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Brava (Block 42) Residential High-Rise: 46-Stories


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It was nice to meet you!  Thanks for coming out.   Here's my photos of the mat pour this morning.        

Hines contacted me asking if they can use my photos and videos for their social media.    

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12 hours ago, Houston19514 said:

 

Source?  (Emporis had it at 468 feet)

 

 

You are correct.  I overlooked One Park Place.  Edited my post to correct.


The Emporis height was from when 2929 Weslayan was originally supposed to be 35 stories, I believe?

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On 2/4/2019 at 3:24 PM, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

 

 

People who don't know where they'll be living in a few years.

 

 

Let's say you have $3900/month to spend on housing, and plan on staying in the same place for four years. 

 

If you have $100k on hand for a down-payment, you can buy a $500k townhouse not too far a commute from here (probably EaDo, realistically) for a PITI of $3100. Add $200/month for maintenance, water/sewer and gas, and you're at $3300. Add in the foregone interest income on your down-payment, and it's $3600. Spread your closing costs over 48 months and you're at the same $3900 you'd be paying in rent.

 

"But what about the equity you're building?" OK. After four years, you've paid off about $30k in principal. Guess how much a 6% commission is on the sale of your $500k townhouse? So it's pretty much a wash, UNLESS you see significant appreciation in the sale price four years down the road.

 

Now, if you can live car-free in a $3900/mo apartment, but not in a $500k townhouse...

 

 

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12 hours ago, bobruss said:

I thought I read somewhere on haif, that those numbers from the FAA included sea level so where does this fit in with these numbers.

I could be confused but I just want to know for sure.

 

The FAA documents include site elevation, height of the building above grade and total height above sea level.  The 549' is the height of the building above grade.

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  • 2 weeks later...
20 minutes ago, Urbannizer said:

Height of 648' for the crane

 

 

 

 

https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=displayOECase&oeCaseID=396423575&row=16

 

OK, help me out here. Work schedule seems tight - only 2 years to build a 45 story tower. But starting in October? I would think they need to do demolition of the garage and prep work before the crane is needed.

 

So despite being 7 months away, we should see movement on the site probably this summer?

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Looks like the full color image on the bottom left is Aris Market Square, so we just have the model to show us their Block 42 concept. Agreed that the Munoz Albin design is a step forward for downtown residential over the conventional rectangular stuff that this represents.

 

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Those of you old enough may remember the area of Market Square park 25 to 30 years ago. It was crowded with winos and homeless people. This change is not as  surprising as the collapse of communism in the 80's, but as a local event it is astonishing. If the international tower is ever built that will be icing on the cake.

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On 3/12/2019 at 7:09 PM, Twinsanity02 said:

Those of you old enough may remember the area of Market Square park 25 to 30 years ago. It was crowded with winos and homeless people. This change is not as  surprising as the collapse of communism in the 80's, but as a local event it is astonishing. If the international tower is ever built that will be icing on the cake.

It still is. Winos are now bar hoppers, and the homeless* are still around. It’s not nearly as unwelcoming even 15 years ago.

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  • 2 weeks later...

I had previously thought that this project was unsubsidized. Turns out that it is being built in an Opportunity Zone, a program created by Trump's 2017 tax cut to increase investment to lower-income areas. Investors in such properties can avoid all capital gains tax if they hold their investment for ten years. Warms my heart to see the flow of funds to this lower-income area.

 

http://realtynewsreport.com/2019/04/01/the-first-fruits-46-story-tower-breaks-ground-in-opportunity-zone-in-downtown-houston/

 

Looks like official groundbreaking might have been today?

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4 hours ago, H-Town Man said:

I had previously thought that this project was unsubsidized. Turns out that it is being built in an Opportunity Zone, a program created by Trump's 2017 tax cut to increase investment to lower-income areas. Investors in such properties can avoid all capital gains tax if they hold their investment for ten years. Warms my heart to see the flow of funds to this lower-income area.

 

http://realtynewsreport.com/2019/04/01/the-first-fruits-46-story-tower-breaks-ground-in-opportunity-zone-in-downtown-houston/

 

Looks like official groundbreaking might have been today?

On April 1st, it's hard to take some things seriously.😂

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2 hours ago, LBC2HTX said:

 

For a map of opportunity zones see here:

https://www.cims.cdfifund.gov/preparation/?config=config_nmtc.xml

 

Filter the layers menu on the right hand side. 

 

From the article I cited: "If an Opportunity Zone investor holds the property for 10 years, the investment will be excluded from paying capital gains tax."

 

From the Wikipedia entry: " Capital gain taxes are deferred for investments reinvested into investments in these zones and, if the investment is held for ten years, all capital gains on the new investment are waived."

 

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18 hours ago, H-Town Man said:

I had previously thought that this project was unsubsidized. Turns out that it is being built in an Opportunity Zone, a program created by Trump's 2017 tax cut to increase investment to lower-income areas. Investors in such properties can avoid all capital gains tax if they hold their investment for ten years. Warms my heart to see the flow of funds to this lower-income area.

 

http://realtynewsreport.com/2019/04/01/the-first-fruits-46-story-tower-breaks-ground-in-opportunity-zone-in-downtown-houston/

 

Looks like official groundbreaking might have been today?

 

Why is downtown an Opportunity zone? I'm all for more investment downtown, but it's not exactly a "lower-income area"

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15 minutes ago, cspwal said:

 

Why is downtown an Opportunity zone? I'm all for more investment downtown, but it's not exactly a "lower-income area"

Could the true “Opportunity” in Opportunity Zone  refer to the windfall extended to real estate developers by our real estate developer President?  Conflict of interest?  Or mere coincidence?  You decide.  Regardless, I’m glad Hines is stepping forward to help lift Market Square out of its depression.

Edited by MarathonMan
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18 minutes ago, cspwal said:

 

Why is downtown an Opportunity zone? I'm all for more investment downtown, but it's not exactly a "lower-income area"

 

I don't know how all of downtown was designated an Opportunity Zone given that it has the highest land values and office rents in the city. All I can guess is that someone was smart and moved the right levers. This is not typical of OZ's in other cities. In Dallas, only the southernmost part of downtown (around City Hall) is designated, which makes sense there. In Austin, none of downtown. San Antonio has most of its central downtown (including Riverwalk area) designated, but the office market there has long been stagnant. Atlanta has a small area of its downtown designated around the Five Points.

 

At any rate, let's enjoy the windfall of cash that this will bring downtown. (Also EaDo, north downtown warehouse district, and Midtown east of Main.) I wonder if the Marriott Moxy is an OZ investment?

 

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7 minutes ago, Twinsanity02 said:

Very happy with the Preston going up and the awful garage going down. I hope these OZ's  includes the south- southeast portion of the downtown.  The Hamilton looks lonely out there by itself.

 

As was stated above, all of downtown Houston is an OZ.

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For anyone actually interested in the OZ designation process, here is some great information.

 

In brief summary, yes the zones were nominated by the Governor of each state, and eligible census tracts are:

-- Tracts in which the poverty rate is at least 20 percent, or

-- Tracts in which the median family income does not exceed 80 percent of the statewide median family income if located outside of a metropolitan area, or

-- Tracts in which the median family income does not exceed 80 percent of the statewide median family income or the metropolitan area median family income, whichever is higher.

Special Rule: In order to provide real-world flexibility in assembling economically meaningful zones from individual census tracts, governors are permitted to substitute a small percentage of non-low-income census tracts in their nominations, as long as the tracts are contiguous with other nominated low-income tracts and the median family income does not exceed 125 percent of the adjacent qualifying tract. Not more than 5 percent of the total number of designated tracts in a state can qualify under this criterion.

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9 hours ago, Tumbleweed_Tx said:

so anyway, back to our regularly scheduled programming.

 

Are they going to jackhammer the garage to death or are they going to blow it up?

 

Either way, the folks in the Hogg lofts are going to have a bad time. 

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10 hours ago, Tumbleweed_Tx said:

so anyway, back to our regularly scheduled programming.

 

Are they going to jackhammer the garage to death or are they going to blow it up?

 

I can see them starting off with jackhammering. I'll try to take photos when I can.

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Considering the issues they had with imploding part of the unoccupied Houston Club building, I can't imagine that they would have an implosion when there are people living a foot away.

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17 minutes ago, cspwal said:

 

How far will it be set back from Hogg lofts?  This rendering just shows it as a blank brick wall

 

From the renderings and just from my back knowledge, I would say that they will build right up to the building line (aka the building next door, aka Hogg Lofts). Every inch of real-estate matters in downtown. Could be wrong though.

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57 minutes ago, cspwal said:

Sucks for the people who had windows

 

Maybe not. Did this quick sketch:

 

zzAK1Cf.jpg

 

Notice the jog the podium takes at one point. Notice how the building is oriented away from the windows. I understand the primary objective of the twist in the tower was for better views for the occupants of the building itself, but I'm sure before approval they might have had to do some adjustments to allow light into those other windows. My guess is that there is a shaft that gives a bit of separation at that moment where windows in Hogg Lofts occur. Not 100% sure. I mean this is from an interpretation of the rendering, but it wouldn't be out of the question.

Edited by Luminare
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