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Australian Developer Planning Five High-Rises for Midtown

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5 hours ago, mattyt36 said:

Anyone know what the monthly maintenance fees are like in a high rise condo building? I just don’t think the math works out in Houston. Have been reading profiles such as these for 2 decades and it’s always people in their mid-50s after kids leave. And they also seem to always be realtors.

 

The only high rise that seemed to make no brainer economic sense to me based on numbers presented was that one in EaDo with the micro units. 

 

Otherwise high rise rentals here seemed to be price (relatively) affordably. Do the developers assume the building flipping to a condo down the road? Are there any examples of high rise rentals flipping to condos here?

High rise condo fees can range widely based on the age of the building, etc.  

 

a yardstick only: $0.75 psf is a good placeholder.  That yardstick is absolutely wrong in virtually every case.  Some buildings will be a buck.  Others half a buck.  Newer buildings tend to be cheaper than older ones.  Buildings with a ton of amenities will be much more expensive than those that don’t.  Highrises are more than mid-rises.  So, all that said....... 1500 sqft hig rise will be “around” $1000 per month for the HOA.  

 

The HAR app will let you look at various buildings around town and get a sense of HOA cost PSF.

 

 

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7 hours ago, mattyt36 said:

Anyone know what the monthly maintenance fees are like in a high rise condo building? I just don’t think the math works out in Houston. Have been reading profiles such as these for 2 decades and it’s always people in their mid-50s after kids leave. And they also seem to always be realtors.

 

The only high rise that seemed to make no brainer economic sense to me based on numbers presented was that one in EaDo with the micro units. 

 

Otherwise high rise rentals here seemed to be price (relatively) affordably. Do the developers assume the building flipping to a condo down the road? Are there any examples of high rise rentals flipping to condos here?

3333 Allen Parkway (The Royalton) was originally rental units, and then switched to condos after about five years.  

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I looked seriously into buying in a high rise at one time. I found that most of the ones I was looking at were very close to 0.75 a sf for maintenance. It didn't make any sense to me at the time. To me it was a very high price to pay in order to not have to maintain a house. That plus no yard and having to get in an elevator to take the dogs out were just too much for me. I would love the views but the cost and inconvenience were just too high. You can pretty much get a standalone house in the same area for half the payment. 

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On 3/7/2019 at 12:17 AM, mattyt36 said:

Anyone know what the monthly maintenance fees are like in a high rise condo building? I just don’t think the math works out in Houston. Have been reading profiles such as these for 2 decades and it’s always people in their mid-50s after kids leave. And they also seem to always be realtors.

 

The only high rise that seemed to make no brainer economic sense to me based on numbers presented was that one in EaDo with the micro units. 

 

Otherwise high rise rentals here seemed to be price (relatively) affordably. Do the developers assume the building flipping to a condo down the road? Are there any examples of high rise rentals flipping to condos here?

 

On 3/7/2019 at 5:49 AM, UtterlyUrban said:

High rise condo fees can range widely based on the age of the building, etc.  

 

a yardstick only: $0.75 psf is a good placeholder.  That yardstick is absolutely wrong in virtually every case.  Some buildings will be a buck.  Others half a buck.  Newer buildings tend to be cheaper than older ones.  Buildings with a ton of amenities will be much more expensive than those that don’t.  Highrises are more than mid-rises.  So, all that said....... 1500 sqft hig rise will be “around” $1000 per month for the HOA.  

 

The HAR app will let you look at various buildings around town and get a sense of HOA cost PSF.

 

 

 

it's hardly ever a dollar/cents kind of thing though, sure you are paying $1000 on top of your $2000 mortgage (probably higher even), which would get you the better part of a $600,000 home. that's a lot of home in a lot of places in Houston.

 

but then, you have to consider amenities. does that $600,000 home come with concierge/security? how about a trash service? do you have an onsite dry cleaner? lawn care? common area and a pool?

 

If you're considering a bungalow in the Heights for ~$600,000, a palace out in Katy, or a condo in midtown, that condo can start looking really nice.

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I found this article from back in November 2018 in which Joe Russo was interviewed by BisNow.  I thought his discussion of getting financing was interesting--basically,  there isn't much appetite to directly finance multifamily development back in Australia so "condos" are developed to be owned and rented out by various individual investors:

 

https://www.bisnow.com/houston/news/multifamily/exclusive-whyjoe-russochose-houston-seattle-over-the-typical-developer-route-in-new-york-la-and-miami-94610

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3 hours ago, houstontexasjack said:

https://imgur.com/gallery/6wdLbGQ

 

Got this shot walking across the bridge on MacGregor. Caydon’s tower is now quite prominent and looks like an extension of the Downtown skyline.

Within the next year to two years, 3300 Main, The Texas Tower, and maybe two more Caydons will be visible from this angle. It's going to be fun.

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On 3/15/2019 at 6:33 PM, houstontexasjack said:

I found this article from back in November 2018 in which Joe Russo was interviewed by BisNow.  I thought his discussion of getting financing was interesting--basically,  there isn't much appetite to directly finance multifamily development back in Australia so "condos" are developed to be owned and rented out by various individual investors:

 

https://www.bisnow.com/houston/news/multifamily/exclusive-whyjoe-russochose-houston-seattle-over-the-typical-developer-route-in-new-york-la-and-miami-94610

 

This is true in most of the world. The common practice in the US, where a single owner owns an entire large (200+ units) multifamily project is very uncommon in other parts of the world. 

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One great thing this image points out is the power of perspective. In this image it appears that the Wells Fargo building is much taller than the Chase building. Now we all know that 

the Chase is 5 floors taller, and definitely the tallest building in Houston. Since the Wells Fargo is much closer to us it creates the illusion of looking taller than the Chase. This is something you have to remember to take into consideration when looking at renderings and recognizing which building is closer, which will obviously make that building seem much taller than it really is. I know most understand this but I felt like there are some that might not have that understanding, and this clearly illustrates this optic.

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https://lanewaysmidtown.com/?cf_su=1&cf_id=95

 

Caydon, one of Australia’s leading lifestyle developers, presents a new vision for Houston, inspired by the iconic streets of Melbourne.



 

High-rise multi-family residences, condominiums, a boutique hotel, food and beverage outlets, health and wellbeing offerings, green spaces and laneways will all come together in a beautiful mix of culture and community in the heart of Midtown.

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Interesting.   I dig that Caydon is embracing ground floor retail throughout the site to build a mini-community folks can walk through.  From this overview, it looks as though there might be four distinct structures north of the currently-under-construction highrise.  I'm quite curious to see what Caydon does with these smaller footprints.

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Posted (edited)
10 minutes ago, H-Town Man said:

Do we know what Midtown Arcade is? I know they are trying to renovate the Greenstreet building there.

 

Arcades in Australia refer to alleyways that are either built or converted to house shops, bars, restaurants, entertainment, etc. They're also alternatively called laneways. 

 

Arcades https://www.google.com/search?tbm=isch&source=hp&biw=1280&bih=720&ei=bnORXLrtJ_GV_Qamt63IBw&q=melbourne+arcade&oq=melbourne+arcade&gs_l=img.3..0j0i8i30l9.1506.4727..5209...0.0..0.186.1121.14j2......1....1..gws-wiz-img.....0..35i39.E1kicH3JnAk

 

Laneways https://www.google.com/search?biw=1280&bih=720&tbm=isch&sa=1&ei=dHORXLqfFIyO5wKu7ZmwBg&q=melbourne+laneways&oq=melbourne+laneways&gs_l=img.3..0l3j0i5i30j0i8i30l2j0i24l4.98803.100222..100440...0.0..0.109.673.7j1......1....1..gws-wiz-img.cp6qSd3RxhE

 

 

Edited by Sellanious Caesar
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From the brochure:

 

”Five towers will form the foundation of this residential community with exciting retail offerings on the ground floor.” (emphasis added).

 

What constitutes a tower? At least 10 stories?

 

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Really, really, really love this site layout. This formula, mid-rise buildings framing narrow pedestrian streets with fine-grained retail, is basically what the good parts of every tourist destination city look like. The mid-rise buildings just happen to have towers on top of them. If you're going to build on a super-block, this is a good way to do it.

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1 minute ago, Angostura said:

 

Really, really, really love this site layout. This formula, mid-rise buildings framing narrow pedestrian streets with fine-grained retail, is basically what the good parts of every tourist destination city look like. The mid-rise buildings just happen to have towers on top of them. If you're going to build on a super-block, this is a good way to do it.

 

You don't have to look very far to see a bad way to do it. Glad things are improving in Midtown.

 

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15 hours ago, bobruss said:

One great thing this image points out is the power of perspective. In this image it appears that the Wells Fargo building is much taller than the Chase building. Now we all know that 

the Chase is 5 floors taller, and definitely the tallest building in Houston. Since the Wells Fargo is much closer to us it creates the illusion of looking taller than the Chase. This is something you have to remember to take into consideration when looking at renderings and recognizing which building is closer, which will obviously make that building seem much taller than it really is. I know most understand this but I felt like there are some that might not have that understanding, and this clearly illustrates this optic.

 

while Chase has 5 more floors, WellsFargo is in actuality only 10 feet shorter than the Chase building. 1002', and 992' respectively.

 

even if these buildings were right next to each other, it would be hard to distinguish which was taller

 

but yeah, perspective sure can mess with a person's mind, and if I didn't know better, I'd think the WF was bigger.

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More details from the brochure:

 

Construction of Laneways’ first residential tower will be completed this summer. It will comprise a broad mix of studios and one and two bedroom apartments for lease.

 

The four future phases of Laneways are: three multi-family buildings and a condominium project.

 

Caydon’s partnership with a well-known US hotel operator will herald the rise of Midtown’s first boutique hotel.

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Hopefully this will be the new paradigm in Midtown and Downtown.

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I'm curious as to what type of hotel might go here.  The brochure mentions a "well-known US hotel operator," but also describes the hotel as "boutique."  I think the Hyatt Centric brand might fit that description.

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Posted (edited)
5 minutes ago, houstontexasjack said:

I'm curious as to what type of hotel might go here.  The brochure mentions a "well-known US hotel operator," but also describes the hotel as "boutique."  I think the Hyatt Centric brand might fit that description.

 

ACE Hotel?! (please)

 

or some sort of Wyndham?

Edited by Avossos
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I doubt it will happen but maybe our third Zaza?

 

 

Also super excited that they are looking at doing projects all over town!

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17 hours ago, Urbannizer said:

https://product.costar.com/home/news/shared/776417961

 

Sounds like phase II will consists of three high-rises, with the last being built at a later date.

 

 

caydon-property-houston.png

Nearly 20 years ago when my wife and I were early settlers in Post by Midtown square, we never envisioned Midtown looking so GREEN with livable and walkable areas!  

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On 3/19/2019 at 5:21 PM, Urbannizer said:

The buildings along McGowen (The Greensheet, Leon’s Lounge, Kim Tai) aren’t on this layout.  Is Caydon planning to commandeer the rest of this block or is the diagram deceiving?  I notice it says “TO McGowen St.” on the right side).

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On 3/19/2019 at 5:21 PM, Urbannizer said:

The buildings along McGowen (The Greensheet, Leon’s Lounge, Kim Tai) aren’t on this layout.  Is Caydon planning to commandeer the rest of this block or is the diagram deceiving?  I notice it says “TO McGowen St.” on the right side).

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My guess is that Leon's Lounge etc remain in place, and the build-out just covers the current parking lot behind these structures.  The block on the far right in the diagram is slightly smaller than the two on the left, while the actual Dennis-Main-McGowan block is wider than the blocks immediately south, so there is room.

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Posted (edited)
On 2/18/2019 at 10:21 AM, Houston19514 said:

I think this is going to be rentals.  My impression is that, to the extent they use the word "condominium" at all in Australia, it does not necessarily mean ownership as it does to us here in the US.

 

Confirmed.  From ad in Houstonia magazine:  Drewery Place at Laneways Now Leasing in Midtown.  (link doesn't seem to work yet)
Drewery Place at Laneways

Edited by Houston19514
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13 hours ago, houstontexasjack said:

Here’s the ad in Houstonia:

 

https://imgur.com/gallery/q0YuufU

 

I’m surprised the leasing site for it isn’t operational.

 

 

Texting the number in your image leads you here:

https://knockrentals.com/community/977e1c7a6267711e/apartment/rental/houston

 

I might be scheduling a tour... 😄

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I like that the podium is wrapped with apartments like the Catalyst as opposed to being just a bare parking garage like 90% of highrises

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Sorry about the pictures in this thread, guys.

 

A company called Large Arts in Collingwood, Australia demands that we not show renderings of this property:

 

Quote

We have not authorised you to reproduce those images, and unfortunately, the continuing use of those images on your website has the potential to damage one of our client’s most important client relationships, and increases the risk of financial loss. As such, we demand that you remove this content immediately. Given the urgency of this situation, and the fact that we do not know how you will deal with this demand, we have instructed our lawyers to begin drafting a takedown notice which will be sent to your Internet Service Provider shortly. We hope that you will act on this demand quickly, and that it will not be necessary to send this notice to your ISP.

 

There's a lot of things I could say about this, but since I'm not the owner of this site, I will keep my thoughts to myself.

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