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Parrothead

Town & Country/City Centre *update*

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What's with the plaza space btwn the theater and office building?

 

Its both hostile to pedestrians due to the car traffic while making it harder for cars to use the garage due to its large setback / foot traffic.

 

Fail.

 

But considering what there was in this location before, I guess I'll take it.

 

In the land of the blind, the man with one eye is king... or something. IDK.

 

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What's with the plaza space btwn the theater and office building?

 

Its both hostile to pedestrians due to the car traffic while making it harder for cars to use the garage due to its large setback / foot traffic.

 

Fail.

 

But considering what there was in this location before, I guess I'll take it.

 

In the land of the blind, the man with one eye is king... or something. IDK.

 

It looks like it doubles as a plaza and a pick-up/drop-off area. I actually think its thoughtfully designed. Trust me they could have done something a lot cheaper and worse. Its a compromise and something that they didn't need to do, but they did it anyway since I don't believe we have any land-use codes that say a particular building needs to dedicate "x" amount of land to public use. It balances both worlds pedestrian and car.

Edited by Luminare
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  • Grimaldi’s Pizzeria will open its first location in the city of Houston this spring on the south end of Sorella Court at Queensbury Lane beneath Houston Texans Grille.
  • Women’s clothing store Madewell will open next month on the south end of Town & Country Boulevard next to Urban Outfitters.
  • Home furnishings retailer West Elm will open a 12,000-square-foot store on the south side of Town & Country Boulevard.
  • Bowl & Barrel, an upscale bowling venue will open on the south end of Sorella Court at Queensbury Lane and Beltway 8 feeder road, along with The General Public restaurant and bar.
  • Olive & Vine, which opened in 2011 is moving into a larger location with 2,000 square feet. It will on the south side of Town & Country Boulevard between Paper Source and Madewell.
  • Last month, H&M opened its first Houston-area location not in a shopping mall. Fellini Gelato & Caffe opened earlier this month. A new office tower, CityCentre Five, will be completed soon and will add new parking spaces to CityCentre visitors.

http://blog.chron.com/primeproperty/2015/10/madewll-west-elm-and-others-to-join-citycentre/

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Pretty good to hear that companies are leasing space, I was under the impression that the current local economy was having a negative impact with all the O&G layofs

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3 hours ago, CrockpotandGravel said:

From ReBusiness Online:

" Baker Katz has completed two leases for Snooze, an A.M Eatery, at Town & Country Village and Houston Heights Lowell Street Market in Houston. A 3,185-square-foot eatery is slated to open this summer at Town & Country Village "

 

http://rebusinessonline.com/baker-katz-arranges-two-leases-for-snooze-eatery-in-houston/

Since when is Montrose south of Westheimer considered the Heights?

 

Im excited Snooze is opening another location. Line out the door. In the rain. 

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There's a huge amount of corruption involved in building that traffic circle in that image that is going to commence soon involving the local TIRZ that is paying 30 million dollars to build it for Midway and teardown a portion of the garage they already have an easement for... Like how did Midway even build on it in the first place. Once those works are complete phase 3 can start. Love the project but they should all be in jail:D!

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23 minutes ago, iah77 said:

There's a huge amount of corruption involved in building that traffic circle in that image that is going to commence soon involving the local TIRZ that is paying 30 million dollars to build it for Midway and teardown a portion of the garage they already have an easement for... Like how did Midway even build on it in the first place. Once those works are complete phase 3 can start. Love the project but they should all be in jail:D!

Source? Would love to read about this.

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They are now tearing down the buildings in the block described in my previous post. Phase 3 coming soon?

 

I'll try to snag a pic.

Edited by The Ozone Files
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Town Centre II

 

http://www.loopnet.com/Listing/730-Town-Country-Blvd-Houston-TX/13405616/

 

Town Centre Two will consist of an 8 story, 170,924 square foot, Class A office building with architectural masonry and glass curtain wall exterior, and stone and wood on 2-level lobby. In addition, the property will have a covered controlled walk way from the secured parking garage, and 24/7 security with camera monitoring. Town Centre Two contains energy efficient features throughout the building, along with Class A area finishes and dual pane low E glass. There will be three high-speed geared elevators and one dedicated freight elevator and a 220 seat conference facility. This property has an impeccable walking score with access to a various array of amenities.

 

image.jpg

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https://www.bizjournals.com/houston/news/2018/10/30/exclusive-houston-upstream-co-in-talks-with-hines.html

 

Quote

 

Exclusive: Houston upstream co. in talks with Hines to relocate to new CityCentre tower

 

By Cara Smith  – Reporter, Houston Business Journal

Oct 30, 2018, 4:17pm CDT

 

Houston-based Marathon Oil Corp. (NYSE: MRO) is exploring the possibility of relocating to a new tower in CityCentre, sources with knowledge of the deal told the Houston Business Journal.

 

The new tower would contain around 600,000 square feet of office space on a roughly three-acre tract of land at Interstate 10 and Beltway 8. Houston-based Hines is in conversations to potentially build that tower and buy the land from Houston-based Midway, according to the sources.

 

Marathon's Houston headquarters is currently at the company's namesake building, Marathon Oil Tower, at 5555 San Felipe St. in the Uptown/Galleria area.

Marathon and Hines declined to comment. Midway couldn't immediately be reached for comment. Nothing has been signed or is finalized, sources said.

 

 

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HBJ said 600,000 sq ft... 14 floors.... 42,000 sqft/floor.... 300ft x 140ft.  Using googlemeasure (high tech stuff), that's ~ 1/3 the site if you assume the garage goes through to the back.

 

#ChecksOut

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Boy, Houston’s good ol’ oil industry is hellbent on not leaving any iconic buildings for the next generation, especially like it did in the 70’s/80’s. While I love the concept of City Centre at street level, the buildings there and in the Energy Corridor are pretty basic, short boxes that all look quite similar. 

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Oil/gas is not what it once was. Considering the price of oil and Houstons office vacancy rates I'm just happy to see new office buildings being proposed!

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6 hours ago, intencity77 said:

Boy, Houston’s good ol’ oil industry is hellbent on not leaving any iconic buildings for the next generation, especially like it did in the 70’s/80’s. While I love the concept of City Centre at street level, the buildings there and in the Energy Corridor are pretty basic, short boxes that all look quite similar. 

 

Our iconic buildings are about 30 years old and due for some modernization. Hopefully many will either be renovated or re-purposed, but it seems the Houston office market maybe a bit oversupplied for the near team. 

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This may actually be more underwhelming than the Phillips 66 headquarters down the road in Westchase, which is saying something. Timoric is right, big oil is going low profile. It looks like Marathon split into two companies some time back, with the refining division headquartered in Ohio and just the upstream division here. I don't have full access to the Fortune site so it seems like the upstream division has fallen off the top 500 list. But if they are hurting for cash it does not make sense to lease new office space vs. occupying older, cheaper space. I think this is about competing for younger talent, as well as the shorter commute. City Centre is a more interesting locale than the current tower's isolation on San Felipe.

 

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It's also on the eastern edge of the energy corridor and at the crossroads of I10 and the beltway, which makes access to other industry partners a little easier.

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FAA case for town center II shows a height of 135 and start date in September 

https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=displayOECase&oeCaseID=404643853&row=305

 

Overview
Study (ASN): 2019-ASW-5760-OE
Prior Study:  
Status: Work In Progress
   
Received Date: 05/03/2019
Entered Date: 05/03/2019
Map: View Map
Construction Info     Structure Summary
Notice Of: CONSTR
Duration: PERM    (Months: 0    Days: 0)
Work Schedule: 09/02/2019  to  12/01/2020
   
   
Structure Type: Building
Structure Name: Town Centre Two
FCC Number:  
   
Structure Details     Height and Elevation
Latitude (NAD 83): 29° 46' 39.00" N
Longitude (NAD 83): 95° 33' 36.29" W
Datum: NAD 83
City: Houston
State: TX
Nearest County: Harris
   
 
Proposed
Site Elevation:
78
Structure Height:
135
Total Height (AMSL):
213
 
Frequencies
Low Freq High Freq Unit ERP Unit
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On 8/9/2019 at 5:28 AM, The Ozone Files said:

Earth moving equipment on the site of City Centre North (along I-10 Frontage Rd) spotted yesterday. Something in the works?

 

Are these the towers that they been proposing to build since like 2015?

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https://product.costar.com/home/news/1654779263?tag=1

 

Construction is set to start soon on a project being developed by Hines for a Houston energy company relocating its headquarters about 7 miles west to reduce commute times for employees as well as save money.

 

Marathon Oil Corp., a publicly traded producer, plans to start building its 15-story headquarters in CityCentre at 990 Town & Country Blvd. this month, said Curtis Ryland, vice president of special projects at Marathon Oil. When the tower is completed at the end of 2021, Marathon Oil expects to relocate into the roughly 440,000-square-foot building from its current home at 5555 San Felipe St. in the Uptown-Galleria area, where it’s been for 35 years.

 

The new multimillion-dollar project comes as energy companies are under pressure to ratchet down spending amid falling oil prices and concerns of a slowdown in the energy sector and the economy at large. However, Marathon Oil officials say building a new tower from the ground up is actually more cost effective than staying in the current office and will boost efficiency and shorten commute times for hundreds of their employees in the Houston area.

 

While the move provides a glimpse at the steps companies under pressure take to cut costs, it also gives an insight into the decision facing all growing corporations at some point on whether to expand or relocate. The Marathon situation is a study how companies look at a transforming city, an industry facing fluctuations and the challenges in trying to project industry and economic trends for the next 35 years.

 

With Marathon Oil’s lease at 5555 San Felipe set to expire at the end of 2021, the energy firm evaluated options and decided it was more cost-effective to relocate rather than pay for renovations of their space and deal with the disruption of construction, Ryland said.

 

The new location in CityCentre at the southeast corner of Interstate 10 and Beltway 8 will also drastically reduce commute times for many of its employees, Ryland said. More than half of Marathon Oil’s nearly 1,000 local employees commute to the Uptown-Galleria area from the quickly growing west side of Houston and Katy.

 

CityCentre will also give employees access to restaurants and other amenities, he noted. The 50-acre mixed-use district developed by Midway Cos. has 400,000 square feet of restaurants and retail space, a movie theater, a gym, and a bowling alley.

 

"We wanted an environment to provide balance to employees and CityCentre is highly sought-out in terms of its connectedness," said Ryland in an interview.

 

It will also give Marathon Oil a chance to create a more modern workspace to improve efficiency, promote collaboration and give employees better access to upgraded and reliable technology, executives said.

"The building we are in was built in the 1980s and it's very much a traditional office that was designed before the internet and before computers were on every desk," Ryalnd said. "Now when you have teams at work and the types of spaces they need, we’re trying to create a more active workspace. Flexibility and choice are key aspects of our design."

 

`Project Thunder' Estimate

Marathon Oil held a groundbreaking ceremony earlier this month commemorating the start of the project and the selection of its general contractor, D.E. Harvey Builders, but the project's construction will start sometime this month. Kendall/Heaton Associates Inc. is the architect on record for Marathon Oil's new tower.

 

Last year, Marathon Oil purchased the land for the new tower from Midway through a financing agreement known as a synthetic lease. In that type of deal, Marathon Oil leases the land from SMBC Leasing and Finance Inc. but essentially acts as the owner, Ryland said.

 

Marathon Oil did not provide an estimate for the total construction costs, but initial filings with the state for a project at the same address called "Project Thunder" show the shell of the building was estimated to cost $109.6 million and the interiors were estimated to cost $60 million.

 

Marathon Oil had a blockbuster year for earnings in 2018 when capital efficiency and a 24% jump in oil production boosted its profits from $1 billion in 2018, compared to posting a $5.7 billion loss the year earlier. But like the rest of the oil sector, tepid crude prices this year have dinged Marathon Oil’s profits, which fell 35% year-over-year in the third quarter to $165 million, according to its latest earnings report.

The phrase "capital discipline" was cited often on company earnings calls with investors as executives emphasized their efforts to keep spending in check. Despite planning to boost oil production by 10% this year, Marathon Oil has planned to keep its capital budget flat at $2.6 billion.

 

Meanwhile, at Marathon Oil's space at 5555 San Felipe, the owners of the 41-story tower are in the midst of significant remodeling to modernize the building, which is known as Marathon Oil Tower.

 

Elsewhere in CityCentre, Midway is planning to build a 300,000-square-foot office tower called CityCentre Six directly south of the Marathon Oil project. A Midway spokeswoman told CoStar News that Midway has launched the CityCentre Six project, but did not immediately respond to a phone call and email requesting more information about the project's timeline. Midway recently sold a majority stake in CityCentre Five, a 15-story office tower anchored by Amazon Web Services at 825 Town & Country Lane.

 

Farther west down I-10, Harvey Builders has reportedly halted construction on the buildout of McDermott International's space at 915 N. Eldridge Parkway in the Energy Corridor, according to the Houston Business Journal. McDermott, an oil field services company, leased the entire 525,000-square-foot office building last year for its headquarters.

 

Harvey Builders filed a lien against the property in October, citing McDermott owed the contractor $14.2 million in unpaid bills, according to a filing with the Harris County Clerk.

 

Another lien was filed in October against the property by Trio Electric, an electric subcontractor, citing the owner of the building, TCH Energy Corridor Venture LLC, owed Trio Electric $4.7 million for unpaid work for McDermott's space, according to the Harris County Clerk. TCH Energy Corridor Venture is a joint venture between Dallas-based Trammell Crow and Des Moines, Iowa-based Principal Real Estate Investors. It was not immediately clear what company owed Trio Electric the funds.

 

CoStar News reached out to McDermott, Harvey Builders, TCH Energy Corridor Venture and Trio Electric for additional comment.

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