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Drewery Place: Multifamily High-Rise At 2850 Fannin St.


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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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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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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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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.

 

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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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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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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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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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9 hours ago, BigFootsSocks said:

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. 

 

Except that he's not just CEO.  He's the CEO and Owner, using his own capital.  No investors or lenders to appease or impress.

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9 hours ago, H-Town Man said:

 

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.

 

 

apologies then.

 

Your logic is still flawed: (rise, post, 2222 smith, camden midtown, etc) some of the largest developments in midtown up until recently are all within your radius of the freeway in midtown. 

 

I'd be happy to continue the discussion in another thread, just let me know where.

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40 minutes ago, Houston19514 said:

 

Except that he's not just CEO.  He's the CEO and Owner, using his own capital.  No investors or lenders to appease or impress.

Ok, good for him, but he's entering into a market that he's never worked in before, and as an owner, that further proves what I was trying to say; he's smart and knows that being abrasive will drum up interest in the project, but let's not entertain the notion that he's ignoring market trends and basic economic logic, and somehow believe that's a good sign. He's unproven and we should be cautious about this project.

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2 hours ago, BigFootsSocks said:

Ok, good for him, but he's entering into a market that he's never worked in before, and as an owner, that further proves what I was trying to say; he's smart and knows that being abrasive will drum up interest in the project, but let's not entertain the notion that he's ignoring market trends and basic economic logic, and somehow believe that's a good sign. He's unproven and we should be cautious about this project.

 

You're putting words in his mouth.  All the article says is: 

"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.""

 

Nowhere has anyone claimed that he ignores market trends and basic economic logic.

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12 hours ago, H-Town Man said:

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."

 

15 minutes ago, Houston19514 said:

 

You're putting words in his mouth.  All the article says is: 

"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.""

 

Nowhere has anyone claimed that he ignores market trends and basic economic logic.

 

I wasn't so much addressing Mr. Russo as I was addressing what Htown Man said; though by "putting words in his mouth" I assume you mean "smart enough to analyze what Mr. Russo said and why he said it I that specific way"? 

Edited by BigFootsSocks
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12 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?

 

 

I hope not. That Art Supply store has some character and it would be nice to have that in Midtown permanently.

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1 hour ago, BigFootsSocks said:

 

 

I wasn't so much addressing Mr. Russo as I was addressing what Htown Man said; though by "putting words in his mouth" I assume you mean "smart enough to analyze what Mr. Russo said and why he said it I that specific way"? 

 

Please enlighten us.  Why did Mr. Russo say what he said in that specific way at that specific time?  ;-)

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