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8 hours ago, Luminare said:

@Urbannizer Shouldn't this be combined with the other thread regarding this? The one with the new high-rise by Hanover? Plus this isn't exactly "Downtown".

 

The first post in this thread is about 3550 West Dallas. The other one is about 3540, that one has been purchase by Hanover. They are actually two different sites. One is 4.5 acres and the other is about 6.75 acres. I’m still not 100% certain which site the new variance signs are for. 

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3 hours ago, Angostura said:

More detail in this weeks Planning Commission agenda. 6 buildings, including a hotel (23 stories), office (21 stories) and residential (7 stories w/ GFR). No details on the other 3.

 

Two N-S streets will run through the site, between Dallas and Allen Pkwy.

 

 

Sorry, delete this post...

Edited by jgriff
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4 hours ago, Angostura said:

More detail in this weeks Planning Commission agenda. 6 buildings, including a hotel (23 stories), office (21 stories) and residential (7 stories w/ GFR). No details on the other 3.

 

Two N-S streets will run through the site, between Dallas and Allen Pkwy.

 

 

 

The site is next to Marston Street but I don't see another street there unless they plan on putting one in. This site does not go through to Allen Parkway unless they plan on acquiring more land. This is nothing at all like the Regents site, which reminds us just what a waste it is that the Regents site sits there vacant.

 

This is pretty much obsolete after jgriff's post.

 

Edited by H-Town Man
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24 minutes ago, jgriff said:

Lots of details in this document.  The entire site is about 13.5 acres. It looks like they've bought everything East of Martson street. They are adding several streets. Martson street and one of the new ones will connect to Allen Parkway. 

 

ftp://edrc.houstontx.gov//2019/2019-02_DraftAgenda.pdf

 

 

Ah, so it looks like The Center is leaving. I hope they got a pretty penny, those people are the salt of the earth. And this project is now rather bigger than anticipated when it was 4.54 acres. Regents Square may have missed their window, they are going to have competitive supply issues if they go forward now.

 

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12 minutes ago, H-Town Man said:

 

Ah, so it looks like The Center is leaving. I hope they got a pretty penny, those people are the salt of the earth. And this project is now rather bigger than anticipated when it was 4.54 acres. Regents Square may have missed their window, they are going to have competitive supply issues if they go forward now.

 

They had serious issues during Harvey. I'm sure Hanover will take the flooding issues into account in the design of the new buildings. On the site plan I believe only Reserve "B" would have flooding issues. I walked the entire area many times during Harvey since I live just a few hundred feet away. 

 

Since Hanover paid about $7 million an acre for the Detention center portion I'm sure The Center got a big price for their site, it was almost 7 acres.  The property taxes on this development are going to be huge. 

 

Here's what The Center had to say about the sale on their blog.

 

Quote

Development by the new property owners on the current West Dallas campus—not including Cullen Residence Hall and the surrounding one acre of land—is slated to begin in 2019. In preparation, The Center will temporarily relocate a portion of our services to ensure uninterrupted client programming during this transitional time. The Center has signed the lease for a short-term location at 9310 Kirby Drive to house all of our day programs until the new permanent location is ready. This includes our Momentum Industries vocational training program, the Adult Activity Center, Young at Heart, Bloom Fitness exercise classes, Cullen Caners, and Gingersnaps Etc. These programs are scheduled to relocate in the first quarter of 2019.

 

https://thecenterhouston.org/with-plans-for-a-new-location-underway-the-center-finds-a-temporary-home-on-kirby-drive/

 

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14 minutes ago, jgriff said:

They had serious issues during Harvey. I'm sure Hanover will take the flooding issues into account in the design of the new buildings. On the site plan I believe only Reserve "B" would have flooding issues. I walked the entire area many times during Harvey since I live just a few hundred feet away. 

 

Since Hanover paid about $7 million an acre for the Detention center portion I'm sure The Center got a big price for their site, it was almost 7 acres.  The property taxes on this development are going to be huge. 

 

Here's what The Center had to say about the sale on their blog.

 

 

https://thecenterhouston.org/with-plans-for-a-new-location-underway-the-center-finds-a-temporary-home-on-kirby-drive/

 

 

Interesting. St. Thomas paid about $5.5 million an acre for the High School for Law Enforcement, which was mostly land value, so that checks out. This is getting in the ballpark of downtown land at $160/SF.

 

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1 hour ago, H-Town Man said:

 

Interesting. St. Thomas paid about $5.5 million an acre for the High School for Law Enforcement, which was mostly land value, so that checks out. This is getting in the ballpark of downtown land at $160/SF.

 

I was surprised at the price paid for the Detention Center site. My lot is appraised at $85/SF. Of course it's not suitable for development due to the size. Is it normal for a commercial size lot like this to be worth double what a residential lot would be? I hope this doesn't push my taxes up. 

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1 hour ago, jgriff said:

I was surprised at the price paid for the Detention Center site. My lot is appraised at $85/SF. Of course it's not suitable for development due to the size. Is it normal for a commercial size lot like this to be worth double what a residential lot would be? I hope this doesn't push my taxes up. 

 

Residential property is typically worth less than commercial, although in Houston due to lack of zoning the differences are blurred. Does your lot have any deed restrictions? Does it front on a major road? Any other development restrictions? Normally smaller properties are worth more per foot, but there is utility in a larger site that a small site doesn't have. There is not much utility below a half acre unless it can be assembled into a larger site.

 

The appraisal district usually appraises residential property pretty accurately because they can look at MLS and see what has been paid for similar properties, but if your residence is on a site that could be commercial, that goes out the window.

 

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12 minutes ago, H-Town Man said:

 

Residential property is typically worth less than commercial, although in Houston due to lack of zoning the differences are blurred. Does your lot have any deed restrictions? Does it front on a major road? Any other development restrictions? Normally smaller properties are worth more per foot, but there is utility in a larger site that a small site doesn't have. There is not much utility below a half acre unless it can be assembled into a larger site.

 

The appraisal district usually appraises residential property pretty accurately because they can look at MLS and see what has been paid for similar properties, but if your residence is on a site that could be commercial, that goes out the window.

 

 

The lines are blurred further here too because, for the most part, every property is an "unrestricted reserve" meaning you can do whatever you want with that land, be it residential or commercial. The only thing that is stopping you at that point are deed restrictions.

Edited by Luminare
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1 hour ago, Luminare said:

 

At this point it is probably smarter for them to hold the land and wait until this builds out and stabilizes. Then there will be more walking-distance customers for their retail and investors will be an easier sell since it's a proven concept at this location.

 

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The plat is called Buffalo Bayou Park in the variance request.

 

This ought to be symbiotic with Regent Square. Each within walking distance of the other, and this appears to be more office/hotel focused (with a little GFR and a lot of suburban-office-park green space) whereas Regent Square has a higher proportion of retail and residential. Both this development and Regent Square are more valuable long-term if the other is built.

 

Someday we'll learn the real reason Regent Square was never built.

 

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2 hours ago, Angostura said:

 

Someday we'll learn the real reason Regent Square was never built.

 

Calling it now. If this development is successful, I see Hanover purchasing the Regent Square property and we'll see phase II and III over there. I'll miss the aesthetics that Regent Square was proposing but we should have had walkable mixed-use development in this area by now already.

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3 hours ago, Triton said:

Calling it now. If this development is successful, I see Hanover purchasing the Regent Square property and we'll see phase II and III over there. I'll miss the aesthetics that Regent Square was proposing but we should have had walkable mixed-use development in this area by now already.

I'll note it in the log.

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