Urbannizer

Australian Developer Planning Three High-Rises for Midtown

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Urbannizer    33,406

http://caydon.com.au/portfolio-newsletter-overview-from-joe-russo/

 

Further exciting news, Caydon is expanding to International markets. I am pleased to have purchased a site in Houston, Texas, over the Christmas break to develop a 24 level development. The site was a no brainer - great location close to amenity, transport and infrastructure. We are working with some of America’s best architects to ensure the renowned Caydon quality is carried over to the US, we anticipate construction will commence later this year.

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UtterlyUrban    1,525

Wow!

 

residential highrise in mid-town?  And, a shorter building with 600 apartments across the street?

 

Close to "amenities and transportation". .......any guesses on what lots we are talking about here?  

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cspwal    2,140

Looking at Google earth of Midtown, the two most obvious blocks are the two blocks bounded by Webster, Gray, Austin, and Crawford.  They have been green field for a while, and I'm not aware of any projects around there that have been announced.  There aren't many other dual vacant blocks; the ones next to Wheeler station had that announced project a while back.

A good spot if they are tearing down parking lot and old buildings might be the blocks between Anita, Rosaile, Milam, and Main or Main, Anita, Drew, and Fannin.  There's still plenty of spots in midtown, but two vacant blocks do seem to be in short supply 

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Triton    9,105
18 minutes ago, cspwal said:

Webster, Gray, Austin, and Crawford.

 

Sounds right. We've been hearing rumors about these lots for years.

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Avossos    1,069
45 minutes ago, Triton said:

 

Sounds right. We've been hearing rumors about these lots for years.

 

I don't believe this "sounds right"...

 

I would imagine it would be much closer to the light right and ground floor retail.

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H-Town Man    2,298

I would think those two blocks on Gray would be very risky for a highrise with GFR. My guess is that it's somewhere near but west of Main.

 

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cloud713    3,580

Interesting (but awesome!) that the 350 unit building would be 24-28 stories.. 600 units on one block, with a piazza, seems like a pretty dense development.

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cspwal    2,140

Maybe the block across Main? I doubt the townhouses would be knocked down.

 

Maybe it's the CVS at Elgin and Main????

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Triton    9,105
3 hours ago, Avossos said:

 

I don't believe this "sounds right"...

 

I would imagine it would be much closer to the light right and ground floor retail.

 

My money goes on some location around Sears or one of the W Gray lots.. Let's see where it ends up!

 

Edit: Perhaps Alexan sold their site. We had heard rumors the gas station would be torn down and that an 11 story apartment complex was going up across the street from the old Central Bank Building. It's been fenced up ever since that rumor came out.

Edited by Triton
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LarryDierker    3,169

The "small block" is mcdonalds. The "across the street" block is the greyhound station.

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Nole23    1,386

^ Nice find!

 

So I'd imagine they'll be knocking those buildings down that currently occupy the lots.

Edited by Nole23
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cspwal    2,140
Quote

It is also a short five minute tram ride to the Medical Precinct,

:D

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cspwal    2,140

More seriously, It looks like it is currently the home of Art Supply, which is one of the only hard goods retail spot in Midtown on Main street

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corbs315    333
3 minutes ago, Nole23 said:

^ Nice find!

 

So I'd imagine they'll be knocking those buildings down that currently occupy the lots.

 

Any possibility of east midtown development will get me sleuthing.

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htownproud    263

I hope they wait to knock any buildings down until this project is a firm go with all financing.  The project sounds great, but seems a bit ambitious in the current market, so would hate to have another empty lot along the rail line if it fails through.   

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swtsig    2,326

well the link above specifically mentions that the project is being timed to coincide with the lull in multifamily deliveries anticipated to occur in 2017 and 2018 so it sounds like they understand the market at least somewhat well. be curious to see if they carry through with it - it would be great to get some new perspective on development here.

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Urbannizer    33,406
1 hour ago, corbs315 said:

See page 11 of this newletter; appears to be next to the superblock (and only minutes away from the Medical Precinct!):

 

http://caydon.com.au/wp-content/uploads/2016/03/COR084-Portfolio-Newsletter-March-2016_DIGITAL_2.pdf?utm_campaign=CAY-General&utm_source=Caydon-EDM&utm_medium=Button&utm_content=View-Full-Newsletter_March-2016-Portfolio-Newsletter

 

Edit:  Between Art Bar and Greensheet along Main.

 

 

Via Streetview:

26175594524_63987e3aa0_b.jpg

 

26175594394_0c90dc1024_h.jpg

 

26756143456_e0025afde3_h.jpg

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hindesky    19,386
2 hours ago, Urbannizer said:

 

Via Streetview:

26175594524_63987e3aa0_b.jpg

 

26175594394_0c90dc1024_h.jpg

 

26756143456_e0025afde3_h.jpg

I was going to guess the Sears and the surface lot next door, but this makes more sense.

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Triton    9,105
3 minutes ago, hindesky said:

I was going to guess the Sears and the surface lot next door, but this makes more sense.

Same but this works too!

 

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Montrose1100    2,741

600 units on one of those blocks with a Piazza? Over exaggeration of the word or a very tall tower. 

Edited by Montrose1100
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cloud713    3,580
8 minutes ago, Montrose1100 said:

600 units on one of those blocks with a Piazza? Over exaggeration of the word or a very tall tower. 

 

My thoughts exactly.. Even if there wasn't a piazza on the same block, 600 units is way more than any other single block development I can think of.. The design/layout of the site should be very interesting. Maybe the piazza would be tucked underneath an elevated structure?

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H-Town Man    2,298

"Caydon's experience in building successful apartment developments

in strategic locations in Melbourne makes them the ideal developer

for these projects."

 

Ummm... I guess. Kind of a strange sentence. Hope we're not being played like those three buildings in south downtown, Sky, Rise, and Edge, or whatever they were. Huey, Duey, and Louie.

 

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samagon    2,204
22 hours ago, H-Town Man said:

Damn light rail doesn't attract any development...

 

and the pierce elevated stifles any development in midtown

Edited by samagon
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cspwal    2,140

It's like a river keeping high rises out of midtown

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cloud713    3,580

Right? Save the Pierce! It will protect our precious Midtown from those scary high rises. Heh..

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H-Town Man    2,298
5 hours ago, samagon said:

 

and the pierce elevated stifles any development in midtown

 

No one ever said "any." But it makes it less than what it could be, especially within 3-4 blocks of the freeway.

 

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UtterlyUrban    1,525

Gosh, I hope that this Aussie is serious.... "Build baby, build."

 

perhaps he he could buy those two prime residential highrise lots in downtown from Mr. Campo and actually build something on them before 25 years goes by.

 

 

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samagon    2,204
1 hour ago, H-Town Man said:

 

No one ever said "any." But it makes it less than what it could be, especially within 3-4 blocks of the freeway.

 

You're right. Planning to build 1000 units on 1.5 blocks is definitely less than it could be. Where's the rolleyes icon?

 

The tallest residential tower in Houston (not even finished yet), Market Square Tower, it's 40 stories and 'only' has 463 units http://www.bizjournals.com/houston/news/2014/07/16/new-details-revealed-in-market-square-tower.html true it's on half a block, but my point stands, you'd have to have something of the similar height to market square tower over 3x the land area. And you're saying that it's less than it could be?

 

as I said, rolleyes. Like really, it hurts they're rolling so hard.

 

honestly, what this developer is proposing, I'll believe it when the dirt starts turning, pierce elevated or no.

Edited by samagon

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phillip_white    899

How am I supposed to drink alone in Nouveau bar with two high rises next door? Gentrification at its worst.

Edited by phillip_white
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lockmat    1,965
18 hours ago, H-Town Man said:

"Caydon's experience in building successful apartment developments

in strategic locations in Melbourne makes them the ideal developer

for these projects."

 

Ummm... I guess. Kind of a strange sentence. Hope we're not being played like those three buildings in south downtown, Sky, Rise, and Edge, or whatever they were. Huey, Duey, and Louie.

 

 

So far I don't see any reason to believe it's not legit. The information we have is not from a developer website but from two independent news sources.

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lockmat    1,965

We missed some other important quotes from the article! Self funding and commencing in November!:

 

In Houston, Mr Russo said, there are good profits to be made. "There's no zoning at all like there is in Melbourne. You go through a planning authority but it's pretty straightforward. I bought my first site in January and will commence construction in November."

 

"There are no off-the-plan sales. I will build the tower, lease it up and then sell the apartments to a pension fund in one line. For me it's like a working holiday."

 

He said the US developments were being funded from his own capital, plus mezzanine and senior debt. "I'm also looking at opportunities in Seattle."



Read more: http://www.afr.com/real-estate/joe-russo-buys-in-houston-as-melbourne-opportunities-run-dry-20160317-gnlfqw#ixzz47dPcQBid 
Follow us: @FinancialReview on Twitter | financialreview on Facebook

 

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H-Town Man    2,298
6 hours ago, samagon said:

You're right. Planning to build 1000 units on 1.5 blocks is definitely less than it could be. Where's the rolleyes icon?

 

The tallest residential tower in Houston (not even finished yet), Market Square Tower, it's 40 stories and 'only' has 463 units http://www.bizjournals.com/houston/news/2014/07/16/new-details-revealed-in-market-square-tower.html true it's on half a block, but my point stands, you'd have to have something of the similar height to market square tower over 3x the land area. And you're saying that it's less than it could be?

 

as I said, rolleyes. Like really, it hurts they're rolling so hard.

 

honestly, what this developer is proposing, I'll believe it when the dirt starts turning, pierce elevated or no.

 

The "it" in my "less than what it could be" was overall Midtown development, not this particular development. The phrase "especially within 3-4 blocks of the freeway" should have made that clear, but you may have been already excitedly typing your reply before you read that part of the sentence.

 

Edited by H-Town Man

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H-Town Man    2,298

Here's another article. I'm starting to like this guy.

 

http://www.theaustralian.com.au/business/property/speed-key-to-driving-inner-city-success/story-fn9656lz-1226722231280

 

Russo says he doesn't take notice of cycles, noting inner-city areas are always in demand.

"I don't want to have to rely on up cycles to be able to trade. I like to always have something to sell, and those locations have proven to me that they sell whether the market is good or bad."

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BigFootsSocks    2,852

Anyone taking that comment as anything more than your typical CEO rhetoric to appease investors obviously doesn't understand the importance of overly enthusiastic optimism. Of course he takes a look at cycles, of course he watches whether the market is good or bad; you don't become the CEO of a billion dollar company by ignoring basic market economics. He's gotta sell this new (international) market to investors, and on a surface-level it may look brash and spontaneous and sexy, but be realistic; we're smarter than this. 

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OkieEric    452

I drove by this site tonight on Fannin and saw some "Common Ground" signs (which are also visible in Street View).  Here is the flier for the listings:

 

https://www.dropbox.com/s/x63d4xugyutyaw6/Midtown.3.Acres.pdf?dl=0

 

Ybt4D4b.png

 

Undoubtedly the block on the lower left is the one indicated in the Caydon brochure, but from this it looks like that Art Supply building wasn't part of the deal?

 

 

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79ta    50
29 minutes ago, H-Town Man said:

 

Melbourne.

 

 

online. google just brings up stuff about an actor.

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UtterlyUrban    1,525
6 hours ago, OkieEric said:

I drove by this site tonight on Fannin and saw some "Common Ground" signs (which are also visible in Street View).  Here is the flier for the listings:

 

https://www.dropbox.com/s/x63d4xugyutyaw6/Midtown.3.Acres.pdf?dl=0

 

Ybt4D4b.png

 

Undoubtedly the block on the lower left is the one indicated in the Caydon brochure, but from this it looks like that Art Supply building wasn't part of the deal?

 

 

This is great info.  Thank you.  Seems that if he purchased all of this then building the density he describes can be done (especially if Drew street is abandoned.

 

poor Drew, his street is slowly being circumcised.  

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