Jump to content
skooljunkie

The Allen: Allen Pkwy/Gillette Mixed Use 6 acres

Recommended Posts

1 hour ago, AREJAY said:

Surprise! it's a Mattress Firm 

 

Game-changer.

  • Like 2
  • Haha 5

Share this post


Link to post
Share on other sites
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.

  • Like 3

Share this post


Link to post
Share on other sites

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.

  • Like 3

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

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

  • Like 4

Share this post


Link to post
Share on other sites
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/

  • Like 1

Share this post


Link to post
Share on other sites
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.

  • Like 1

Share this post


Link to post
Share on other sites

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

  • Like 2

Share this post


Link to post
Share on other sites
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!

  • Like 4

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

^^ There is a long sting above you request that will tell you as much as anybody knows about what is going on. 

  • Like 1

Share this post


Link to post
Share on other sites

I guess it’s safe to assume they want to do things right with the amount of work they’re putting in their leasing office. 

  • Like 2

Share this post


Link to post
Share on other sites
47 minutes ago, SMU1213 said:

They're redesigning. Building a lot less retail (still plenty) and a lot more residential. 


Hopefully no loss of height or number of highrises! 

  • Like 2

Share this post


Link to post
Share on other sites
On 12/19/2018 at 9:25 AM, West Timer said:

Give it to the Vy troll. She's the one that can't stop the pointless bitching about Houston. Unlike her, I can afford to live anywhere I want and I think Houston is fabulous and getting more fabulous by the day.

 

But I guess I'm probably being too insensitive. Really, I have nothing but pity for those poor pathetic losers who are handcuffed to places they would rather not be and aren't smart enough to be able to figure out how to do anything about it except whine about it on the internet and then proceed to blame our great city for their own personal issues and shortcomings.

 

 

 

  • Like 2
  • Haha 1

Share this post


Link to post
Share on other sites
46 minutes ago, hindesky said:

QrJjN8M.jpg

Starting to look like a leasing office I can get behind. Wonder how long it will take before they start breaking ground on the towers?

  • Like 1

Share this post


Link to post
Share on other sites
On 12/18/2018 at 10:35 AM, H-Town Man said:

 

Thanks for this.

 

More information in the news on EB-5 -> With the amount of scrutiny on EB-5 I wouldn't be surprised if this project gets further delayed.

 

https://www.bisnow.com/national/news/capital-markets/eb5-mastroianni-usif-brook-lenfest-doug-litowitz-defamation-lawsuit-chinese-97342?&utm_source=outbound_pub_68&utm_campaign=outbound_issue_772&utm_content=outbound_link_1&utm_medium=email

 

And if you look here below you can find renderings for the Marlow, Hotel Allesandra, Kirby Collection, Arabella and more

 

https://eb5projects.com/projects?utf8=✓&investment_type_id=-1&open=&verified=-1&state=Texas&name=&commit=Search&project_category_id=-1&regional_center_id=-1&size=-1&documents_available=-1&videos_available=-1

 

image.png.4f305903977516495ae44158218e7a89.png

  • Like 1
  • Sad 1

Share this post


Link to post
Share on other sites

For the record, there were a number of references to the small building as being a "leasing office."  This is probably going to be a sales office for the condos. 

Share this post


Link to post
Share on other sites

Sorry, couldn't help but point this out.
From the Biznow article: "a Chinese-American woman named Zoe Ma, engaged in "wonton [sic] fraudulent behavior,"
Not clear on how much she made; it was a dim sum.

Edited by dbigtex56
  • Like 4
  • Haha 5

Share this post


Link to post
Share on other sites

Wow..... I think you should both have your funny bone licenses taken away. Sometimes its better to resist the temptation. No encore performances..... please.

 

 

 

 

  • Like 1

Share this post


Link to post
Share on other sites
On 2/20/2019 at 9:53 AM, TBooze said:

Wow..... I think you should both have your funny bone licenses taken away. Sometimes its better to resist the temptation. No encore performances..... please.

 

 

 

 

Sorry, no.
The LOL's outnumber the Booze.

  • Like 2
  • Haha 1

Share this post


Link to post
Share on other sites

Say what you will about RD... But he is a bit of a pioneer. He goes to the areas we all say "we need to have something here" and builds something. Other developers tend to follow along.

 

I am hopeful the new design is still striking. I would love for the buildings around Buffalo Bayou to have significant architectural integrity, as they will be in plain sight for the foreseeable future.

  • Like 3

Share this post


Link to post
Share on other sites

I hate to sound like a downer, but I am not looking forward to the new design... I imagine it will be seriously value-engineered, similar to the way they reduced the glass exterior at Arabella.  Especially with all the recent bad news surrounding the EB-5 program, which is how DC finances its projects.

 

I hope I'm wrong, but I really have a hard time thinking this design will be equal to or better than the original.

  • Like 1
  • Sad 3

Share this post


Link to post
Share on other sites
54 minutes ago, CREguy13 said:

I hate to sound like a downer, but I am not looking forward to the new design... I imagine it will be seriously value-engineered, similar to the way they reduced the glass exterior at Arabella.  Especially with all the recent bad news surrounding the EB-5 program, which is how DC finances its projects.

 

I hope I'm wrong, but I really have a hard time thinking this design will be equal to or better than the original.

 

I'm feeling the same way, hope I'm wrong, but it's just a gut feeling.

Share this post


Link to post
Share on other sites
12 hours ago, CREguy13 said:

I hate to sound like a downer, but I am not looking forward to the new design... I imagine it will be seriously value-engineered, similar to the way they reduced the glass exterior at Arabella.  Especially with all the recent bad news surrounding the EB-5 program, which is how DC finances its projects.

 

I hope I'm wrong, but I really have a hard time thinking this design will be equal to or better than the original.

 

Well I suspect you must know something.

 

That shall prevent me from starting a GoFundMe campaign in the Fourth Ward for the $40 million required to make it super sexy.

 

I’d already got commitments for $83.

 

Ah well, that’s Houston. But that’s why I like it.

  • Like 1

Share this post


Link to post
Share on other sites
Posted (edited)
6 hours ago, mattyt36 said:

 

Well I suspect you must know something.

 

That shall prevent me from starting a GoFundMe campaign in the Fourth Ward for the $40 million required to make it super sexy.

 

I’d already got commitments for $83.

 

Ah well, that’s Houston. But that’s why I like it.

I believe getting lots of the average thing now is an incremental step to getting amazing in the decades to come. In the meantime, I hope that roads, rail, water, utilities, and parks are developed to embrace the greatness at the tipping point, hint...city leaders we know that the Woodlands can master plan so pick up that book and think about it for urban cores or whatever better example exists. It is ironic that the most unplanned city in America is ringed by several of the best master planned suburbs in the country. Woodlands, Kingwood, etc.

Edited by Timoric
  • Like 1

Share this post


Link to post
Share on other sites

But unfortunately there is no place to hide a hideous disaster on the Bayou if it is value engineered. These are special tracts that will affect the overall image of downtown. Plus they'll block out downtown from the west.  And if Randall Davis is involved that means we will have something proposed in renderings, and then the real deal which will look nothing like the renderings.

I know they are building a very detailed leasing office but that doesn't mean anything. If you go down to the area around the old Rainbow Lodge site, you will find a very well constructed leasing office for a now defunct project called the Orion. The developer now lives in this leasing office. I went to his birthday party there and it wasn't a cheap  building.

  • Like 2

Share this post


Link to post
Share on other sites

Can anything be worse than Memorial by Windsore and the housing project next door lol?

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

×
×
  • Create New...