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Post Oak Place: Mid-Rise By Zadok Jewelers


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Can anyone make out the location?   Edit: Based on the surrounding buildings, this would take out the small strip center at 1801 Post Oak in Uptown.    https://www.google.com/maps/

I don't think Timoric said it is now, and I don't think any body else thinks it is either. But with the groundwork laid and infrastructure in place it opens up Post Oak to become whatever developers,

Northern Trust, Uchiko sign on as tenants.   https://www.costar.com/article/1192390811/mixed-use-project-on-houstons-post-oak-boulevard-signs-first-office-restaurant-tenants  

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7 hours ago, gatway2k said:

They hauled away the metal supporting the awnings and packed up the excavator this morning in the rain, so possibly they are leaving the building for awhile... 🤷🏻‍♂️

If you’re bored, feel free to look at some of the vids/booms I’ve taken:  https://www.dropbox.com/sh/0p9dtc4eugtypdc/AABhxHWhghdS5QlrVctcOxAAa?dl=0

Really great footage. I loved the video where you were like "I can feel that every time" because my place was legit shaking too.

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It's owned by Apacne and is probably not going to get developed until Apacne flips it to another owner.  It's investment in a new Permian gas field has not paid off and it just announced lay-offs, etc.  I view this as excess property held for investment and couldn't imagine mgt. putting cash into an office building development when it is struggling to keep its shareholders fat and happy with dividends and stock buy backs.  Would make most sense for Hanover to own as it could design a complex that wouldn't totally destroy the value and views of the two buildings it already built and the building it will put up on the site it owns next to the one with its HQ. 

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3 hours ago, Skyboxdweller said:

It's owned by Apacne and is probably not going to get developed until Apacne flips it to another owner.  It's investment in a new Permian gas field has not paid off and it just announced lay-offs, etc.  I view this as excess property held for investment and couldn't imagine mgt. putting cash into an office building development when it is struggling to keep its shareholders fat and happy with dividends and stock buy backs.  Would make most sense for Hanover to own as it could design a complex that wouldn't totally destroy the value and views of the two buildings it already built and the building it will put up on the site it owns next to the one with its HQ. 

 

 

Thanks for the info. I can't even imagine the tax burden of this property which is generating zero income. 

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1 hour ago, jmitch94 said:

 

 

Thanks for the info. I can't even imagine the tax burden of this property which is generating zero income. 

Wasn’t that lot supposed to the the final phase of the 3 buildings along the street. I know the Whole Foods was the anchor for the others. 

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10 hours ago, j_cuevas713 said:

Wasn’t that lot supposed to the the final phase of the 3 buildings along the street. I know the Whole Foods was the anchor for the others. 

 

Yes, originally.  But then Wolfe the developer of BLVD Place sold the property to Apache, which, back when oil was still $100+/barrel, planned to build a new HQ.  One suspects Apache would entertain reasonable offers.

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If Apache is bought and merged out of existence the property is gone.  The tax burden on holding vacant property in the Uptown market doesn't seem to be driving a lot of development.  The lot on the south side of Post Oak Blvd , across from Uptwon park , has been vacant for years, the former Willy G site is used as a parking lot, the site of the former Whitehall acts has been vacant for five years, and the lot owned by the Tisch family, Loewe's hotels, is vacant for over a decade. Yet vacant they sit.  It doesn't seem to work that way in other parts of the country.

 

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19 hours ago, jmitch94 said:

 

 

Thanks for the info. I can't even imagine the tax burden of this property which is generating zero income. 

Tax bill for this year is $504,486. that's not that much for an oil company, when a single piece of well equipment can cost that much, as can a couple of days of offshore drilling costs. https://www.hctax.net/Property/TaxStatement?Account=1377660010002

1 hour ago, thatguysly said:

They all find loopholes for tax write-offs and the value goes up so they have a nice little investment waiting.

No loopholes for raw land. The taxes are deductible, as are the carrying costs, if any. Any income would be included as well, like parking.

 

Wow, there's a 69 page parking agreement that goes with the land. And some other restrictions that make the conveyance from Wulfe to Apache's entity(BLPL Holdings LLC) a pretty complex deal.

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13 hours ago, Ross said:

Tax bill for this year is $504,486. that's not that much for an oil company, when a single piece of well equipment can cost that much, as can a couple of days of offshore drilling costs. https://www.hctax.net/Property/TaxStatement?Account=1377660010002

No loopholes for raw land. The taxes are deductible, as are the carrying costs, if any. Any income would be included as well, like parking.

 

Wow, there's a 69 page parking agreement that goes with the land. And some other restrictions that make the conveyance from Wulfe to Apache's entity(BLPL Holdings LLC) a pretty complex deal.

 

Good to know. I assumed they would just be able to stash it and cut losses while they held it. Apache has been having a rough go at it for a while so it is surprising they are holding it. But if they do turn it around, it is a great location for them to build their dream headquarters.

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