Popular Post Urbannizer Posted May 2, 2016 Popular Post Share Posted May 2, 2016 Drewery Place, Phase I: Phase II (now known as Laneways Midtown) : https://skyrisecities.com/database/projects/district Quote Melbourne high-rise developer Joe Russo has secured two development sites in Houston, Texas, with plans for about 1000 apartments. He paid about US$8 million ($10.5 million) for a small block in Houston's "latte and laptop" mid-town district with plans for more than 350 apartments over 28 levels. Russo told the Australian Financial Review it had an end value of about $228 million. He has also bought a second site across the road that will hold more than 600 apartments, with plans including shops and a piazza. "I looked at five cities in the US and fell in love with Houston," he said. "It's a growing city with 6.5 million people, the biggest medical precinct in the US. In the midtown area where I have acquired my sites, there's a lot of gentrification going on with bars and restaurants opening up and a new light rail in operation." 16 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted May 2, 2016 Author Share Posted May 2, 2016 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. 8 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted May 2, 2016 Share Posted May 2, 2016 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? 3 Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted May 2, 2016 Share Posted May 2, 2016 "Latte and laptop District" Lol sorry Midtown'ers 4 Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 2, 2016 Share Posted May 2, 2016 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 1 Quote Link to comment Share on other sites More sharing options...
Triton Posted May 2, 2016 Share Posted May 2, 2016 18 minutes ago, cspwal said: Webster, Gray, Austin, and Crawford. Sounds right. We've been hearing rumors about these lots for years. 2 Quote Link to comment Share on other sites More sharing options...
Popular Post H-Town Man Posted May 2, 2016 Popular Post Share Posted May 2, 2016 Damn light rail doesn't attract any development... 13 Quote Link to comment Share on other sites More sharing options...
Avossos Posted May 2, 2016 Share Posted May 2, 2016 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. 2 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 2, 2016 Share Posted May 2, 2016 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. Quote Link to comment Share on other sites More sharing options...
cloud713 Posted May 2, 2016 Share Posted May 2, 2016 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. 4 Quote Link to comment Share on other sites More sharing options...
urbanize713 Posted May 2, 2016 Share Posted May 2, 2016 Could this be the project next to MATCH? Only question would be which is the other block he is referring to? Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 2, 2016 Share Posted May 2, 2016 Maybe the block across Main? I doubt the townhouses would be knocked down. Maybe it's the CVS at Elgin and Main???? Quote Link to comment Share on other sites More sharing options...
Triton Posted May 2, 2016 Share Posted May 2, 2016 (edited) 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 May 2, 2016 by Triton 2 Quote Link to comment Share on other sites More sharing options...
LarryDierker Posted May 2, 2016 Share Posted May 2, 2016 The "small block" is mcdonalds. The "across the street" block is the greyhound station. 7 1 Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 2, 2016 Share Posted May 2, 2016 We can dream 2 Quote Link to comment Share on other sites More sharing options...
Popular Post corbs315 Posted May 2, 2016 Popular Post Share Posted May 2, 2016 (edited) 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. Edited May 2, 2016 by corbs315 11 Quote Link to comment Share on other sites More sharing options...
Nole23 Posted May 2, 2016 Share Posted May 2, 2016 (edited) ^ Nice find! So I'd imagine they'll be knocking those buildings down that currently occupy the lots. Edited May 2, 2016 by Nole23 2 Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 2, 2016 Share Posted May 2, 2016 Quote It is also a short five minute tram ride to the Medical Precinct, 1 Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 2, 2016 Share Posted May 2, 2016 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 1 Quote Link to comment Share on other sites More sharing options...
corbs315 Posted May 2, 2016 Share Posted May 2, 2016 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. 1 Quote Link to comment Share on other sites More sharing options...
HtownWxBoy Posted May 2, 2016 Share Posted May 2, 2016 Awesome news Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted May 2, 2016 Share Posted May 2, 2016 Very interesting. Always nice to get a fresh developer, and a highrise in Midtown. 1 Quote Link to comment Share on other sites More sharing options...
htownproud Posted May 2, 2016 Share Posted May 2, 2016 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. Quote Link to comment Share on other sites More sharing options...
swtsig Posted May 2, 2016 Share Posted May 2, 2016 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. 2 Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted May 2, 2016 Author Share Posted May 2, 2016 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: 5 Quote Link to comment Share on other sites More sharing options...
hindesky Posted May 3, 2016 Share Posted May 3, 2016 2 hours ago, Urbannizer said: Via Streetview: I was going to guess the Sears and the surface lot next door, but this makes more sense. 1 Quote Link to comment Share on other sites More sharing options...
Triton Posted May 3, 2016 Share Posted May 3, 2016 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! 1 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted May 3, 2016 Share Posted May 3, 2016 (edited) 600 units on one of those blocks with a Piazza? Over exaggeration of the word or a very tall tower. Edited May 3, 2016 by Montrose1100 4 Quote Link to comment Share on other sites More sharing options...
cloud713 Posted May 3, 2016 Share Posted May 3, 2016 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? Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 3, 2016 Share Posted May 3, 2016 "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. Quote Link to comment Share on other sites More sharing options...
samagon Posted May 3, 2016 Share Posted May 3, 2016 (edited) 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 May 3, 2016 by samagon 8 Quote Link to comment Share on other sites More sharing options...
cspwal Posted May 3, 2016 Share Posted May 3, 2016 It's like a river keeping high rises out of midtown 1 Quote Link to comment Share on other sites More sharing options...
cloud713 Posted May 3, 2016 Share Posted May 3, 2016 Right? Save the Pierce! It will protect our precious Midtown from those scary high rises. Heh.. 2 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 3, 2016 Share Posted May 3, 2016 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. Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted May 3, 2016 Share Posted May 3, 2016 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. 3 Quote Link to comment Share on other sites More sharing options...
samagon Posted May 3, 2016 Share Posted May 3, 2016 (edited) 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 May 3, 2016 by samagon 1 Quote Link to comment Share on other sites More sharing options...
phillip_white Posted May 3, 2016 Share Posted May 3, 2016 (edited) How am I supposed to drink alone in Nouveau bar with two high rises next door? Gentrification at its worst. Edited May 3, 2016 by phillip_white 4 Quote Link to comment Share on other sites More sharing options...
lockmat Posted May 3, 2016 Share Posted May 3, 2016 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. 1 Quote Link to comment Share on other sites More sharing options...
j_cuevas713 Posted May 3, 2016 Share Posted May 3, 2016 This is EXACTLY what this part of Midtown needs! 2 Quote Link to comment Share on other sites More sharing options...
lockmat Posted May 3, 2016 Share Posted May 3, 2016 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 7 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 4, 2016 Share Posted May 4, 2016 (edited) 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 May 4, 2016 by H-Town Man Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 4, 2016 Share Posted May 4, 2016 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." 2 Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted May 4, 2016 Share Posted May 4, 2016 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. 3 Quote Link to comment Share on other sites More sharing options...
OkieEric Posted May 4, 2016 Share Posted May 4, 2016 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 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? 1 Quote Link to comment Share on other sites More sharing options...
79ta Posted May 4, 2016 Share Posted May 4, 2016 where can his existing towers be seen? Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 4, 2016 Share Posted May 4, 2016 9 minutes ago, 79ta said: where can his existing towers be seen? Melbourne. 1 Quote Link to comment Share on other sites More sharing options...
79ta Posted May 4, 2016 Share Posted May 4, 2016 29 minutes ago, H-Town Man said: Melbourne. online. google just brings up stuff about an actor. Quote Link to comment Share on other sites More sharing options...
nate4l1f3 Posted May 4, 2016 Share Posted May 4, 2016 1 hour ago, 79ta said: online. google just brings up stuff about an actor. http://caydon.com.au/ that's the property group if I'm not mistaken 2 Quote Link to comment Share on other sites More sharing options...
nate4l1f3 Posted May 4, 2016 Share Posted May 4, 2016 Just now, nate4l1f3 said: http://caydon.com.au/ that's the property group if I'm not mistaken Click menu then properties 1 Quote Link to comment Share on other sites More sharing options...
UtterlyUrban Posted May 4, 2016 Share Posted May 4, 2016 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 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. Quote Link to comment Share on other sites More sharing options...
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