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SoDo On Main: Multifamily At 1625 Main St.


lockmat

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  • 2 weeks later...

Tower crane is finally coming down, talking with one of the workers it should have come down back in November but something always came up that kept it up. This is SkyHouse #16 of 30 to be built around the country and another one by the River Oaks SkyHouse in the future.

 

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The green fencing in the bottom right is a nice touch. The Downtown district has put them all along main street to cover the view of the empty parking lots. They will soon be covered with vine plants as well.

Edited by DrLan34
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On 5/21/2016 at 2:58 PM, hindesky said:

Tower crane is finally coming down, talking with one of the workers it should have come down back in November but something always came up that kept it up. This is SkyHouse #16 of 30 to be built around the country and another one by the River Oaks SkyHouse in the future.

 

Likely the site once proposed as Westcreek Centre, it was picked up recently by a different developer.

 

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So skyhouse actually does not own this building. Spoke with the leasing agent at the original skyhouse and it looks like some sort of licensing deal they made with a management company. They were not confident enough in the downtown market for them to go ahead with actually purchasing it themselves....doesnt really make any sense because from what I had understood they secured funding beforehand? 

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  • 5 weeks later...
11 hours ago, Montrose1100 said:

Keeping an eye on a condo in the little yellow building. Hope they sell before the EDM club/venue opens up.

That is a neat old building.  Looks like a very inexpensive price for a condo downtown.  $140 per sqft is attractive.  Hopefully the noise from that bar won't be problematic for this building.

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4 hours ago, UtterlyUrban said:

That is a neat old building.  Looks like a very inexpensive price for a condo downtown.  $140 per sqft is attractive.  Hopefully the noise from that bar won't be problematic for this building.


$140/sqft isn't bad, but that $1412 monthly maintenance fee is an absolute killer.

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6 hours ago, AREJAY said:


$140/sqft isn't bad, but that $1412 monthly maintenance fee is an absolute killer.

True.  It seems that Older buildings and buildings that have only a few units in them have high monthly fees, I think.  Buildings that are both old and have few units might get a double whammy.  At $0.72 psf, this one is a little high but they can go easily to a buck or more.  I wonder if this little place has amenities like valet, porters, and Conceirge?  That stuff is expensive over only a few units!

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55 minutes ago, Houston19514 said:

 

In an older building like the Beaconsfield, the monthly maintenance probably includes all utilities.

 

I live in the Capitol Lofts (constructed in 1908, converted to lofts in early 2000's) and the monthly maintenance is ~$0.55 / sq ft. It covers very basic building upkeep and maintenance including an onsite porter Monday through Friday for 8 hours a day. It does not cover utilities. Amenities are basic - the rooftop deck and gym are bare bones. 

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  • 1 month later...
On 6/30/2016 at 9:53 AM, Tumbleweed_Tx said:

 

One of the richest people I have ever worked for lived there before moving to The Houstonian, into Bush's old units

 

Someone has told you a tall tale, unless one of the richest people you've ever worked for took up residence in a hotel room.

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  • 5 weeks later...

And that's a wrap

http://www.costar.com/News/Article/24-Story-SkyHouse-Main-Residential-Tower-Delivers-in-Downtown-Houston/184787

 

Quote

A joint venture comprised of Atlanta-based companies Novare Group, Batson-Cook Development Co. and local developer Peter W. Dienna has completed construction on the second of two luxury apartment towers that make up the redevelopment of two full blocks along Main St. in Houston's central business district. 
 

 

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If this information regarding the Skyhouses is accurate it should spur further residential downtown construction.  Not being a business man I cannot claim detailed understanding. Nevertheless it makes no sense for developers who received financial incentives to build downtown residentials especially in choice locations or near the rail line, or both,  to let this opportunity slip away. Camden, block 98, Fairfield seem like win proposals. 

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Camden has applied for incentives, got them, and has done nothing but sit while other developers have continued to move forward/build.  I have not read anything about an "oversupply" of residential units in downtown or midtown and, likely, these developers haven't either.  Can someone point me to an analysis showing that we are in a resi rental oversupply situation in downtown and midtown?  

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1 hour ago, UtterlyUrban said:

  Can someone point me to an analysis showing that we are in a resi rental oversupply situation in downtown and midtown?  


http://www.bizjournals.com/houston/news/2016/06/02/houston-doesn-t-need-more-class-a-apartments.html

This doesnt discuss the downtown and midtown submarkets, and I'm not sure how credible the "Greater Houston Partnership" is in discussing apartment rentals. That being said, it would not surprise me if there is a glut right now on the market. 

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  • The title was changed to SoDo On Main: Multifamily For Block 368 At 1625 Main St.
  • The title was changed to SoDo On Main: Multifamily At 1625 Main St.

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