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From today...  

Lots of steel has gone up now for the penthouse floors.  The expansion of the church next door appears to be nearing completion of the exterior, too.    

From the past few days  

I just noticed this building the other day. Seems like an outlier, but almost a glimpse into the past. I like this building. We will see what happens to it... It seems to be sitting on a decent amount of land.

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It's hard to say. At $125/foot the land is worth $14m. The units have great floor to ceiling windows and nice balconies, but no washer/dryer connections, and they don't have gas connections. I would give it a 50/50 chance of surviving.

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If the reviews it's gotten on yelp and others are any indication, it's liable to be demo'd or at least extensive gutted.  Sounds like there are a lot of aging infrastructure problems.

 

Bound to be infrastructure issues and how efficient do you think those fifty year old floor-to-ceiling windows are? New or renovated condos (or apartments) at that price point without in-unit laundry facilities not to mention individual metering of utilities? I don't think so.

 

All that said, I like the look of the original building and, if its "bones" are sufficiently sound it would be great to see it renovated.

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I know people who live there. The building is going condo. People's leases are not being renewed but they aren't kicking people out. Sounds like upgrades and construction will take place while folks are living out their leases.

 

It's a neat old building with decent rents considering the location. Sad to see another reasonable place bite the dust.

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Well they wasted a good amount of money on a enormous parking lot that I hope is only temporary, but with how planned out it is....idk for sure

 

Yes, the parking lot is temporary, to make up for spaces lost when they started their current construction project.  They are just now doing the master planning to decide what will be put on that parcel.

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But you would think they would just make a simple asphalt parking lot instead....that parking lot looks pretty permanent to me...even down to the street lamps. That doesn't spell temporary. The metal building sure will be temporary, but idk. Just makes me already disappointed with what they are planning for this area unless this is just a parking lot for the long haul construction wise. I run through this area a bunch after work and it's hilarious seeing the sign that shows an actual rendering of the temporary building....like a rendering someone actually spent time on lol.

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But you would think they would just make a simple asphalt parking lot instead....that parking lot looks pretty permanent to me...even down to the street lamps. That doesn't spell temporary. The metal building sure will be temporary, but idk. Just makes me already disappointed with what they are planning for this area unless this is just a parking lot for the long haul construction wise. I run through this area a bunch after work and it's hilarious seeing the sign that shows an actual rendering of the temporary building....like a rendering someone actually spent time on lol.

 

The school spent $80 million for the property. A good part of that money must have come from tuition, etc. You can't expect people who cough up that kind of scratch for their children's tuition to park their Land Rovers on shell or even asphalt surfaces.  :)  Also, temporary may mean several years. There's nothing wrong with showing a little class if you can afford it.

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  • 3 months later...

http://blog.chron.com/primeproperty/2014/11/new-york-company-to-convert-river-oaks-high-rise-apartments-into-condos/

 

The aging apartment building will be converted by it's new owners into condos over the span of the next couple of years or so.

 

The building was in the news earlier this year after complaints were highlighted regarding possible utility and safety issues.

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http://blog.chron.com/primeproperty/2014/11/new-york-company-to-convert-river-oaks-high-rise-apartments-into-condos/

 

The aging apartment building will be converted by it's new owners into condos over the span of the next couple of years or so.

 

The building was in the news earlier this year after complaints were highlighted regarding possible utility and safety issues.

I had a sigh of relief. The front Fountain could use some TLC as well. Happy it's not a tear down.

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  • 4 months later...

http://www.houstonchronicle.com/business/real-estate/article/River-Oaks-high-rise-getting-a-makeover-6204861.php#photo-7831143

 

Front_3_Dusk_1.jpg?format=1000w

 

 

 

New Yorker Richard Leibovitch says local developers advised him to demolish the River Oaks Luxury Apartments - the aging midcentury high-rise his firm purchased last fall - and build two side-by-side towers with upward of 600 units.
 

His firm, New York-based Arel Capital, decided instead to redevelop the 1967 structure with fewer but larger units for a luxury condominium project. During its heyday, the developer says the 17-story apartment building at 3433 Westheimer was iconic for its "exclusive address, expansive grounds and Miesian-style architecture" with its steel frames, curtain walls, prominent use of glass and open interiors.

The building began to deteriorate over time, with aging plumbing and yellowing walls.

"What we wanted to do was basically renovate this building and bring it back to its old level," Leibovitch said in an interview. "We are taking the bones of the building and bringing it into the 21st century."

 

Construction is underway on the 84-unit condominium project. The project will retain the original footprint on the three-acre property along Westheimer in the heart of River Oaks. Initial renderings show a contemporary-style building with floor-to-ceiling windows and terraced gardens all around. The design includes panoramic views, corner balconies and large roof terraces. Floor plans will range from 1,500 to 9,000 square feet.

 

The River Oaks is slated to be completed by fall 2016. A sales center will open in May.

 

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River_oaks_Penthouse_terrace_270315.jpg?

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Those units are large! 1500 sq ft minimum? Wow! I'll bet that the developer is going to charge stratoshere prices here. This project is only a few blocks from 2727 Kirby. That building is in the $600-$700+/sqft range I think. I wonder where this building will price?

 

Beautiful plan. I love what they are doing here.  The pricing will be interesting.  I would imagine the $600-700/sq ft range is probably very close.

 

FWIW, since 1/1/2014, 12 units in 2727 Kirby have sold. They have ranged in price from $512.48/sq ft to $736.03/ sq ft.  The median sale price was about $645/sq ft.  Interestingly, the mean (average) sale price was almost exactly the same as the median ($644.56/sq ft.)

 

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shouldnt this topic be in the Upper Kirby / Greenway Plaza section..... (we don't have one, but we should)... because this is NOT a new build. This is similar to the JW Marriott and the Holiday Inn redo.

 

Thanks for moving it in advance.

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shouldnt this topic be in the Upper Kirby / Greenway Plaza section..... (we don't have one, but we should)... because this is NOT a new build. This is similar to the JW Marriott and the Holiday Inn redo.

 

Thanks for moving it in advance.

If you look at the added top portion in the rendering, it becomes clear as to why it is in "going up"

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  • 1 month later...
  • 4 weeks later...

Wow looks amazing, I cant wait for this to really get underway. $10 million for a penthouse is pretty ambitious in Houston let alone two of them. Maybe they can drop the price and I can swoop in and get it for a 99.99% discount.  

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Ten mil would be pocket change considering what some of the penthouses in Manhattan are going for. I'm still trying to figure out who is buying them.

 

Foreign investors who will never move in.  Most of the units in those new/proposed midtown Manhattan condos will sit vacant.

Edited by Gator Purify
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Wow looks amazing, I cant wait for this to really get underway. $10 million for a penthouse is pretty ambitious in Houston let alone two of them. Maybe they can drop the price and I can swoop in and get it for a 99.99% discount.

That seems pretty good for a penthouse. Didn't Mosiac's recently go on the market for like +/- $30mil? 2727 kirby's was what 14 million? And that one on top of the building by bayou bends was like one of the most expensive, and if I remember correctly the Huntingdon was like 20ish last time it was up?
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Looks like a fire in the building...

 

http://www.houstongovnewsroom.org/go/doc/2155/2556718/

 

Doesn't sound bad...hopefully they were able to put it out quickly with little damage

 

http://www.khou.com/story/news/traffic/2015/07/08/fire-at-demolition-site-snarls-westheimer-traffic/29856587/

Edited by HoustonMidtown
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