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Mimosa Terrace: Proposed 7-Story Condo Building


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  • 8 months later...

Not bad. It will be interesting to see how pricing stacks up against the Revere around the corner, which I think is a pretty boring building with a high price tag (and that I hear is not selling well). With all of the 7 figure town homes not selling in this area, I wonder if this will find buyers. I also wonder if neighborhood  opposition, which seemed to kill Revere Place nearby, will also come.

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Starting at 2 million. Looks very nice with great floor plans (and on a per square foot basis cheaper than the inferior Revere building across the street; in fairness, Revere has more common amenities and is 3 times the size).

 

But a bit skeptical this (or Revere) gets built given glut of seven figure townhouses/patio homes already built or in the middle of construction in the neighborhood that are cheaper than these buildings, with comparable finishes (but still struggling to sell).

 

http://www.har.com/mimosa-terrace/highrise_190

 

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http://swamplot.com/leafy-green-mustaches-to-help-latest-planned-mimosa-dr-condo-midrise-blend-in/2016-11-15/

 

http://www.har.com/2240-mimosa--2b/sale_52763564

 

Quote

A REP FROM Citiscape tells Swamplot that the company will be starting up presales for 11 multi-million-dollar condo units in the 7-story midrise it’s planning for 2240 Mimosa Dr. The building would replace the 1965 apartment complex currently occupying the space (half a block east from the corner with Revere St. where that other condo midrise project got tangled in a protracted variance request fight last fall). Citiscape’s chief designer says the project is designed to eventually “fade into the landscape” with the help of some up-the-wall greenery on the facade. Ledges on each of the 6 residential floorsalso appears to support some over-the-edge greens.

Per the current plans, the top floor would be occupied by a single penthouse, while the 5 floors below it would be split into 2 units of 3 bedrooms each. The price tags on those start at just below $2 million for a 4,400 sq.-ft. unit on the 2nd floor; both numbers appear to rise with elevation up to the $2.65 million, 4,486-sq.-ft. units on the 6th story. Here’s one of the layouts currently on display on the trio of HAR listings for the midrise.

The ground floor will be mostly occupied by parking spots.

 

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mimosa-floorplan.jpg

mimosa-floorplan-parking.jpg

 

 

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http://www.bizjournals.com/houston/news/2016/11/18/houston-real-estate-company-sees-bright-future-in.html

 

Sudhoff Cos. sees a bright future in Houston’s luxury condominium market despite the oil slump.



 

Although high-end home sales have slowed during the energy downturn, several Houston developers have partnered with the Houston real estate company to build luxury midrise condo projects across the Bayou City.

 

“We need more,” said Jacob Sudhoff, CEO and founder of Sudhoff Cos. “The market is demanding more.”

 

Citiscape International is planning to build Mimosa Terrace, a seven-story, 11-unit condo project at 2250 Mimosa Drive. Around the corner on the same block, Pelican Builders is planning to build The Revere at River Oaks, a nine-story, 33-unit condo project at 2325 Welch St. Both projects also sit on the same block as Randall Davis Co.’s successful Chateau Ten condominium midrise.

 

Sudhoff said he worked with both Citiscape International and Pelican Builders to ensure they were not in direct competition with each other’s condo projects. The Revere at River Oaks features units ranging in size from 2,720 square feet to 3,900 square feet.

 

On the other hand, units in Mimosa Terrace feature one of the largest floor plans in Houston, averaging more than 4,400 square feet.

 

“We didn’t want them cannibalizing sales from each other,” Sudhoff said.

 

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They will need to hit presales before construction begins. Last time they only presold  1 of 11 units so they redesigned the building with smaller units and didn’t market it for about a year. They also moved sales agencies. Sudhoff was their old agent and they seem to represent all the new high end construction. Not sure any of this will work. Has the builder Citiscsape put up multi-family in Houston before?

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https://citiscapeteam.com/portfolio/

 

 

PAST PROJECTS

  • VISTA MEDICAL CENTER HOSPITAL, PASADENA, TEXAS
  • DYNACQ MEDICAL CENTER COMPLEX, GENERAL AND SPECIALTY HOSPITALS, RESEARCH INSTITUTES AND HOUSING, SHANGHAI, CHINA
  • RIVERSTONE HOSPITAL, SHENANDOAH, TEXAS
  • VISTA SPECIALTY HOSPITAL, SLIDELL, LOUISIANA
  • VISTA SPECIALTY HOSPITAL, BATON ROUGE, LOUISIANA
  • MOBILE INFIRMARY PROFESSIONAL OFFICE BUILDING, MOBILE, ALABAMA
  • HOUSTON ACADEMY OF MEDICINE, HOUSTON, TEXAS
  • HARRIS COUNTY HOSPITAL DISTRICT, HOUSTON, TEXAS
  • VISTA SURGERY CENTER, PASADENA, TEXAS
  • TEXAS MEDICAL CENTER LIBRARY, HOUSTON, TEXAS
  • TEXAS INSTITUTE OF REHABILITATION AND RESEARCH, HOUSTON, TEXAS
  • MOBILE INFIRMARY, OUTPATIENT AND REHABILITATION FACILITIES, MOBILE, ALABAMA
  • BIOMEDICAL RESEARCH CENTER, OZAL MEDICAL CENTER, MALAYTA, TURKEY
  • ALKEK GRADUATE SCHOOL OF BIOMEDICAL SCIENCES, BAYLOR COLLEGE OF MEDICINE, HOUSTON, TEXAS
  • AMARILLO CLINIC AND RESEARCH, AMARILLO, TEXAS
  • RESEARCH AND RESOURCE CENTER, BAYLOR COLLEGE OF MEDICINE, HOUSTON, TEXAS
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  • 39 RIVERSTONE, 26,000 SF RESIDENCE WITH INDOOR STEEL FRAME FACILITY (IN PROGRESS), FORT BEND, TEXAS
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So no condos in their portfolio? It's very different than most of the retail/commercial or even some of the SFH projects they built. It makes the project less certain than if established condo developers were behind it.

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I'm sure there's a very specific market for this kind of building at this price point, but it seems... expensive? There's only about $100k in dirt per unit, so if you subtract that out, it's something like $660/s.f. 

 

This is something like 2-2.5x the density of a typical townhouse 6-pack (in both square footage and dwelling units per acre). If the market-clearing density for high-demand neighborhoods reaches the level where this kind of project becomes common, I think the pricing to would need to come down to the $300-400/sf level (a little above current wood-frame townhouse prices).

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23 minutes ago, Angostura said:

I'm sure there's a very specific market for this kind of building at this price point, but it seems... expensive? There's only about $100k in dirt per unit, so if you subtract that out, it's something like $660/s.f. 

 

This is something like 2-2.5x the density of a typical townhouse 6-pack (in both square footage and dwelling units per acre). If the market-clearing density for high-demand neighborhoods reaches the level where this kind of project becomes common, I think the pricing to would need to come down to the $300-400/sf level (a little above current wood-frame townhouse prices).

 

The prices seem to be pretty well in line with comparable mid- and high-rise buildings in Houston.

 

FWIW, the four units that are listed on HAR are listed at $611.61, $694.20, $659.97, and $949.71 (penthouse) per square foot.

Edited by Houston19514
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2 hours ago, Houston19514 said:

 

The prices seem to be pretty well in line with comparable mid- and high-rise buildings in Houston.

 

 

I think that's right, but I think it's because these buildings serve a very specific niche of the market, for which the added price per s.f. and maintenance fees are justified by convenience/security/service/etc. 

 

Currently the buyer who wants 3 BRs for ~$300/sf is well served by the TH/SFH market (depending on the neighborhood), but there may soon come a time in certain neighborhoods where it's impossible to hit that price point if each unit comes with 2000 s.f. of dirt. At that point, someone with a 10,000 sf lot to develop may choose to build 12 x 2500-sf condos instead of 5 or 6 2500-sf THs. 

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  • 2 months later...

I think that’s an old rendering from the last version of this building. Any update on if they sold a single unit? I am worried about the viability of this building given that it failed to get much interest the last time around. I did hear that the builder wants to occupy an entire floor of this building but it won’t count for presales to get loan.

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  • Highrise Tower changed the title to Mimosa Terrace, Proposed 7-Story, 11-Unit Condo Building
  • 5 months later...
  • 1 month later...
  • Highrise Tower changed the title to Mimosa Terrace: Proposed 7-Story Condo Building

I know there's a market for these units at this price point, but the price per s.f. on these developments never ceases to amaze.

At $4.3M for 4300 sf, you're paying almost twice the going rate per s.f. for single-family houses on generously sized lots within a couple blocks. And for the $2600/month in condo fees, you could pay someone to pick up the mail and handle the yard work.

 

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1 hour ago, Angostura said:

I know there's a market for these units at this price point, but the price per s.f. on these developments never ceases to amaze.

At $4.3M for 4300 sf, you're paying almost twice the going rate per s.f. for single-family houses on generously sized lots within a couple blocks. And for the $2600/month in condo fees, you could pay someone to pick up the mail and handle the yard work.

 

Most people who move to condos don't do it for the money. It's not whether it's more or less than your SF residence was, it's "condo life".

As someone who made the house>condo move a couple years ago, I can tell you from talking to my fellow residents, there is not one single person who factored money into the equation. It's the lock & leave lifestyle, it's security concerns, it's having packages accepted for you 24/7, it's not having to worry about the roof or the A/C or the yard or the pool or floods... or anything.

Maybe at some price point, or in some parts of the country, condo vs SFH is a real debate. But in the upper end segment of Houston condos, it's a lifestyle choice, not a $$$ one.

Just my .02

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On 1/18/2021 at 12:13 PM, astrohip said:

Most people who move to condos don't do it for the money. It's not whether it's more or less than your SF residence was, it's "condo life".

As someone who made the house>condo move a couple years ago, I can tell you from talking to my fellow residents, there is not one single person who factored money into the equation. It's the lock & leave lifestyle, it's security concerns, it's having packages accepted for you 24/7, it's not having to worry about the roof or the A/C or the yard or the pool or floods... or anything.

Maybe at some price point, or in some parts of the country, condo vs SFH is a real debate. But in the upper end segment of Houston condos, it's a lifestyle choice, not a $$$ one.

Just my .02

 

I understand the dynamic, it's just the opposite of the way things work in (actually dense) cities where land value drives the economics. In places where 90% of the population lives in a multi-family building, where floor area ratios are seldom below 4.0, an apartment being more expensive than a standalone house would be unthinkable. 

I'm guessing the demand curve is very steep. Doing a very small number of these probably means each one is very profitable (that penthouse alone is probably a 7-figure profit to the developer), but once you get beyond the people for whom it's a lifestyle choice, the market-clearing price drops a lot.

 

 

 

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Another thing to consider is how big of a house do people want?  If you don't want 3,000 square feet, your options in River Oaks are pretty limited. In the part of river Oaks between Shepherd and Kirby I only find 5, two of which are marketed for lot value.  The per square foot asking price of the other three:  

$641.03

$763.51

$570.38 (and probably needs updating, for most buyers)

If one wants to stay under 2,000 square feet (the size of the first Mimosa Terrace example), your only option in River Oaks is to buy a lot or a tear-down and build. In the area between Shepherd and Kirby that will run you anywhere from $825,000 to $1.9 Million.  For a 1,947 square foot residence (the size of the Mimosa Terrace example), that puts you at $423.73 - $975.86/square foot before construction.

I also don't think Houston's prices of condos vs single-family are particularly unusual compared to other cities.  It is almost certainly hyperbole to say that an apartment being more expensive (per square foot) than a standalone house would be unthinkable in other (actually dense) cities. For example, apartments selling for higher prices per square foot than nearby single-family residences in Chicago is clearly not unthinkable.

Edited by Houston19514
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