Jump to content
brijonmang

The Preston (Block 42) Residential High-Rise: 46-stories

Recommended Posts

2 hours ago, Urbannizer said:

This comes in at #1 when complete

 

 

 

Urbannizer sourcing Urbannizer. I like it.

 

  • Like 6

Share this post


Link to post
Share on other sites
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?

  • Like 1

Share this post


Link to post
Share on other sites
25 minutes ago, cloud713 said:


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

 

No.  Read my later post.  The Emporis height is the completed height of the building according to the filings with the FAA.

  • Like 1

Share this post


Link to post
Share on other sites
11 hours ago, Urbannizer said:

This comes in at #1 when complete

 

 

This is the height stated on Emporis Houston for this building. 

  • Like 1

Share this post


Link to post
Share on other sites

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.

Share this post


Link to post
Share on other sites
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...

 

 

  • Like 7

Share this post


Link to post
Share on other sites
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.

  • Like 3
  • Thanks 1

Share this post


Link to post
Share on other sites

Height of 648' for the crane

 

Work Schedule: 10/01/2019 to 10/01/2021

 

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

  • Like 7

Share this post


Link to post
Share on other sites
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?

  • Like 1

Share this post


Link to post
Share on other sites

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.

 

  • Like 6

Share this post


Link to post
Share on other sites

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.

  • Like 5

Share this post


Link to post
Share on other sites

Or if something better and more fittting goes up than the international tower.

  • Like 7

Share this post


Link to post
Share on other sites
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.

  • Like 3

Share this post


Link to post
Share on other sites

Adding to MM's documentation, but it looks like the song of the jackhammers will re-commence soon.  I wonder if they'll just drive Bobcats up the ramps and chip their way down. 

 

Cs0Lzme.jpg

 

E0I2VuS.jpg

 

 

  • Like 7

Share this post


Link to post
Share on other sites

They're going to have to be very careful not to damage the Hogg lofts. I'd hate for that building to be disturbed. It was one of the first lofts downtown.

  • Like 2

Share this post


Link to post
Share on other sites

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?

  • Like 2
  • Thanks 1
  • Haha 4
  • Sad 1

Share this post


Link to post
Share on other sites
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.😂

  • Like 2

Share this post


Link to post
Share on other sites
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."

 

Share this post


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

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

 

That's what the article said...

 

Share this post


Link to post
Share on other sites
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"

  • Like 1

Share this post


Link to post
Share on other sites
Posted (edited)
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
  • Like 2

Share this post


Link to post
Share on other sites
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?

 

Share this post


Link to post
Share on other sites
4 minutes ago, H-Town Man said:

 

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.

 

 

It's Trump. You do the math...

  • Like 2
  • Haha 1

Share this post


Link to post
Share on other sites

All of near nothside, most of 5th ward, 3rd ward, and midtown are opportunity zones. 

Share this post


Link to post
Share on other sites
2 hours ago, toxtethogrady said:

 

It's Trump. You do the math...

 

I don't think he personally designated the zones. Probably officials in Texas.

 

Share this post


Link to post
Share on other sites

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.

  • Like 4

Share this post


Link to post
Share on other sites
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.

  • Like 2

Share this post


Link to post
Share on other sites

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.

  • Like 4

Share this post


Link to post
Share on other sites

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?

  • Like 3

Share this post


Link to post
Share on other sites
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. 

  • Like 1
  • Haha 2

Share this post


Link to post
Share on other sites
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.

  • Like 6

Share this post


Link to post
Share on other sites

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.

  • Like 2

Share this post


Link to post
Share on other sites

They are going to be extremely careful in taking this down, so zero chance for an implosion.  I believe it is separated from Hogg Place by a few inches.

  • Like 3

Share this post


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

They are going to be extremely careful in taking this down, so zero chance for an implosion.  I believe it is separated from Hogg Place by a few inches.

I know who can help.

 

 

1.jpg

  • Like 2

Share this post


Link to post
Share on other sites

New exterior shutters going up at Hogg lofts courtesy of Cherry Demolition (or whoever is doing the work). 

 

FE0UJud.jpg 

 

 

  • Like 7

Share this post


Link to post
Share on other sites

Now that I think about it, I wonder if they will have to do something more permanent to these windows in that East facing wall to accommodate the new tower that will be there inches away. 

  • Like 1

Share this post


Link to post
Share on other sites
On 12/3/2018 at 2:57 PM, Urbannizer said:

 

04-Block-42-4-Motor-Court-Architect-Hous

 

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

  • Like 2

Share this post


Link to post
Share on other sites
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.

  • Like 1

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...