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CrockpotandGravel

Midtown Common @ 2403 Caroline

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https://www.nextseed.com/offerings/america-gardens/

 

New information including the site layout:

https://cdn.nextseed.co/app/uploads/America-Gardens-site-plan.png

And updated schedule:
February 2018: Construction kicked off
August 2018: Anticipated completion of building construction and patio layout <-- Next month seems ambitious
November 2018: Training of staff and final finishes to be completed
January 2019: Anticipated soft opening for America Gardens in East Midtown

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3 hours ago, trymahjong said:

What is cross street?

 

3 hours ago, phillip_white said:

Shown on the site plan:

Actually, it's not. 
The street on the north side of this block is McIlhenny.

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1 hour ago, dbigtex56 said:

 

Actually, it's not. 
The street on the north side of this block is McIlhenny.

As shown on the site plan, this development is on the corner of Caroline and McGowen. You may be thinking of Next Level e-sports, which is  on the northern portion of this block at Austin and McIlhenny.

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4 hours ago, phillip_white said:

As shown on the site plan, this development is on the corner of Caroline and McGowen. You may be thinking of Next Level e-sports, which is  on the northern portion of this block at Austin and McIlhenny.

As you said, the  site plan shows both Caroline and McGowen streets. I assumed that trymahjong was asking about the unidentified street on the right (north) side of the plan. Sorry about any confusion; I had the impression that the original plans included the remainder of the block facing Caroline, and this was to be a sort of Phase I.
At any rate, I wish the developers the best and hope they get their funding. With the exception of Weights & Measures, there's a sort of food and drink desert in this area, and a lot of new residential construction close by.

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Here's something from the nextseed page for the place that might inform some of the perceived delays. Page lists January 2019 as their soft opening now.

 

  1. Jul 10, 2018
     
     
    Going by the site it appears that all work has come to a stop, and that no work has occurred in quite sometime. When do you expect construction to resume, and given the current status, do you think the posted delivery schedule is still accurate?
    • Issuer
      Jul 10, 2018
       
       
      Maja,

       

      The building is a prefab so it is being made off-site. There were a few issues so they had to fix a couple of things. So the building will be brought over and placed on site. So we should not be too off schedule. All the plumbing, slab, and utilities are already connected. Hope this helps and have a great day.

       

      Shawn

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On 7/9/2018 at 9:02 AM, phillip_white said:

https://www.nextseed.com/offerings/america-gardens/

 

New information including the site layout:

https://cdn.nextseed.co/app/uploads/America-Gardens-site-plan.png

And updated schedule:
February 2018: Construction kicked off
August 2018: Anticipated completion of building construction and patio layout <-- Next month seems ambitious
November 2018: Training of staff and final finishes to be completed
January 2019: Anticipated soft opening for America Gardens in East Midtown

 

 UPDATED SCHEDULE PER NEW COMMENT ON NEXTSEED:
 

February 2018: Construction kicked off
Nov 2018: Anticipated completion of building construction and patio layout <-- Even December seems ambitious based on the current state of the site.
???? 2018: Training of staff and final finishes to be completed
Late Feb/ Early Mar 2019: Anticipated soft opening for America Gardens in East Midtown

 

I'm really rooting for this project, but they're blowing through all of their target dates. Even if the pre-fab structure is behind schedule, you'd think they would start on site work including pouring the slabs and drive-through areas, grading, sidewalk improvements, etc. I hope there's not bigger issues going on behind the scenes.

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47 minutes ago, phillip_white said:

 

I'm really rooting for this project, but they're blowing through all of their target dates. Even if the pre-fab structure is behind schedule, you'd think they would start on site work including pouring the slabs and drive-through areas, grading, sidewalk improvements, etc. I hope there's not bigger issues going on behind the scenes.

 

From NEXTSEED:

Quote

The buildout and launch of America Gardens in East Midtown Houston is estimated at $1.8 million.

Jonathan Serrano and Shawn Rao have raised equity commitments of $1,800,000 (contributed cash of $750,000) in equity for the project thus far. Through the NextSeed campaign, the business is seeking to raise between $200,000 and $1,000,000 to complete construction. Upon completion of the NextSeed campaign, the equity commitments will cover any remaining balance of the project cost.

 

Seems to be due to the fact that they're short of their $200k goal. 

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2 hours ago, LBC2HTX said:

 

From NEXTSEED:

The buildout and launch of America Gardens in East Midtown Houston is estimated at $1.8 million.

Jonathan Serrano and Shawn Rao have raised equity commitments of $1,800,000 (contributed cash of $750,000) in equity for the project thus far. Through the NextSeed campaign, the business is seeking to raise between $200,000 and $1,000,000 to complete construction. Upon completion of the NextSeed campaign, the equity commitments will cover any remaining balance of the project cost.

Seems to be due to the fact that they're short of their $200k goal. 

 

I'm reading that as they've already raised equity of $1.8m (including $750k in cash) to pay for the estimated $1.8m construction cost. The Nextseed campaign will be used to pay off the construction debts, freeing up capital for operating expenses.

 

Also, the Nextseed funding round doesn't close until Nov 15th. Add to that processing and transfer time. If they need that money for construction, this project is going to be majorly delayed.

 

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Considering it says it’s raising money on nextseed “to complete construction”, id bet that they’d not want to go too far down the rabbit hole without that funding. I think the round doesn’t close until Nov because they’ve extended the deadline?? 

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On 9/7/2018 at 6:55 PM, LBC2HTX said:

Considering it says it’s raising money on nextseed “to complete construction”, id bet that they’d not want to go too far down the rabbit hole without that funding. I think the round doesn’t close until Nov because they’ve extended the deadline?? 

Looks like, as of today, they have now hit the $200k minimum raise.

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On 9/28/2018 at 11:36 PM, dbigtex56 said:

Glad they met their goal +$35k. Maybe now the lot can be mowed.

The good news: investment now stands at $325,500, surpassing its goal of $200,00 with two days left to invest. https://www.nextseed.com/offerings/america-gardens/
The lot has been mowed.
Still waiting on further construction to resume.

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12 hours ago, dbigtex56 said:

The good news: investment now stands at $325,500, surpassing its goal of $200,00 with two days left to invest. https://www.nextseed.com/offerings/america-gardens/
The lot has been mowed.
Still waiting on further construction to resume.

After hearing about the closure of some of the North Texas locations of this group's other concepts as well as their claim that "heavy rains" is the reasons for delays makes me question if this will move forward at all.

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Nextseed sent out a memo stating that Syn Group is still trying to finalize a "large equity investment" for this project. Closing on that funding is estimated to be in the next two weeks, if at all.

 

I'm just guessing here, but it seems as though they were using the large equity investment to pump up the Nextseed round... which was required to get said investment. I'm further worried about the success of this project.

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Looks like there was a disagreement between the owners of America Gardens and their landlord. Their Nextseed funding has been pulled, which I believe would imperil their other funding. It was fun while it lasted but, without a Christmas miracle, I think this one is dead.

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11 hours ago, phillip_white said:

Looks like there was a disagreement between the owners of America Gardens and their landlord. Their Nextseed funding has been pulled, which I believe would imperil their other funding. It was fun while it lasted but, without a Christmas miracle, I think this one is dead.

Really? Any more info? What'll happen to the lot?

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Looks like at least a portion of this lot is being switched to an affordable housing project called Caroline Lofts by Mark-Dana Corp. 87 total units with 76 low income and 11 market rate. They're the same group behind the structure currently going up right next to the 45 North Scott Street exit ramp.

 

https://www.bizjournals.com/houston/news/2019/02/19/developer-planning-affordable-housing-project-in.html

Quote

The list of affordable apartment projects on the City Council resolution item includes one development at McGowen and Caroline in Midtown called Caroline Lofts by Virginia- and Texas-based developer Mark-Dana Corp. The company’s EaDo Lofts project at the corner of Coyle and Napoleon streetsqualified for a low-income-housing tax credit from the Texas Department of Housing and Community Affairs and will receive $1.5 million a year in tax credits for 10 years.

 

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