skooljunkie

The Allen: Allen Pkwy/Gillette Mixed Use 6 acres

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That is looking like a very fancy sales office

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1 hour ago, AREJAY said:

Surprise! it's a Mattress Firm 

 

Game-changer.

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16 hours ago, phillip_white said:

Looks like fiberglass.

 

Looks more like a custom fabricated metal panel. I know one said that they were doing some value engineering on the first phase, but if they are putting this much effort to make this lease office look fancy....I just don't see them doing that much value engineering.

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Upon further examination. You can notice that the look and style of this paneling is similar to the look that they are going to do for the one commercial component. Might be a good first look at what that smaller building will look like once they start it.

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On 12/18/2018 at 9:10 AM, C List said:

You also need to understand how a project gets financed. The initial renderings are nothing more than marketing especially for a project like this. I'm almost 100% positive this is an EB-5 equity financed project, meaning the initial renderings are shown to thousands of wealthy Asian/African investors to draw them in. Under this program, the foreign national must invest $500,000 or $1 million in exchange for an expedited green card process, depending on where the project is located. So you are showing these renderings to nonprofessional real estate investors whose primary focus is not on their money but being allowed into the US. Now, this first phase is probably a 100-200-million-dollar project if not more, which means you have to find a LOT of foreign investors to put up money before a construction loan even becomes a possibility. 

 

Once the developer gets close to putting shovels in the ground he is 100% not going to build the marketing renderings; he has no incentive too. The great thing about EB-5 is the cost of equity is almost nothing, like a 2% return to the foreign investors with no definitive timeline on when that money will get returned. A developer like Hines or Hanover will have a cost of equity around 14-20%, a huge difference!  So you over promise and under deliver, because if you can get anything built that looks halfway decent and leases up, you as the developer, will be swimming in money once you sell.

 

 

I'm not able to read through this because its locked behind a paywall. Warning! This is not for this development, but since what happened with another developer involves foreign investment that means its on topic and will probably on topic with other developments with similar financing. With that being said....holy cow! I was a bit skeptical of this persons comment about foreign investment until I found this headline this morning...

 

https://www.wsj.com/articles/foreigners-funded-houston-development-to-get-green-cards-they-were-duped-sec-says-11546956000

 

If anyone has a wsj sub and is willing to provide the transcript I would definitely appreciate it. Interested in reading the rest and not just the headline.

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Totally forgot to post, this is from Dec. 20 when I was taking a bike ride. Soil samples happening in NE corner of lot.

 

73OeIRp.jpg

 

kOGayLY.png

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1 hour ago, Luminare said:

 

I'm not able to read through this because its locked behind a paywall. Warning! This is not for this development, but since what happened with another developer involves foreign investment that means its on topic and will probably on topic with other developments with similar financing. With that being said....holy cow! I was a bit skeptical of this persons comment about foreign investment until I found this headline this morning...

 

https://www.wsj.com/articles/foreigners-funded-houston-development-to-get-green-cards-they-were-duped-sec-says-11546956000

 

If anyone has a wsj sub and is willing to provide the transcript I would definitely appreciate it. Interested in reading the rest and not just the headline.

 

Found some screenshots of the story on another forum: http://www.andhrafriends.com/topic/786199-foreigners-funded-houston-development-to-get-eb-5-green-cards-they-were-duped-sec-says/

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8 minutes ago, wilcal said:

 

Apparently this is in need of some serious reform. Unfortunately it seems like its another one of those items where both sides of the aisle would like to do something about it, but when each party takes power they seem to kick the can down the road in order to use it themselves. With that being said, I'm nearly 100% confident that every other nation probably has a backdoor through the process like this. While its been mostly used by Chinese investors to get into the US, I'm pretty confident that China has the exact same thing, but in reverse for US investors.

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They are putting some serious work into this sales office. Pretty impressive!

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1 hour ago, bobruss said:

They are putting some serious work into this sales office. Pretty impressive!

^^^ it's the AMBASSADOR of this project.  therefore, it must be perfect!

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On 1/10/2019 at 10:31 AM, Luminare said:

 

Apparently this is in need of some serious reform. Unfortunately it seems like its another one of those items where both sides of the aisle would like to do something about it, but when each party takes power they seem to kick the can down the road in order to use it themselves. With that being said, I'm nearly 100% confident that every other nation probably has a backdoor through the process like this. While its been mostly used by Chinese investors to get into the US, I'm pretty confident that China has the exact same thing, but in reverse for US investors.

I doubt many US investors get Chinese citizenship.

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