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15 hours ago, j_cuevas713 said:

Wow who are they kidding with that bs? Now don't get me wrong, this will still be great because it is more of a dedicated entrance but damn. Hopefully as foot traffic increases and Brookfield gets their head out of their ass, they could always upgrade the rest. 

I mean I do think the interior renovation still looks significan and it seems to open it up a lot more in their defence? I woudn't exaclty call it a light cosmetic renovation 

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Is this rhetorical question posting format a little irritating? Yes

Am I going to do it anyway? Yes

Is this renovation effort reminiscent of something you'd see in a last half-hearted attempt to save a 70's mall in Fort Wayne, Indiana? Yes

Will the building continue to look just about as ugly as it ever did? Yes

Does this signal that Brookfield does not see a bright future for Houston Center given disappointing leasing results following the last wave of money they just spent, and is deciding to shift their money elsewhere? Probably

Or could it be that they are just pulling back from office investments in general in the wake of the pandemic? Probably some of that too

Am I still glad that they hit it out of the park on the other side of the street? You bet

Will this joke of a renovation diminish the effect of the renovation across the street? Kinda, sadly

Will anyone shop here who doesn't work in Houston Center? Not likely

Am I able to end this post and just hit Submit Reply and move on? Not yet

Is there something helpful I can still add at this point? Why yes, there is. From Costar:

The developer has hired global architecture and design firm Gensler as the project architect for Houston Center’s retail space. Renovation costs were not disclosed. A permit filed with the state shows Brookfield Properties is spending nearly $26.6 million to renovate 98,427 square feet on retail levels 1-4 at 1200 McKinney.

 

Edited by H-Town Man
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No insider info but a part of me thinks the scaled back plans mean they have bigger long term plans for the 4HC site. Granted, I'm talking 10+ yrs down the road but still. The problem w the building is that as currently configured they'll never be able to maximize rents, especially on office space, without a MASSIVE capital commitment, the kind of capital commitment that would make demolishing and redeveloping a more lucrative long term investment.

 

Just my opinion.

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On 12/27/2021 at 6:24 PM, swtsig said:

No insider info but a part of me thinks the scaled back plans mean they have bigger long term plans for the 4HC site. Granted, I'm talking 10+ yrs down the road but still. The problem w the building is that as currently configured they'll never be able to maximize rents, especially on office space, without a MASSIVE capital commitment, the kind of capital commitment that would make demolishing and redeveloping a more lucrative long term investment.

 

Just my opinion.

4 Houston Center is 986,000 SF and sits on two full blocks. Using the land price per square foot from the Skanska land sale, the land is worth at least $56 million, probably a lot more given the better location. But just taking the $56 million, the building would have to be worth about $57/SF or less for them to demolish, probably more like $50/SF to cover demo cost and entrepreneurial incentive. Best comp for the building's value is probably 1111 Fannin, which sold last year for $69/SF, although this building is probably worth a bit more (but so is the land).

So... yeah. In 10 years, as the building gets more obsolete and the land value goes up, this could be a redevelopment.

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I walked through the Shops yesterday and they are full steam ahead on all the renovations inside. I will try and snap a picture the next time I am there. Wanted to let the folks know that regularly update the forum. 

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On 5/4/2022 at 12:11 PM, Eastdwntwn said:

I walked through the Shops yesterday and they are full steam ahead on all the renovations inside. I will try and snap a picture the next time I am there. Wanted to let the folks know that regularly update the forum. 

I walked through last week, and the few remaining retailers must be getting massive rent abatements.   Except for lunch hour, the place is a ghost town.  And even during lunch, in my estimation, foot traffic is 10% of what it was before construction started.

As you said, construction is full steam ahead.  It's noisy and confusing, and dark in many places.   And unless you know to go past the old entrance to the end of the block, then go back toward the old entrance and duck under the scaffolding and barriers to go through what used to be a fire exit, in order to get in — you're not going in.  I've seen several people wandering around looking for the entrance.  I don't think they ever found it. 

This project is long overdue, but man it's painful.

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Posted (edited)

Most of my networking lunches are in the Shops, so I'm glad this is getting done and hopefully it stops feeling like a run down mall from the 90s. Before the reno, it had big Almeda Mall vibes to it.

I agree with @editor. This thing will always have business because of the entities that office in the surrounding buildings, and because of STCL, but man this shoulda been done like 5 years ago. I'm not asking for anything crazy, given how long its been the same, just open up the sides a bit to provide inviting entrances, add some glass, get two bar/food places going with decent outside space and I promise you 100% those businesses would do well.

It close to the hotel, close enough to discovery green, they get tons of people walking outside of it, but it just looks like a fortress. If you gave North Italia, for example, a sweetheart deal and just put glass on a wall like the original renderings showed with some covered outdoor seating I know 50 attorneys and accountants that would be there yesterday. What a strange development. 

Edit: If they did the North Italia thing, people would definitely have their networking events there as opposed to Adairs on Lousiana or some similar place. Counterpoint is that they actually have done wonderful work in the office buildings, so they do know how to do renos right. I'm hoping for the best.

Edited by X.R.
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