Popular Post Houston19514 Posted December 30, 2019 Popular Post Share Posted December 30, 2019 (edited) 3 hours ago, Luminare said: So some interesting insider industry info. Recently learned that the architect responsible for this design, Michael Hsu Office of Architecture, is opening up a Houston office. They have already established themselves as the next big player in town regarding commercial architecture. Expect to see their name on more projects to come, and have an influence on Houston's mixed-use scene as well as commercial architecture aesthetics. The Chronicle reported the news of Hsu's Houston office back in August. And the office had its grand opening about 6 weeks ago. Architectural Digest Nov 14, 2019 Houston Business Journal - August 26, 2019 Architectural Digest August 29, 2019 Globe St September 16, 2019 Community Impact - Nov 27, 2019 Houston magazine - July 16, 2019 Archinect - Dec 11, 2019 Edited December 30, 2019 by Houston19514 8 2 Quote Link to comment Share on other sites More sharing options...
Luminare Posted December 30, 2019 Share Posted December 30, 2019 1 minute ago, Houston19514 said: The Chronicle reported the news of Hsu's Houston office back in August. And the office had its grand opening about 6 weeks ago. Been a bit behind as far as the Chron goes. I'll have to look more into that. We just had someone at my office who left to help open up that new office. So I guess its not insider info any longer, but thought it was worth mentioning on a MH project since it hasn't yet to my knowledge. Quote Link to comment Share on other sites More sharing options...
Texasota Posted December 30, 2019 Share Posted December 30, 2019 41 minutes ago, crock said: all i see is that it's going to be harder for me to casually get southside coffee on saturday mornings. I'm also really unsure who is going to come here? Montrose has already been effectively priced out for millennials, so it doesn't have the same sort of foot traffic as even areas of the Heights do. Haven't two shops already closed in the brand new strip center across from Uchi already in less than a year? How old do you think millenials are? Montrose has definitely lost a lot (though not all) of its cheap rental stock, but that more affects the post-millenial generation I would think. I don't think I would say that Montrose is meaningfully more expensive than the Heights. As to who will come here? That will depend on the tenants. This is still a good, central, relatively easy to get to location. What will really make a difference is the redevelopment of the Tower shopping center though. I wonder what the status on that is... 6 Quote Link to comment Share on other sites More sharing options...
Luminare Posted December 30, 2019 Share Posted December 30, 2019 Just now, Texasota said: How old do you think millenials are? Montrose has definitely lost a lot (though not all) of its cheap rental stock, but that more affects the post-millenial generation I would think. I don't think I would say that Montrose is meaningfully more expensive than the Heights. As to who will come here? That will depend on the tenants. This is still a good, central, relatively easy to get to location. What will really make a difference is the redevelopment of the Tower shopping center though. I wonder what the status on that is... As a millenial myself this is a constant perception that older generations seem to have. "Oh, don't y'all have all this debt, aren't y'all unable to afford to live in the city?" (sidelining the fact that we have that debt because of previous generations upping the costs of education), but all I can say is that this isn't the case. Millenials are not only making it work, but are doing it while juggling their debt, and the changing of housing stock from single family res to townhomes and apartments is actually making it easier for Millenials to move closer to the city. That wouldn't be the case if the only housing stock was single family residential. Actually the new construction is dropping the price or keeping the price of older stock stagnant. In the part of Montrose I live in I pay $925 for a house which was converted to apartments. I actually expected my rent to go up this year, but was suprised when it didn't. There is truth to what Crock says, but its only in parts of Montrose. Montrose is such a weird neighborhood that you can't just make blanket statements on the entire hood and expect it to hold true. Its probably one of the most diverse in regards to income level in the city. 4 Quote Link to comment Share on other sites More sharing options...
Angostura Posted January 2, 2020 Share Posted January 2, 2020 On 12/30/2019 at 1:16 PM, Luminare said: As a millenial myself this is a constant perception that older generations seem to have. "Oh, don't y'all have all this debt, aren't y'all unable to afford to live in the city?" (sidelining the fact that we have that debt because of previous generations upping the costs of education), but all I can say is that this isn't the case. Millenials are not only making it work, but are doing it while juggling their debt, and the changing of housing stock from single family res to townhomes and apartments is actually making it easier for Millenials to move closer to the city. That wouldn't be the case if the only housing stock was single family residential. With the possible exceptions of Medicare and Social Security, single family zoning may be the most effective form of inter-generational wealth transfer from low-net-worth millenials to high-net-worth boomers this country has. Quote Link to comment Share on other sites More sharing options...
Luminare Posted January 2, 2020 Share Posted January 2, 2020 2 hours ago, Angostura said: With the possible exceptions of Medicare and Social Security, single family zoning may be the most effective form of inter-generational wealth transfer from low-net-worth millenials to high-net-worth boomers this country has. For long-term prospects, of course. I completely agree. However, due to the amount of debt many hold, the pay off of that debt has ended up replacing the single family home as the main focus of long-term viability. That amount of money which could have gone to a single family home instead now goes to pay off debt. Most Boomers in their late twenties and early thirties didn't have this issue at all, so many of their first encounters with this kind of debt was a mortgage on a home. For the millineal generation it was education. Though the jury is still out on whether for most it was a sound investment. Just like after the housing crisis many questioned amongst boomers whether investment in the single family home was a worthy investment. Both are risky, and both are dumb decisions if one doesn't plan for the future in a way that actually will work in most instances. Quote Link to comment Share on other sites More sharing options...
swtsig Posted January 2, 2020 Share Posted January 2, 2020 On 12/30/2019 at 9:22 AM, crock said: all i see is that it's going to be harder for me to casually get southside coffee on saturday mornings. I'm also really unsure who is going to come here? Montrose has already been effectively priced out for millennials, so it doesn't have the same sort of foot traffic as even areas of the Heights do. Haven't two shops already closed in the brand new strip center across from Uchi already in less than a year? montrose has just as much foot traffic as any part of the heights or any other part of the city... what are you talking about? two restaurants closed but how many more have opened? btw about 75% of the office space for this project has already been preleased as has some of the retail space so clearly they think some folks will show up. 5 1 Quote Link to comment Share on other sites More sharing options...
Avossos Posted January 2, 2020 Share Posted January 2, 2020 6 minutes ago, swtsig said: montrose has just as much foot traffic as any part of the heights or any other part of the city... what are you talking about? two restaurants closed but how many more have opened? btw about 75% of the office space for this project has already been preleased as has some of the retail space so clearly they think some folks will show up. Impressive pre-leasing numbers. How much of that has to do with the location, and how much has to do with the design? I think @bobruss said this in another thread. Montrose blvd desperately needs to be redone (like Kirby) so this can be a grand street. 3 Quote Link to comment Share on other sites More sharing options...
swtsig Posted January 2, 2020 Share Posted January 2, 2020 1 minute ago, Avossos said: Impressive pre-leasing numbers. How much of that has to do with the location, and how much has to do with the design? I think @bobruss said this in another thread. Montrose blvd desperately needs to be redone (like Kirby) so this can be a grand street. probably more design driven than location but the office tenant is a particularly good fit for this part of town a well. purely from a location standpoint, though, this isn't the easiest spot to get to if you have employees coming from all over town. Quote Link to comment Share on other sites More sharing options...
bobruss Posted January 2, 2020 Share Posted January 2, 2020 If I had to rate the best foot traffic areas in Houston i would start with Westheimer from Smith to 610. There is more action on Westheimer and continuous retail, service and residential on Westheimer than any street in Houston. It also has a considerable amount of activity and vitality. I would put the whole Rice Village area in at #2, and a couple of areas in the Heights right up there also. Eado could develop into a more walkable retail and entertainment area once they have finished dissecting it with freeway plans. 4 Quote Link to comment Share on other sites More sharing options...
crock Posted January 2, 2020 Share Posted January 2, 2020 (edited) On 12/30/2019 at 10:08 AM, Texasota said: How old do you think millenials are? Montrose has definitely lost a lot (though not all) of its cheap rental stock, but that more affects the post-millenial generation I would think. I don't think I would say that Montrose is meaningfully more expensive than the Heights. huh? I am a millennial. Everyone in my friend group lived in Montrose 10 years ago, literally none of them live there now. I will say that @Luminare is right, you can still rent in Montrose affordably, but as soon as you want to buy.... Montrose is meaningfully more expensive than the heights. You can still get decent houses on the eastside of the heights for 400-500k, you're paying 700k+ for that house in the montrose. Edited January 2, 2020 by crock 1 Quote Link to comment Share on other sites More sharing options...
Angostura Posted January 3, 2020 Share Posted January 3, 2020 18 hours ago, bobruss said: If I had to rate the best foot traffic areas in Houston i would start with Westheimer from Smith to 610. There is more action on Westheimer and continuous retail, service and residential on Westheimer than any street in Houston. It also has a considerable amount of activity and vitality. I would put the whole Rice Village area in at #2, and a couple of areas in the Heights right up there also. Eado could develop into a more walkable retail and entertainment area once they have finished dissecting it with freeway plans. I think any list that doesn't have the CBD and Midtown at #1 and #2 is probably a little off. 5 Quote Link to comment Share on other sites More sharing options...
Angostura Posted January 3, 2020 Share Posted January 3, 2020 23 hours ago, Luminare said: Most Boomers in their late twenties and early thirties didn't have this issue at all, so many of their first encounters with this kind of debt was a mortgage on a home. For the millineal generation it was education. Though the jury is still out on whether for most it was a sound investment. Observing the income premium from having a college education and concluding that we need to send everyone to college was a very "wet streets cause rain" moment. As was observing that home ownership correlated with good economic outcomes and concluding that we need to make everyone a homeowner. The latter caused the 2008 financial crisis. The full reckoning of the former has yet to come. 3 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted January 3, 2020 Share Posted January 3, 2020 On 1/2/2020 at 6:32 AM, Angostura said: With the possible exceptions of Medicare and Social Security, single family zoning may be the most effective form of inter-generational wealth transfer from low-net-worth millenials to high-net-worth boomers this country has. Multi-family zoning has to be up there. Millennial pours money into apartment rent, never building any equity. Baby boomer who has invested in the REIT that owns the apartment chuckles softly as he watches his share value increase and his net worth go up. The millennial might avoid the wealth transfer if and only if he takes all the money that he saves from not paying a mortgage and invests it. More likely though he is spending some or most of it on food halls, microbrews, and other drains on net worth. Quote Link to comment Share on other sites More sharing options...
Texasota Posted January 3, 2020 Share Posted January 3, 2020 Ah yes, that infamous drain on net worth, "food." 6 3 Quote Link to comment Share on other sites More sharing options...
LBC2HTX Posted January 3, 2020 Share Posted January 3, 2020 3 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted January 3, 2020 Share Posted January 3, 2020 (edited) 1 hour ago, Texasota said: Ah yes, that infamous drain on net worth, "food." Absolutely. $500/month on eating out and gourmet food items invested in a mutual fund will be a pretty hefty chunk of change in 10 years. Enough for a nice down payment, which then puts you in the driver's seat for more net worth growth. Little things turn into big things financially over time (something an old man once told me). Edited January 3, 2020 by H-Town Man Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted January 3, 2020 Share Posted January 3, 2020 49 minutes ago, LBC2HTX said: Eh, I'm closer in age to millennials than to Baby Boomers. Just calling it as I see it. Wasted a lot of my own money on this stuff. I guess I could have answered Angostura's post with, "Young man whines at old man," but instead I said something informative. Quote Link to comment Share on other sites More sharing options...
Texasota Posted January 3, 2020 Share Posted January 3, 2020 No, you really didn't. Every generation spends money on food and entertainment. What's changed (quite dramatically) is the cost of housing, transportation, and education, and the relationship of those costs to a stagnant household income that hasn't matched inflation, much less the ballooning costs of attending college. 3 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted January 3, 2020 Share Posted January 3, 2020 (edited) 26 minutes ago, Texasota said: No, you really didn't. Every generation spends money on food and entertainment. What's changed (quite dramatically) is the cost of housing, transportation, and education, and the relationship of those costs to a stagnant household income that hasn't matched inflation, much less the ballooning costs of attending college. If you read my initial post, what I said was that apartment renters can avoid the wealth transfer if they take the money they save on renting vs. a mortgage and invest it rather than spending it on things like sophisticated food and drink. Let's keep this in the context of what I said. But to answer your comment, actually millennials are spending a lot more than baby boomers on eating out and gourmet items, and the difference becomes very substantial over time. There are books written about this. Google "latte factor." Also, if college costs too much, don't go. You can become wealthy without attending college. It is incredible how little knowledge is required to develop the habits that create wealth. It's doing what you're supposed to do that's difficult. Take a Dave Ramsey class. They're free at most places, you just pay for the kit. And then do what the class teaches you to do. Edited January 3, 2020 by H-Town Man Quote Link to comment Share on other sites More sharing options...
Texasota Posted January 3, 2020 Share Posted January 3, 2020 I don't typically take advice from talk radio hosts, and the latte factor is a myth: https://slate.com/business/2016/05/the-latte-is-a-lie-and-buying-coffee-has-nothing-to-do-with-debt-an-excerpt-from-helaine-olens-pound-foolish.html 1 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted January 3, 2020 Share Posted January 3, 2020 13 minutes ago, Texasota said: I don't typically take advice from talk radio hosts, and the latte factor is a myth: https://slate.com/business/2016/05/the-latte-is-a-lie-and-buying-coffee-has-nothing-to-do-with-debt-an-excerpt-from-helaine-olens-pound-foolish.html Helaine Olen wrote a challenge to the original bestselling book and her challenge has since been rebutted, and she has probably rebutted the rebuts, etc. Just because Slate.com says something is a myth doesn't mean it's a myth. There will always be people saying "Ignore these tips, they don't work." Have to try and see for yourself. I guess the fact that Dave Ramsey has a radio show in which he answers people's questions about money means you shouldn't take advice from him? You still haven't addressed my initial argument, which really wasn't about food, it just used food as an example of how people waste their money. Baby boomers did uncool things like cutting coupons and buying offbrands; millennials buy Belgian beer and stand in line for overpriced barbecue and snap at anyone who suggests these may not be good fiscal habits. Quote Link to comment Share on other sites More sharing options...
Popular Post architeckton Posted January 3, 2020 Popular Post Share Posted January 3, 2020 You guys know that this is a public forum for discussion of Houston architecture, not finance. Please take it elsewhere. 4 6 Quote Link to comment Share on other sites More sharing options...
Texasota Posted January 3, 2020 Share Posted January 3, 2020 I was in the middle of drafting a response when you posted architeckton, and I'm glad you did. You are correct, and in particular this has nothing to do with 888 Westheimer. I do think there is plenty of pedestrian traffic already in this area - what will also help is the planned alterations to Westheimer. If the City actually has funding for east of Montrose, I'd rather they go ahead and do that than wait on funding for the western portion to start the project. 4 Quote Link to comment Share on other sites More sharing options...
trymahjong Posted January 5, 2020 Author Share Posted January 5, 2020 Oh my you have hit on one of my hot button issues............what was a fully funded improvement project from Bagby to Montrose made into a partially funded improvement project from Bagby to Shepherd?? I wonder if the Harvey recovery effort made better by the use of it. 2 Quote Link to comment Share on other sites More sharing options...
nate4l1f3 Posted January 5, 2020 Share Posted January 5, 2020 On 1/3/2020 at 9:21 AM, H-Town Man said: Multi-family zoning has to be up there. Millennial pours money into apartment rent, never building any equity. Baby boomer who has invested in the REIT that owns the apartment chuckles softly as he watches his share value increase and his net worth go up. The millennial might avoid the wealth transfer if and only if he takes all the money that he saves from not paying a mortgage and invests it. More likely though he is spending some or most of it on food halls, microbrews, and other drains on net worth. How do I report bullying? 😆 Quote Link to comment Share on other sites More sharing options...
CraneHunter Posted January 8, 2020 Share Posted January 8, 2020 It looks like the tenants are beginning to vacate, I drove by this morning and there were moving trucks with workers. 9 Quote Link to comment Share on other sites More sharing options...
j_cuevas713 Posted January 8, 2020 Share Posted January 8, 2020 4 minutes ago, CraneHunter said: It looks like the tenants are beginning to vacate, I drove by this morning and there were moving trucks with workers. Can't vacate soon enough 3 Quote Link to comment Share on other sites More sharing options...
Popular Post Urbannizer Posted January 9, 2020 Popular Post Share Posted January 9, 2020 "Rendering package" added to the retail listing: https://images1.loopnet.com/d2/1_MdAcEb6d5lsBhUKq6-oVKNevXGyDmFRu29t78gD2Q/document.pdf Also added all images to the very first post of this thread. 16 5 Quote Link to comment Share on other sites More sharing options...
j_cuevas713 Posted January 9, 2020 Share Posted January 9, 2020 When is this expected to get off the ground? 2 Quote Link to comment Share on other sites More sharing options...
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