The New Juniper Posted December 6, 2005 Share Posted December 6, 2005 On the other hand, I am surprised someone hasn't purchased the Museum Tower to turn it into condos. Everyone I know who lives there loves the building AND neighborhood. Many have casually said they wish they could purchase there. It's one of the few new highrises that to me makes sense with regards to location. Close to the museums, light rail, med center, downtown, and Montrose. Take the elevator down and there's a great environment right outside. Probably why there are only 19 units for sale right now in the Warwick Towers, 5000 Montrose, Parklane, Parc IV, Parc V, and 1400 Hermann COMBINED. Finger will not sell Museum Tower. Those guys built that project when everyone said they were crazy. The rents weren't there. And, lo and behold, it has done great. Just goes to show you that some people have a knack for development and Marvy is one of them. And, btw, there are 193 units at Parklane for sale right now TNJ Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted December 6, 2005 Share Posted December 6, 2005 And, btw, there are 193 units at Parklane for sale right now TNJ Where do you get that information? They sure aren't showing up on HAR. Quote Link to comment Share on other sites More sharing options...
houston-development Posted December 6, 2005 Share Posted December 6, 2005 On the other hand, I am surprised someone hasn't purchased the Museum Tower to turn it into condos.allegedly, its either currently under contract or recently sold at $400k/unit. personally, i have not seen anything in print about a sale. Quote Link to comment Share on other sites More sharing options...
The New Juniper Posted December 6, 2005 Share Posted December 6, 2005 Where do you get that information? They sure aren't showing up on HAR.193 are being marketed as a package by CBRE. Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted December 6, 2005 Share Posted December 6, 2005 193 are being marketed as a package by CBRE.Very interesting. Those would be the units that are currently rentals, and I'm guessing they are looking for a condo converter to buy the package.That does not really contradict the point being made by KincaidAlum.I do agree with you it is highly unlikely the Museum Tower will go condo. Quote Link to comment Share on other sites More sharing options...
KinkaidAlum Posted December 6, 2005 Share Posted December 6, 2005 That is interesting news about the Parklane.I have always wondered about that building. Thought it was entirely rental but from time to time a for sale unit will come on the market. I really think the Museum District/Northern Hermann Park area is about to explode with major growth. It is easily the most beautiful part of Houston with Hermann Park, Mecom Fountain, Rice U, and all the live oak canopies. It now is also very convenient to major employment centers (med center, downtown, Rice, UHouston, HCC Central, USt Thomas, Greenway, and even the Galleria area). The light rail also makes for easy trips into midtown/downtown possible for drinks/dinner/night out/rockets/astros/etc...The completion of the Montrose bridge over US 59 will help with traffic flow too. AND, watch out for the Hotel ZaZa. This redevelopment will make a big splash on the local scene. I think the ZaZa will make Houstonians realize that the Museum Area could be a great place to PLAY as well as to seek a little culture.I am still praying for the Mosaic though. That's my favorite proposal of all of them out there and from what I hear from friends in Atlanta, Wood Partners gets things done. Quote Link to comment Share on other sites More sharing options...
danes75 Posted December 7, 2005 Share Posted December 7, 2005 i'm considering buying @ Mosaic... beautiful building in a beautiful area. the name's cheesy though. makes me think of some self help group. Quote Link to comment Share on other sites More sharing options...
The New Juniper Posted December 7, 2005 Share Posted December 7, 2005 I am still praying for the Mosaic though. That's my favorite proposal of all of them out there and from what I hear from friends in Atlanta, Wood Partners gets things done.Wood Partners does get things done. They are tremendously successful. However, they did bite off more than they could chew in West U. That never got off the ground b/c they really upset the locals and underestimated the power that the neighborhood association could muster. Very interesting. Those would be the units that are currently rentals, and I'm guessing they are looking for a condo converter to buy the package.They are. They are asking, surprise, waaaay to much for the units. More than $200K per. That takes every bit of juice out of the units for a converter. Perhaps they can get the buyer of 3333. That is their only hope. Quote Link to comment Share on other sites More sharing options...
danes75 Posted December 8, 2005 Share Posted December 8, 2005 getting this thread back on topic:one of my investors just made an offer on 2727 (a little less than the 160) and was told that Atlas was not selling, but that he had two more projects in the pipeline if they were interested in either of those developments. Quote Link to comment Share on other sites More sharing options...
houston-development Posted December 8, 2005 Share Posted December 8, 2005 (edited) getting this thread back on topic:one of my investors just made an offer on 2727 (a little less than the 160) and was told that Atlas was not selling, but that he had two more projects in the pipeline if they were interested in either of those developments.its not that i dont believe you, danes, but if someone made an offer just below $160/sqft, he would take it without hesitation. more than double his money in about a year (probably closer to 3 or 4x), zero liability, and i know for a fact that hes shopping it. the other deal is over on san felipe and voss; the old, wooden office park on the south side. Edited December 8, 2005 by houston-development Quote Link to comment Share on other sites More sharing options...
danes75 Posted December 8, 2005 Share Posted December 8, 2005 hmmm... i'll have to ask who they spoke with and how much they offered (ballpark). last time i spoke with them i was told 145/150 Quote Link to comment Share on other sites More sharing options...
houston-development Posted December 9, 2005 Share Posted December 9, 2005 hmmm... i'll have to ask who they spoke with and how much they offered (ballpark). last time i spoke with them i was told 145/150regardless of how much cash atlas has in drawings, leg work, etc. if he didnt take a $145-150 psf offer, hes smoking crack. while i dont know how much he paid for the site, the land across the street went for $70+ psf on a sale without any comps.having said that, how someone can get a lender to justify a $145-150 psf sale is... interesting. not down playing your investor but unless they are serious player, atlas may not believe they can perform. Quote Link to comment Share on other sites More sharing options...
danes75 Posted December 13, 2005 Share Posted December 13, 2005 Saturday I was told they said 130psf. They don't have a lender... They are sort of, without going into much detail... government? Quote Link to comment Share on other sites More sharing options...
houston-development Posted December 14, 2005 Share Posted December 14, 2005 Saturday I was told they said 130psf. They don't have a lender... They are sort of, without going into much detail... government?again, im not doubting what you say, danes. having said that, theres a huge difference between $160 psf and $135 psf. additionally, the governement got into trouble by overpaying for the allen parkway site (fed reserve). i would be surprised if they could justify purchasing another overpriced high profile site.just my $0.02 Quote Link to comment Share on other sites More sharing options...
groovehouse Posted January 13, 2006 Share Posted January 13, 2006 ...and the walls, came crumbling down.... This is the former Hard Rock Cafe Building next door to the 2727 project. This was at about 8am Friday morning, by the time I leave work, it will be completely demolished. Quote Link to comment Share on other sites More sharing options...
groovehouse Posted January 14, 2006 Share Posted January 14, 2006 8 am 4 pm Quote Link to comment Share on other sites More sharing options...
houstonfella Posted January 14, 2006 Share Posted January 14, 2006 Bye bye Paige Parks building. I won't cry. Oh, no no no. YAY See ya later.......... in a fab skyscraper!!!!! Quote Link to comment Share on other sites More sharing options...
Houston1stWordOnTheMoon Posted February 22, 2006 Share Posted February 22, 2006 8 am 4 pm Sorry to see it go, i celebrated my 21st B Day there at the Hard Rock Cafe :(:(:(:( That place introduced me to the "3 wisemen" Quote Link to comment Share on other sites More sharing options...
HoustonMidtown Posted February 22, 2006 Share Posted February 22, 2006 Bye bye Paige Parks building. I won't cry. Oh, no no no. YAY See ya later.......... in a fab skyscraper!!!!! The Page Parkes building will be imploded this Sunday morning at 8am if anyone is interested in watching!! Quote Link to comment Share on other sites More sharing options...
danes75 Posted March 4, 2006 Share Posted March 4, 2006 houstondevelopment --any word on whether there's a buyer for 2727? Quote Link to comment Share on other sites More sharing options...
houston-development Posted March 6, 2006 Share Posted March 6, 2006 houstondevelopment --any word on whether there's a buyer for 2727? not that im aware of and dont know how you could make the numbers work today. having said that, if atlas can wait and sit on the dirt for a bit, eventually, it will be worth what hes asking Quote Link to comment Share on other sites More sharing options...
The New Juniper Posted March 6, 2006 Share Posted March 6, 2006 I have heard Atlas is back to the drawing board, although my source is a bit sketchy. I hope this isn't true b/c no one is rooting harder for him than am i. Quote Link to comment Share on other sites More sharing options...
bcnet Posted March 6, 2006 Share Posted March 6, 2006 I have heard Atlas is back to the drawing board, although my source is a bit sketchy. I hope this isn't true b/c no one is rooting harder for him than am i.back to the drawing board = redesign? less expensive units? Quote Link to comment Share on other sites More sharing options...
houston-development Posted March 6, 2006 Share Posted March 6, 2006 I have heard Atlas is back to the drawing board, although my source is a bit sketchy. I hope this isn't true b/c no one is rooting harder for him than am i. ive heard the same but thought it may have been too gossipy to post here 2 problems he faces going forward: 1) lenders are scaling back on high-rise loans 2) construction costs continue to increase significantly concrete alone is up another 30% from last year... over the past 2 years, its more than doubled. makes underwriting kinda difficult to say the least Quote Link to comment Share on other sites More sharing options...
bachanon Posted March 6, 2006 Share Posted March 6, 2006 is the increase in construction costs and concrete due to fuel prices, demand or both? Quote Link to comment Share on other sites More sharing options...
wendyps Posted March 6, 2006 Share Posted March 6, 2006 ja-la-penos is gone. I noticed yesterday. Quote Link to comment Share on other sites More sharing options...
Subdude Posted March 7, 2006 Share Posted March 7, 2006 Yeah, I noticed that too. I could never figure that place out. You never heard people talk about the place, and it didn't seem all that good, but they seemed to have enough of a crowd of regulars to stay in business for years. Quote Link to comment Share on other sites More sharing options...
wendyps Posted March 7, 2006 Share Posted March 7, 2006 agree. I went there once, the place was packed, but for the life of me, I cannot remember anything about the food. good? bad? no idea! I think it had location going for it. Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted March 15, 2006 Share Posted March 15, 2006 Is funny that in the renderings the surrounding is trees... Quote Link to comment Share on other sites More sharing options...
houston-development Posted March 15, 2006 Share Posted March 15, 2006 is the increase in construction costs and concrete due to fuel prices, demand or both?Related Chronicle ArticleThe price of steel, diesel fuel and concrete, along with such materials as pipes and wiring, has driven up the costs of building a high-rise tower, said Ken Simonson, chief economist for the Associated General Contractors of America. The cost of a cubic yard of concrete rose from 10 percent to 15 percent last year and will see a similar increase in 2006, he said. The average cost for diesel fuel used in construction trucks is up 36 cents a gallon from last year. The cost of gypsum, the main ingredient in wall board, rose 42 percent since 2004, and copper used in wiring and fixtures rose about 70 percent in two years, Simonson said. Strong demand, shortage of supply and a shift to a global marketplace are responsible for the increases, he said. Quote Link to comment Share on other sites More sharing options...
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