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MarathonMan

The Hamilton Apartments, Extreme South CBD

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Never going to happen in this town ever again. But you can always check out the Section 8s on Fondren. Or the offerings around Lake Worth in Fort Worth.

There are still $1 a square foot apartments all over houston.

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Never going to happen in this town ever again. But you can always check out the Section 8s on Fondren. Or the offerings around Lake Worth in Fort Worth.

That's silly, I'm guessing your being funny about the section 8 comment.

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I'm probably naive, but if 45 was buried, this might be quite the marketable corner. I imagine that that concept I saw on paper, perhaps earlier this year was just that: conceptual.

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Good news for the immediate vacinity though. Good luck to the future residents I hope they can bring about a slew of change to the area. It's deader than dead right now minus something at Toyoyta Center

 

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There is a digger onsite right now, they already have a pretty huge hole excavated.

I think there is going to be 2 floors of underground parking, but not 100% on that.

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From the movie Marathon Man. Former Nazi repeatedly asks "Is it safe?" while using his dental skills to torture a confused marathon runner.

 

Oh......so that's why that Dentist Gremlin in Gremlins 2 kept saying "Is it safe?"

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Nice! Thanks Urbannizer.

 

This shows the contact as John Stephen Ford, Jr.

http://www.houstontx.gov/housing/workshop20120210/response20120316.pdf

 

And it looks like Steve has been quite busy developing.

http://www.bizapedia.com/addresses/1500-NORTH-POST-OAK-ROAD-SUITE-190-HOUSTON-TX-77055.html

 

Anybody have the finesse to scrounge up some renderings?

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It is possible that renderings don't even exist.

 

Apartment projects typically don't require fancy renderings.

 

Unless you are doing a condo projects (need pre-sales),  an office tower (need tenants) or need something put together to get approval (tax incentive, loan from bank,  or court ruling) then it isn't necessary to hire someone to do a nice rendering.

 

For a typical apartment project with financing already secured,  just start the project and pre-lease when you are close to occupancy.

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The blog entry mentioned low income a couple of times. Is that what this is???

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keep in mind that "low income" does not necessarily mean section 8. It could just mean below market rate, which, considering what apartments are renting for downtown, could easily be targeting people making $40,000 a year.

At least that's how it works in other cities.

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Lower income residential is exactly what downtown and the nearby areas need. Something catering to the $2500 to 3000 a month crowd.

What?

You can rent a unit in One Park Place for that, easily.

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Lower income residential is exactly what downtown and the nearby areas need. Something catering to the $2500 to 3000 a month crowd.

For one person 3000 a month is a $55,000 salary roughly that's not bad

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Lower income residential is exactly what downtown and the nearby areas need. Something catering to the $2500 to 3000 a month crowd.

You guys are a bit rich for my blood. High end in downtown Fort Worth can be had for $1800 a month.

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That is what I have been saying for years if you want to see downtown population exploded start targeting the 40,000 To 50,000 a year crowd..the RN (instead of just doctors) ..the police, fire ,paramedics, etc... Stop trying to be New York with The 2,000 one bedroom.

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That is what I have been saying for years if you want to see downtown population exploded start targeting the 40,000 To 50,000 a year crowd..the RN (instead of just doctors) ..the police, fire ,paramedics, etc... Stop trying to be New York with The 2,000 one bedroom.

 

Pretty hard to do with new construction, because rents have to justify the cost of building and land acquisition. But once some of the new luxury buildings have aged 15-20 years, they will be more affordable.

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That is what I have been saying for years if you want to see downtown population exploded start targeting the 40,000 To 50,000 a year crowd..the RN (instead of just doctors) ..the police, fire ,paramedics, etc... Stop trying to be New York with The 2,000 one bedroom.

It's not just that but some people just don't want to spend a lot on rent regardless of salary.

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Does anyone have any insight/info about whether the developers know about plans to raze the Pierce Elevated? Seems odd to squeeze a midrise building into such an armpit --- and a noisy one at that. But if the Pierce Elevated becomes a boulevard, as I've heard, then that changes things for this site.

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Does anyone have any insight/info about whether the developers know about plans to raze the Pierce Elevated? Seems odd to squeeze a midrise building into such an armpit --- and a noisy one at that. But if the Pierce Elevated becomes a boulevard, as I've heard, then that changes things for this site.

Only one of the proposed routings of I-45 has the Pierce getting razed. 

 

A handout of the most recent public meeting is below:

 

http://www.ih45northandmore.com/docs3/1.%20ENGLISH%20Handout%20-%20Pages%201%20-%206%20%20NHHIP%203rd%20Public%20Meeting%2011-11-13.pdf

 

I am not really familiar with the goals associated with highway alignment. However, the exhibit below (see the last page) indicates that realignment of 45 along 59 and I-10 has "signature project potential," whatever that means. It looks as though the engineering would be easiest for keeping the Pierce but converting it to a one way highway.

 

http://www.ih45northandmore.com/docs3/5.%20English%20Exhibits.pdf 

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Does anyone have any insight/info about whether the developers know about plans to raze the Pierce Elevated? Seems odd to squeeze a midrise building into such an armpit --- and a noisy one at that. But if the Pierce Elevated becomes a boulevard, as I've heard, then that changes things for this site.

 

I'm not sure that Pierce Elevated planning has advanced much beyond the hearing stage.  It's a good point that making it a boulevard (as I would dearly love) would change things for this site, but I don't really expect that outcome.  It seems that noise would be a major problem here.

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You guys are a bit rich for my blood. High end in downtown Fort Worth can be had for $1800 a month.

A family making 2500 a month would spend about $700 on rent. Not 1800

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eh, assuming thats $2500 after tax then its actually more likely to be more like $850 a month on rent. And actually people are spending more on rent proportionally than they used to; in a lot of cities its creeping up to 50%. Not that that's a particularly good idea of course.

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Nice! Thanks Urbannizer.

 

This shows the contact as John Stephen Ford, Jr.

http://www.houstontx.gov/housing/workshop20120210/response20120316.pdf

 

And it looks like Steve has been quite busy developing.

http://www.bizapedia.com/addresses/1500-NORTH-POST-OAK-ROAD-SUITE-190-HOUSTON-TX-77055.html

 

Anybody have the finesse to scrounge up some renderings?

 

Note, the Housing & Community Development report shows a date of Feb 2012. 

 

Hamilton Apts applied for competitive low income tax credits in 2012 and again in 2013, failing to secure such tax credits in either year.  An application was not submitted in 2014.  Accordingly, it does not appear to be financed with low income tax credits.

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I'm not sure that Pierce Elevated planning has advanced much beyond the hearing stage. It's a good point that making it a boulevard (as I would dearly love) would change things for this site, but I don't really expect that outcome. It seems that noise would be a major problem here.

Haif poster badfish said he knows the developers and that they are soundproofing the above freeway units, so it won't be an issue.

Kind of like lofts at the ballpark, with 69 right in front of your windows.

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Also for what its worth, the "second fenced off lot" of this development has had a fence around it for as long as I can remember, just look at the fence close up if you need proof.

They are just using it for a lay down yard I assume.

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Also for what its worth, the "second fenced off lot" of this development has had a fence around it for as long as I can remember, just look at the fence close up if you need proof.

They are just using it for a lay down yard I assume.

 

The fence has been there for a while (why put up a new fence if one already exists?); however, there certainly is activity on the other lot as well. I honestly believe they are just using it as a staging area because when I drive through there, the construction workers are leaving their cars to go to the other property. 

 

By the way, is this thread spelt incorrectly? "Hamliton"?

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As someone indicated previously, LIHTC's were applied for previously, but not awarded.  Developer decided to move forward as a market rate deal, and the apartments will not be income restricted in any way.  It's been a while since I saw any numbers, but I think rents will be in the $1.75-$2.00/SF range.

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I think rents will be in the $1.75-$2.00/SF range.

Holy cow!

$2? 800sqft for $1600 with a freeway as your closest neighbor? Wow.

What the hell are rents in midtown these days? No freeway there and only a mile away. Are rents in midtown above $2?

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