Apartments By Greystar (2 Phases) At W. 19th St.

[s3mh]

http://www.loopnet.com/Listing/20224122/500-600-Blocks-of-West-19th-20th-Houston-TX/

 

Ohhhh the potential for that block!  I have always wondered what in the world Chase was thinking holding on to that giant retail drive through and oversized bank building in the age of the internet.  

[Angostura]

Most likely outcome is a few-hundred units of MF residential, but maybe we'll get some retail, too.

 

 

[EllenOlenska]

I posted this in the Nicholson going up thread, but it more properly goes here. 

Chase keeping some of the parcel to build on. 

http://www.houstonchronicle.com/business/real-estate/article/Chase-bank-puts-Heights-land-up-for-sale-11019760.php

[Evil Developer]

they are keeping the southeast quadrant of the block where the motor bank building is now.  hopefully they do some pedestrian friendly retail on the ground floor. it is going to have a parking structure, and likely several stories, given the land price they are looking for.  high rise office here doesn't make sense really, so likely apartments.

[s3mh]

There are rumors that Alliance will take the property to use for multifamily and sell off the water works properties. 

[Angostura]

It makes a lot more sense to combine the water works site w/ another retail or mixed-use building across Nicholson, rather than the catty-corner site on the NW corner of 20th and Nicholson, since a lot of the parking for the restaurants/retail on the waterworks site would have had to go on the companion site.

 

Best case scenario is that the Chase branch is a GFR tenant of a residential building on that site, not a standalone building.

 

Other potential use would be another medical/professional building.

 

 

[s3mh]

http://www.chron.com/business/real-estate/article/Heights-waterworks-plan-now-includes-retail-11206224.php

 

Look like Alliance is buying the Chase property in addition to the empty lot north of 20th while flipping the waterworks site to Braun.  

[mcook2002]

wow thats huge. 

[HNathoo]

Wow, this is the second time Alliance has picked up a piece of dirt from the COH and flipped off a piece to another developer. These guys seem to know the system pretty well.

[EllenOlenska]

So, as I mentioned in the Midrise/waterworks building thread, Chase Bank took out the ATMs at the drive through ATM spot on the eastern block last week. Today I drove by and saw that the southern two-thirds of the east block where the ATMs sit are fenced off and they are currently demolishing things. 

[Triton]

On 5/7/2018 at 5:04 PM, EllenOlenska said:

So, as I mentioned in the Midrise/waterworks building thread, Chase Bank took out the ATMs at the drive through ATM spot on the eastern block last week. Today I drove by and saw that the southern two-thirds of the east block where the ATMs sit are fenced off and they are currently demolishing things. 

 

So, is the main building staying? If so, any sign they are going to build a new set of drive thru ATMs?

[Angostura]

1 hour ago, Triton said:

 

So, is the main building staying? If so, any sign they are going to build a new set of drive thru ATMs?

 

My understanding is that the main building will stay for now. A new Chase building will be built on the SE corner of the block, at the corner of 19th and Nicholson, and the other 3/4 of the block, including the current bank building, will eventually be sold for development.

 

I haven't seen plans for the new bank building.

[EllenOlenska]

Yeah, so my understanding was Angostura's understanding: that the SE corner (the one fence off) will be the site of the new Chase building, and the big brown brick building will be sold off. There's a pavilion on the north side of that east block (I think of them as two blocks) that might have an ATM, I've never checked. 

That Chase building and corresponding parking lot is huge. 

[mkultra25]

4 hours ago, EllenOlenska said:

That Chase building and corresponding parking lot is huge. 

 

That's the same thing I said to my wife when we walked the dog by there a couple of days ago to check things out. Its size and space utilization are clearly relics of the 1970s - the staff will no doubt have to get used to much smaller office spaces in the new building.

[Angostura]

 

14 hours ago, mkultra25 said:

 

That's the same thing I said to my wife when we walked the dog by there a couple of days ago to check things out. Its size and space utilization are clearly relics of the 1970s - the staff will no doubt have to get used to much smaller office spaces in the new building.

 

I think when Alliance paid as much as they did for the Waterworks site, it caused Chase to look at the opportunity cost of holding that much land for such a low-density use. Whether or not they reduce their actual useful square footage depends on how they build.

 

The land retained by Chase includes the 19th St frontage from Nicholson up to and including one of the two small bungalow-shaped buildings (the one without the tacked-on brick facade). That's about half again as big as the current bank building footprint. However, included with the land transferred to a separate LLC are the parking lots across 19th (~60 spaces) and across Lawrence (~24 spaces) from the site. If they go for structured parking and build 3-4 stories, they'll probably end up with about the same square footage. Otherwise, they just build a neighborhood bank branch with surface parking and relocate the other staff.

 

If I had to guess, I'd expect it to be the former. If all they wanted to build is a neighborhood bank branch, then they wouldn't need that big a footprint. They could just negotiate a lease in whatever the new developer builds. 

[EllenOlenska]

It must have been those two bungalows I saw being torn down. 

[Angostura]

One other thing:

 

No idea what will be built here, but it'd be really nice if it included some kind of structured parking, rather than surface parking. If you put a 4-story parking structure on 1/4 of this block, you'd have enough space for ~500 cars, which would be enough to serve the entire development, plus the new bank, plus the Waterworks site across Nicholson. That would allow for development of the new surface lot going into the Waterworks site, and activate more pedestrian activity along this stretch of 19th.

[Angostura]

The Braun flyer for the Waterworks development shows the Chase site as "future multifamily development".

 

https://static1.squarespace.com/static/58cc240cbf629aaf4858104e/t/5aa2a7340852292620ddfae5/1520609090180/Braun+Enterprises+-+Heights+Waterworks.pdf

 

[Urbannizer]

445 units by Greystar

[CREguy13]

Wow that's a lot of units, has to be a high-rise right?  I'm not sure how a high-rise fits in with this area.

[innerloop]

12 minutes ago, CREguy13 said:

I'm not sure how a high-rise fits in with this area.

If we're going to have them then that is the place: downtown, always been commercial, not towering over many single family homes.

[Angostura]

35 minutes ago, CREguy13 said:

Wow that's a lot of units, has to be a high-rise right?  I'm not sure how a high-rise fits in with this area.

 

Mid rise, I'd guess. On that site, you can probably fit that many units in 5 stories. 

[LBC2HTX]

5 minutes ago, Angostura said:

 

Mid rise, I'd guess. On that site, you can probably fit that many units in 5 stories. 

https://www.bizjournals.com/houston/news/2018/06/04/developer-new-heights-waterworks-apartments-will.html

Broadstone Waterworks is going to be 8 stories with 309 units. 

 

45% more units with about 40% more land. More units = more parking so depends on how they do the parking (podium or separate structure). If parking is a separate structure then it'll probably be 8-10 stories. 

[Urbannizer]

Construction expected to begin next quarter (Q2)

[Urbannizer]

Work begins in April. Anyone have full access?

 

https://www.bizjournals.com/houston/news/2019/03/22/more-apartments-coming-a-block-from-heights.html?iana=hpmvp_hstn_news_headline

[rechlin]

Quote

As early as next month, work could begin to convert land in the Heights that used to be part of a JPMorgan Chase & Co. (NYSE: JPM) location into a new apartment development.

A filing on the Texas licensing and regulation website shows an entity named 19th Street Property plans to start construction April 1 on Chase Heights at 512 W. 20th St. The document shows an estimated cost of $72 million for the first phase of the project with Houston-based Meeks + Partners listed as the design firm.

Requests for comment from Greystar weren’t immediately returned.

The Chase Heights apartment project will be less than a block away from Houston-based Braun Enterprises' Heights Waterworks redevelopment project, which includes restaurants and retailers. A portion of the historic property will house Phoenix-based Alliance Residential's Broadstone Waterworks apartments, which are expected to begin leasing later this year.

In December 2016, Alliance bought two tracts of land totaling almost 4 acres from the city of Houston for $15.02 million. The site featured a 750,000-gallon brick reservoir building from 1928 that is listed on the National Register of Historic Places, a 1939 Art Deco pumping station built by the Works Progress Administration and a 1949 pumping station, HBJ previously reported. Alliance then sold part of the property to Braun Enterprises for the restaurant and retail portion.

The Heights-Washington Avenue submarket has seven projects under construction, according to data as of Dec. 18 compiled by Houston-based ApartmentData.com.

Meanwhile, Greystar's portfolio includes numerous apartment communities across the greater Houston area. Latitude Med Center, Greystar’s first true high-rise in Houston, got its first tenants in July 2018. The 35-story high-rise is part of a dual hotel and apartment project with Houston-based Medistar Corp.

 

[Urbannizer]

We're now into May and no start yet, but there's progress.

 

Senior Living and Multifamily, 415 units

 

https://houston.novusagenda.com/agendapublic/CoverSheet.aspx?ItemID=16455&MeetingID=361

 

19^th Street Property, LLC, the underlying fee property owner, requested the abandonment and sale of a variable width utility easement, from Lawrence Street to Nicholson Street, located within Block 92 of the Houston Heights Addition, out of the John Austin Survey, A-1. The applicant plans to incorporate the subject utility easement into the property to develop a 160-unit senior living facility and 255 multi-family units.  The Joint Referral Committee reviewed and approved the request subject to the conveyance to the City of a 15-foot wide sanitary sewer easement. 19^thStreet Property, LLC has complied with the transaction requirements and has accepted the City's offer.

 

The City will abandon and sell to 19^th Street Property, LLC:

[Urbannizer]

https://www.facebook.com/MeeksPartners/photos/a.371100272905950/2768212819861338/?type=3&theater

 

Construction recently commenced at "Chase” Heights Phase 1 in Houston, TX. Another great project with Greystar of 152 luxury apartments across 12 stories with 9 levels of load bearing metal stud over a 3-level concrete garage.

 

[CaptainJilliams]

Holy moly, huge development given the location.

 

I'm just not sure how I feel about a midrise development going up along 19th street, wonder if it will clash with the feel of the neighborhood. It's still a beautiful building.

[Luminare]

16 minutes ago, CaptainJilliams said:

Holy moly, huge development given the location.

 

I'm just not sure how I feel about a midrise development going up along 19th street, wonder if it will clash with the feel of the neighborhood. It's still a beautiful building.

 

Understandable, but this will only add to the neighborhood. Plus, would you rather have more things that look like this or things that look like that old Houston Heights Tower down the street? haha

If it looked something like that then I would say no, but something that is much more urban like this then yes.

My hope is that there are a few big ones like this, but that some point the neighborhood introduces a height cap at around 6-8 stories. 6-8 stories is a good fit for this area.