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Trying to temper my excitement here, but if...and I mean IF...this rumor is true and a gleaming residential tower is built, then it could have a tremendous ripple effect.  A nice glass exterior would pair well with the twin SkyHouses, the Metro building, Amegy Bank, and even the new Central Square a few blocks south.  Toss in the new Holiday Inn and all of a sudden we have the potential for real energy on those streets.  It might also cause something to finally be done with the Days Inn next door, but now I'm getting way ahead of myself.  Great find, DrLan34!

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Yeah on November 6th I posted in the that I saw a drilling company on site but I thought it was just a water well since I only saw one hole. Since then I've noticed drillings dispersed throughout the lot. So I guess they were doing soil samples last week.

Prime property right there. I wish the parking garage around the days inn would be next

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isn't this particular design already taken?  this prospective edifice, appears to look almost identical to the new building, that is now going up right next to the new catholic cathedral just a few short blocks away.  surely, i cannot be this mistaken.... could i?

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By Super Bowl time, we may have a line of high-rises on Main from Buffalo Bayou, through Downtown and Midtown all the way to 59. (espeically if Camden moves on the Superblock complex). Should look and feel quite impressive. 

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Wow, the Days Inn across the street days should be numbered if this does go up.

This takes TOD to the max being right on the red line, across the street from the downtown transit center, a block away from megabus, two blocks away from greyhound, the 102 to Bush stops right outside....

Not bad.

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http://www.houstonchronicle.com/business/real-estate/article/New-apartments-add-to-downtown-boom-6013209.php?t=bd840817c3&cmpid=twitter-premium

 

New apartments add to downtown boom

Project proposing 290 rental units receives approval, which leaves incentive program near its cap

 

Incentive program near its cap... I am not joking, Camden seriously needs to be taken out of the program. This would free up units for a developer who plans to build before the Superbowl which I thought was the initiative of the program... isn't that right? I mean, overall its to get more units downtown but I thought city council also wanted it in specific time period. Guess I should just go to the Camden thread to rant... Maybe we can get KPRC to cover this story.  :P

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Incentive program near its cap... I am not joking, Camden seriously needs to be taken out of the program. This would free up units for a developer who plans to build before the Superbowl which I thought was the initiative of the program... isn't that right? I mean, overall its to get more units downtown but I thought city council also wanted it in specific time period. Guess I should just go to the Camden thread to rant... Maybe we can get KPRC to cover this story.  :P

 

From the linked article (I know it's not often one finds useful information in a Chronicle article, but once in a while...):

 

"In order to receive the reimbursement, the developers have one year from the date they sign the incentive agreement to get the project into the city permitting department, after which time they have three years to get a certificate of occupancy."

Edited by Houston19514
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Really?

I wonder why Finger would not go for the incentives. Are there strings attached?

 

The project was announced prior to the creation of the program and is therefore ineligible for the incentives. 

 

"Although Finger was a pioneer in the recent push to build residential in the east Central Business District, he will not get a piece of the Downtown Management District’s incentive-program pie — at least, not on this project.

 

One month after he released his plans, the Downtown Management District announced its Downtown Living Initiative, which the city passed Aug. 22, offering $15,000 per unit in tax rebates to qualifying developers who create homes or multifamily projects in the eastern portion of the CBD. It is intended to double the number of residences downtown and spur development throughout the area by 2016.

“It was a big secret, I didn’t know about the plan,” he said.

Finger completed the 346-unit, 37-story One Park Place development overlooking Discovery Green in 2009. His new ballpark project will be seven stories, with Atlanta-basedNiles Bolton Associates designing the complex.

Finger did not win retroactive incentives from the city, however, Houston City Council did pass an economic development agreement Aug. 15 that gave the Finger Cos. the rights to a stretch of Prairie Street that runs through the land he owns.

“I started knocking on the city’s door to request they abandon the street, and that’s a big deal for the city to close a street, especially one that flows right into the entrance to the baseball stadium,” he said. “But, it’s a street, it’s not $15,000 per unit.”

To be clear, Finger says he is not at odds with the city or the district and he may still try to take part in the incentive program if the opportunity arises before its cutoff date in 2016."

http://www.bizjournals.com/houston/print-edition/2012/12/21/finger-dishes-on-new-project-future.html?page=all

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http://www.houstonchronicle.com/business/real-estate/article/New-apartments-add-to-downtown-boom-6013209.php?t=bd840817c3&cmpid=twitter-premium

 

New apartments add to downtown boom

Project proposing 290 rental units receives approval, which leaves incentive program near its cap

 

Only 45 units left in the program as of January 12th, 2015 according to this memo:

 

http://www.downtownhouston.org/site_media/uploads/attachments/2015-01-12/150112_HDMD_DLI_Cap_Memo.pdf

 

Edit: According to similar memo dated 12/24/14 only 207 units remained. Between Christmas and Monday 162 units were approved. I wonder what project those units belong to?

 

http://www.downtownhouston.org/site_media/uploads/attachments/2014-12-29/141224_HDMD_Applicant_Memo_on_DLI_Closeout.pdf

Edited by Sparrow
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