the individual unit owners each own a share of the limited common elements. The Texas Uniform Condominium Act expressly applies to. 'commercial, industrial, residential, and other types of condominiums.' Residential is most common, but one could have a commercial condominium ownership structure. AmREIT's proposal wouldn't jive with Fannie Mae condo requirements (which are generally the straw that stirs the drink in the residential mortgage lending world) if this were to be a residential tower. However, I suspect these condos would all go for prices above the Fannie Mae maximum loan limits, in which case private bankers might be making these loans to high dollar clients.

 

Is there any indication that there are any residential condos being proposed, considered, or even thought of?  The only mention of condos was in relation to AmREIT's planned continued ownership of the lower (retail) levels of the development.

Edited by Houston19514

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are we talking about this conceptual building?  It appears to be about 2 feet from the Cosmopolitan

 

A6MC09X.jpg

Won't happen, Parvizan or whatever the latest "Going Out Of Business is Good For Business" rug store is going in the Dessert Gallery/Maggie Rita's spot.

 

I doubt they would invest and sign a multi-year lease only to have their location be demolished for a tower.

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lol, yeah. i figured that later when i noticed another article mentioning they were considering office, residential, or hospitality. doh..

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why do we have two topics for this?

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Won't happen, Parvizan or whatever the latest "Going Out Of Business is Good For Business" rug store is going in the Dessert Gallery/Maggie Rita's spot.

 

I doubt they would invest and sign a multi-year lease only to have their location be demolished for a tower.

 

Do you have any reason to think  they signed a multi-year lease?  Doesn't Parvizian pretty typically go into short-term situations?

 

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I don't get it? He is scared of traffic and he lives where? I don't think you can find a busier one mile radius in Texas than that one mile radius around post oak in Uptown.

If he was indeed worried about traffic he would promote more urban/ walkable building codes and push for more public transit like the brt he is fighting against.

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That PAC is such a total joke. The only reason the PAC was even formed is because the Cosmo guys don't want their property values to get chopped in half when something tall inevitably goes up on the AmREIT lot. 

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^He is worried about how the traffic will hurt his ability to drive his Maserati willy-nilly around that area.  I agree, its ridiculous.  He does make a few valid points - namely the additional traffic added to the area.  However, that traffic is coming no matter a 2, 20, 40, 60 floor tower next door to the Cosmoplitun.

 

I don't see this site as a great location for a supertall (the one being discussed above).  In fact, I'd rather see some taller buildings clustered closer/on Richmond.

Edited by arche_757
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Do you have any reason to think  they signed a multi-year lease?  Doesn't Parvizian pretty typically go into short-term situations?

 

He likes to go out of business a lot if that is what you mean...

 

But not sure, he tends to linger around lately...I am indifferent about it all.

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Not only that but the context of both threads at this point have conversations going two separate directions.

It will be an awkward merger.

 

I thought the other topic was more about the PAC.

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Is there any indication that there are any residential condos being proposed, considered, or even thought of?  The only mention of condos was in relation to AmREIT's planned continued ownership of the lower (retail) levels of the development.

 

I would think residential condos are being considered. My point was that condo ownership of the retail would not necessarily preclude commercial or office use of the tower. AmREIT's proposed ownership structure might make residential condo development a bit more difficult, as Fannie Mae wants the residential unit owners to have sole control over the amenities for the condo project to meet Fannie Mae standards. If this were to be a residential development, these would likely be jumbo (non-Fannie Mae loans), so Fannie Mae guidelines would not have to be as strictly adhered to as in a lower-end development but my experience has been that secondary market investors (who purchase mortgage loans made from originating lenders) get leery when a condo declaration strays too far from the Fannie Mae guidelines.

 

Of course, all this Fannie Mae talk is moot if this will be an office or commercial tower. 

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I agree, merge!

 

Posts from the "Potential Supertall" topic relating to this project have been moved to this thread.

 

Carry on.

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Could be quite drastic!  The company making the offer for AmReit is a grocery/lifestyle center developer out of Jacksonville, Fl.  Unless they're looking to start doing some bigger developments then this will probably scale things back considerably.  I'll doubt much more will happen to Uptown Park than something like Boulevard Place (not that that would not be a big improvement).  Though I'll admit an HEB there - would suck.

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Good to know!  I wasn't too thrilled to see them sell to the company that was offering to buy them.

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As of today they rejected the offer.

 

AmREIT isn't looking to be bought right now.

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AmREIT isn't looking to be bought right now.

 

Yet they considered an offer.  What does that say?

 

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Yet they considered an offer.  What does that say?

 

 

It says nothing.  As a publicly-held company, they are obliged to "consider" an offer.

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Glad to hear AmREIT said no. I quite like their plans for Uptown Park and am looking forward to seeing what goes up on the San Felipe and Post Oak site.

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Could they have been there for post oak construction?

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Hearing multifamily.

That would be huge if it's all MF.. Would be the second tallest residential tower in the state.

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Office or multifamily would be nice. I am more excited about '50 stories.' This might be the 2nd tallest building in Uptown, and would make a nice counterbalance to the Williams Tower in the skyline.

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A 50-story MF is more likely to be thinner than office, which I'm happy about. It helps give a different texture to the skyline, especially since office buildings have such big floor plates these days.

This seems like a great location to have hospitality in the mix too but MF is good enough.

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Fairly certain those renderings on pg 1 were strictly conceptual and are likely in no way indicative of what will ultimately get built. In my opinion, of course.

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Good point lockmat. The only downside I see is residential is shorter floor plates, so it won't be as tall as say a 50 story office tower. Heh.. Should still be over 600' though, even with a garage podium. And yeah, I too thought this would be a great location for a high end hotel & residences.. I guess time well tell.

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From the 2Q Press Release

AmREIT has entered into a letter of intent with a regional multi-family developer to develop a 40-story, 356-unit residential tower with two stories of retail with respect to 1.58 acres at the northwest corner of Post Oak and San Felipe, known as The Courtyard at Post Oak. AmREIT is currently negotiating a joint venture with the developer as co-sponsors whereby we will seek an institutional equity partner. AmREIT will retain ownership of the 1.58 acres and ground lease the site to the anticipated venture. Total project costs are estimated be approximately $142 million and construction could begin within the next 12 months.

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From the 2Q Press Release

 

 

40-stories is not bad. I think that would put this tower in the ballpark of 500'. Here's hoping it features a lighting feature (yes, this is my version of GFR) to add to the Uptown skyline at night.

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i concur.  a 40 story edifice located at that particular site.. shall look spectacular.

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