Hanover Hermann Park: Multifamily At 5927 Almeda Rd.

[houston-development]

How much about this team do you know?

I don't see much of tract record.

:sighs:

wood partners website

and then...

check out the "for sale" option

yeah, you're right, not much of a tract record. between wood and wulfe, very little, if any, experience

[Lectro]

Does anyone know if construction has started?

I remember reading somewhere that groundbreaking was in October.

[Subdude]

I was by there on Sunday afternoon and didn't notice anything.

[MiDTOWNeR]

I visited the sales office on October 14. I was told that the south tower is for sale and the north tower is for lease. That makes no sense.

It makes sense, the building for lease will fill up much quicker than the other. That way they will have some cash to work with from the leases, as the sales side will go much slower.

[woolie]

They were supposed to break ground Nov 1, but nothing is on site yet. I hope they didn't ditch the project.

[woolie]

So, after waiting for a while and some broken promises -- ground breaking on Oct 1.. then Nov 1.. then Dec 1.. -- it looks like Mosaic is finally getting off the ground.

This week they moved the construction foreman's trailer on site, several dumpsters, and have started clearing the land. Last night they moved some type of heavy equipment on site (didn't catch what -- only saw "oversized load" trucks leaving the lot.)

Anyway, I'll be following this one very closely because I ride my bike by it every single day and it is quite literally in my back yard.

[The Great Hizzy!]

Sweet like candy!

[editor]

What's the address?

[woolie]

What's the address?

5925 Almeda.

See "Almeda at Binz" thread.

[woolie]

Looking North there are some lovely views of the CBD and TMC. These are South looking views, which are quite a bit more tame.

[Talbot]

I am so happy that they are starting on the project. When it's done hopefully it will be another excellent project completed under Houstons belt.

[Guest danax]

While we're all a bit jaded after seeing dirt moved before, this one feels real somehow. Hey, they're already ahead of Shamrock.

And while this project might be looked at years from now as the lever that lifted the area into residential prominence, even if it bombed out, another would surely replace it as the spot and area is just too full of potential for high rise development to be left in mediocrity.

[houstonsemipro]

Any renderings on this Mosaic?

[citykid09]

Any renderings on this Mosaic?

thats what I want to see. There have been so many proposals old and new that I have forgotten which one that is.

[midtown 4.2]

http://www.houstonarchitecture.info/haif/i...?showtopic=2454

[Montrose1100]

Wow it took a little over half a year for something to finally happen! I'm happy to see more residential buildings go up.

[Subdude]

The two threads on this project have been combined.

[Jeebus]

I was wondering how this thread had racked up 107 posts in 12 hours!

[MidtownCoog]

Located in the Museum District on trendy Almeda Road, one block from Hermann Park.

LOL!

[RedScare]

"Located in the Museum District on trendy Almeda Road, one block from Hermann Park."

Use your imagination, Coog!

[MidtownCoog]

I do admit, the brick/pavers at the major intersections are very nice. I watched them put those in. And you can talke Almead from 610 to 59 and every light is green.

I remember when this area had horse stables. I'd do the pony trot ride there in the 70s.

I have a picture of my Dad from the 60s in the old stables. He was Mr. SFA H.S. In the picture with him was Mrs. SFA H.S., who ended up being married to Rod Stewart.

Too much info, I know. But Almeda is apparently on its way back.

[woolie]

I do admit, the brick/pavers at the major intersections are very nice. I watched them put those in. And you can talke Almead from 610 to 59 and every light is green.

I remember when this area had horse stables. I'd do the pony trot ride there in the 70s.

I have a picture of my Dad from the 60s in the old stables. He was Mr. SFA H.S. In the picture with him was Mrs. SFA H.S., who ended up being married to Rod Stewart.

Too much info, I know. But Almeda is apparently on its way back.

Here are some photos I took of "Trendy Almeda Road" on Wednesday.

http://www.houstonarchitecture.info/haif/i...?showtopic=4654

[mike1]

Positive news for this project. According to the Houston Business Journal, the developer has secured financing and will begin consructing the first of the two proposed towers within the next three months. Here's the link to the story:

http://houston.bizjournals.com/houston/sto.../23/daily6.html

...also, I just noticed that the Chronicle picked up on this as well:

Project near the park

Last week, a development group got the go-ahead to start building a 28-story apartment tower on Almeda Road across from Hermann Park.

Raleigh, N.C.-based Phillips Development & Realty and Wood Partners of Atlanta said they received $101 million in funding to start the first building of Mosaic, a twin tower high-rise rental and condominium project. The plans for the buildings call for 788 units and shops on the ground level.

"Mosaic will be the first high-rise residence built in this area in two decades," said the general contractor on the project, Peter Doyle, chairman and chief executive of J.E. Dunn of Texas.

Rents will average around $2 per square foot or roughly $1,100 for a small one-bedroom apartment.

Located at 5925 Almeda Road near the Museum District and the Medical Center, the project should be completed by the end of next year, according to the developers.

The second building, however, will take more time to get off the ground.

That's because it's a condominium tower. Lenders often require developers to pre-sell half of the units before writing a check for construction. But so far, only five sales reservations have been made for the condos, and the group marketing the project is no longer involved.

The developer said it pulled back on marketing the building because it's trying to get financing without

pre-sales.

When the project was announced last summer, the developer said the units would be less than 1,000 square feet on average. He said they would be on the smaller side to keep prices down and attract younger buyers that work in the area. He said units would start in the $180,000s.

"This profile buyer generally doesn't have $25,000 to $50,000 to put down and sit on for two years," said Brad Minsley, a partner with Phillips Development & Realty.

Minsley said lenders financed an Atlanta condo building for Wood Partners on a speculative basis, and he's hoping the Houston project can be financed the same way.

But it will take convincing.

"Houston has sort of an unproven past with condominiums, but people are very bullish on the medical center and its growth," he

said.

Edited January 23, 2006 by mike1

[WesternGulf]

Trendy Almeda Road eh? I actually like and appreciate Almeda Road eventhough it has its fair share of strip malls but the lots aren't oversized. I get a down to earth type vibe when I am on that road and I love the houses in the area. It actually looks like the city tried to make the area look nice and the residents are keeping it up. Maybe I like it because it is an underdog and not that popular.

[danes75]

Has anyone heard anything about this project lately? I know there are construction cranes, but has anyone seen them DOING anything?

I went by there Thursday (around 10am) and Friday (around 3pm), the sales office was locked, no cars in the parking lot, and all the lights were out. I went back this weekend (1pm on Saturday and 3 pm on Sunday) and there's now a sign in the door that says "The Sales Office will open again soon."

edit: I just got an email this morning from the marketing director for Phillips saying the Sales Office will reopen again in a few weeks and that brochures, floorplans, and pricing are not currently available but that she'll email me when they are.

Which is odd... since the floorplans are already posted on their website.

I smell something...

Edited March 13, 2006 by danes75

[kjb434]

Suposedly the apartment tower is moving along and the second tower will be later depending on sales.

[BuilderGeek]

A couple of shots from a Mosaic drive-by today...looks like they are really getting it done. Sales office was still closed, but from these shots, it looks like a LOT is going on. The crane is up!

[brijonmang]

good news. sweet photos BG

[77017]

Saw the foundation is set along with first and second floor support beams. This is now a reality. "I said we movin on up "movin on up", to the eastside "movin on up"/ to a deee-luxe apartment in da sky-y-y!" I knew this was a sureshot when Houston Retail said he already secured a unit a few months back. He's on da "inside". Thing is about livin here, where's all the retail? I wouldn't move here for that reason. You'd have to drive down to reliant to get any good food unless you count the almeda food, (Spanish village, greens bbq, the cafeteria) or Main street which is still a few minutes away. But that areas turnin into a residential district real fast. Pretty promising. How long if ever do you think it will take powerhouse retailers to plant a few stores on almeda? Isn't there already a strip center in the making round there?

[houstonfella]

The area will develop naturally with the affluent's needs. Yay H-town~