Urbannizer Posted November 19, 2015 Share Posted November 19, 2015 Yesterday, OrangeStone Capital closed on 8989 Westheimer. Go say your goodbyes to the building; partner Hussain Nathoo tells us it plans to redevelop it within the year. Hussain tells us all sorts of uses would work on the three-acre site, and his team hasn't decided what it wants to put there. It'll be deciding quickly, since it aims to begin redevelopment by the end of 2016. The acquisition was a bit challenging, Hussain tells us, because OrangeStone was dealing with a bankrupt entity that had timing constraints. The team was able to close within 60 days with debt provided by Benchmark Bank's Jason Beene. The deal is sort of history repeating itself—OrangeStone closed two Houston office acquisitions in November and December last year, including the adjacent 9099 Westheimer. Read more at: https://www.bisnow.com/houston/news/office/westheimer-office-to-be-redeveloped-52660?utm_source=CopyShare&utm_medium=Browser Link to comment Share on other sites More sharing options...
Montrose1100 Posted November 19, 2015 Share Posted November 19, 2015 It's an ugly area of Westheimer in between The Galleria & Westchase. Guess it's time to bridge the gap? Wonder what they'll put here? Link to comment Share on other sites More sharing options...
cspwal Posted November 19, 2015 Share Posted November 19, 2015 A mattress store? Link to comment Share on other sites More sharing options...
Montrose1100 Posted November 19, 2015 Share Posted November 19, 2015 A mattress store?I don't know, Spirit Halloween's location down the road this year didn't have the a/c working. Link to comment Share on other sites More sharing options...
HNathoo Posted November 20, 2015 Share Posted November 20, 2015 It'll most likely be self-storage. I don't know where that stands relative to a mattress store. Link to comment Share on other sites More sharing options...
AREJAY Posted April 7, 2017 Share Posted April 7, 2017 On the demo report today:http://swamplot.com/daily-demolition-report-less-is-moers/2017-04-07/ Link to comment Share on other sites More sharing options...
bobruss Posted April 7, 2017 Share Posted April 7, 2017 I googled Orange Stone Capital and they've only been operating since 2010. I couldn't find any info on prior projects so I don't know how to judge but just based on gut I don't look for great things out of this project. Maybe a strip center with lots of frontage parking, or a box store. I hope I'm wrong but that area hasn't produced much in the way of great architecture or well thought out developments. Its in the heart of one of the ugliest parts of Westheimer with very few redeeming factors. Its the land of strip centers, strip clubs, fast food roulette, dated apartment projects and box stores cast across the landscape without a second thought amidst a sea of asphalt parking lots. Link to comment Share on other sites More sharing options...
HNathoo Posted April 7, 2017 Share Posted April 7, 2017 OrangeStone Capital sold this to Public Storage. It'll be a gigantic self storage facility. Link to comment Share on other sites More sharing options...
bobruss Posted April 7, 2017 Share Posted April 7, 2017 Perfect it will fit right in. Link to comment Share on other sites More sharing options...
Timoric Posted April 7, 2017 Share Posted April 7, 2017 - Link to comment Share on other sites More sharing options...
bobruss Posted April 7, 2017 Share Posted April 7, 2017 The building I cant figure out unless they're using it to grow marijuana, is the three story building on Kirby thats been closed in with corrugated metal and looks very nefarious for a project on Upper Kirby just south of Bissonnet. It was an office building a few years ago. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.