houstontexasjack Posted April 16, 2021 Share Posted April 16, 2021 It looks like Caydon’s properties in Midtown were sold at a foreclosure sale earlier this month. From what I can tell, this is about everything Caydon owned north of Drewery Place: 1 1 1 3 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted April 16, 2021 Author Share Posted April 16, 2021 18 minutes ago, houstontexasjack said: It looks like Caydon’s properties in Midtown were sold at a foreclosure sale earlier this month. From what I can tell, this is about everything Caydon owned north of Drewery Place. Edit: To clarify, the tract on which Fitzroy residences was to be built was sold at foreclosure. I’m not sure if Caydon gave up the plans and designs to the lender separately. @hindesky’s post references an April 9, 2021 date, so it’s *possible* (although I think unlikeky) the foreclosure buyer is looking to move forward with construction. 18 minutes ago, houstontexasjack said: Quote Link to comment Share on other sites More sharing options...
Avossos Posted April 17, 2021 Share Posted April 17, 2021 I’m confused... what’s going on...? 6 Quote Link to comment Share on other sites More sharing options...
monarch Posted April 17, 2021 Share Posted April 17, 2021 ^^^ there are no words... Quote Link to comment Share on other sites More sharing options...
X.R. Posted May 6, 2021 Share Posted May 6, 2021 50 minutes ago, hindesky said: Caydon is selling their Midtown Drewery Place apartments. https://realtynewsreport.com/caydon-selling-drewery-place-apartment-tower-in-midtown/ I thought this is a typical business model for most residential real estate firms. Buy land, build, lease out the retail to anchor tenant, get a certain % of rooms leased, and then sell. So not really big news? 7 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 6, 2021 Share Posted May 6, 2021 3 minutes ago, X.R. said: I thought this is a typical business model for most residential real estate firms. Buy land, build, lease out the retail to anchor tenant, get a certain % of rooms leased, and then sell. So not really big news? Combined with the foreclosure on the rest of their property though? 3 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted May 6, 2021 Author Share Posted May 6, 2021 Caydon also just sold the unit they had for Joe Russo at the Warwick Towers. I’d say they’re cashing out of Houston. 4 Quote Link to comment Share on other sites More sharing options...
MarathonMan Posted May 7, 2021 Share Posted May 7, 2021 I’m completely confused. Seems as though Caydon is dumping and running, but the Realty News Report article says they’re about to start the Fitzroy? Really? After foreclosure? All of the on-site promotional banners for Fitzroy/Kimpton came down last weekend (replaced by graffiti - yay!) and everything online indicates the development is defunct. Unless I’m missing something, whoever researched this article did a horrible job fact-checking. 2 1 Quote Link to comment Share on other sites More sharing options...
TheSirDingle Posted May 7, 2021 Share Posted May 7, 2021 1 hour ago, MarathonMan said: I’m completely confused. Seems as though Caydon is dumping and running, but the Realty News Report article says they’re about to start the Fitzroy? Really? After foreclosure? All of the on-site promotional banners for Fitzroy/Kimpton came down last weekend (replaced by graffiti - yay!) and everything online indicates the development is defunct. Unless I’m missing something, whoever researched this article did a horrible job fact-checking. Yap most places are saying they dumped/sold out. one example: https://www.buzzbuzzhome.com/us/fitzroy-residences To bad, this could of been a great development, guess you shouldn't default on a loan when trying to build a mixed-used development. Also does anyone have word on who owns this now, and what plans they have for it. 2 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted May 7, 2021 Author Share Posted May 7, 2021 10 minutes ago, TheSirDingle said: Also does anyone have word on who owns this now, and what plans they have for it. The REIT that acquired the property at foreclosure is associated with this group (based on the Grantee’s address listed in the substitute trustees’ deed): https://www.therichmangroup.com 3 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 7, 2021 Share Posted May 7, 2021 He expanded the boundaries of highrise development in Midtown and future development will be made easier because of it. What he was trying to do - build a bunch of towers between Main and Fannin as if it were Post Oak Boulevard, in an area where solitary figures roam carrying paper bags of who-knows-what - would have been close to a miracle. Doing this during the pandemic when virtually every urban highrise is becoming a distressed property no matter how well located proved to be impossible. 2 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted May 7, 2021 Share Posted May 7, 2021 12 hours ago, MarathonMan said: I’m completely confused. Seems as though Caydon is dumping and running, but the Realty News Report article says they’re about to start the Fitzroy? Really? After foreclosure? All of the on-site promotional banners for Fitzroy/Kimpton came down last weekend (replaced by graffiti - yay!) and everything online indicates the development is defunct. Unless I’m missing something, whoever researched this article did a horrible job fact-checking. Sadly, that's a pretty safe assumption when it comes to Houston journalists. 4 Quote Link to comment Share on other sites More sharing options...
SMU1213 Posted May 7, 2021 Share Posted May 7, 2021 1 hour ago, H-Town Man said: He expanded the boundaries of highrise development in Midtown and future development will be made easier because of it. What he was trying to do - build a bunch of towers between Main and Fannin as if it were Post Oak Boulevard, in an area where solitary figures roam carrying paper bags of who-knows-what - would have been close to a miracle. Doing this during the pandemic when virtually every urban highrise is becoming a distressed property no matter how well located proved to be impossible. I would actually argue that they made it harder for future highrise development in Midtown because The Drewery's rents are so low. Their effective rents are low enough that developers would struggle to make a podium development underwrite, much less a high rise. Also, they haven't been able to get past 65% occupied even with their low rents. The Travis is a much better story for Midtown. 5 Quote Link to comment Share on other sites More sharing options...
X.R. Posted May 7, 2021 Share Posted May 7, 2021 Its kind of sad if they really are getting out of Midtown, and it seems they are, because they made it to the end of COVID but still succumb to it. I'm seeing this with some of my other clients' industries, businesses that were sighing in relief in March only to find out in April that their runway was much, much shorter than they realized and had to close shop b/c demand is returning slower than some hoped. Given what Rice is doing in Midtown and what that will potentially bring in terms of demand for housing and attracting individuals to work there who have higher earning potential, its unfortunate that their timelines didn't match up. 6 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted May 7, 2021 Share Posted May 7, 2021 5 hours ago, SMU1213 said: I would actually argue that they made it harder for future highrise development in Midtown because The Drewery's rents are so low. Their effective rents are low enough that developers would struggle to make a podium development underwrite, much less a high rise. Also, they haven't been able to get past 65% occupied even with their low rents. The Travis is a much better story for Midtown. Their rents are probably low due to the pandemic and will go up afterwards, if it ever ends. 5 Quote Link to comment Share on other sites More sharing options...
corbs315 Posted May 10, 2021 Share Posted May 10, 2021 The Kimpton "learn more!" link has turned into a never ending loop :( https://www.ihg.com/kimptonhotels/content/us/en/stay/boutique-hotels-in-houston Quote Link to comment Share on other sites More sharing options...
monarch Posted May 10, 2021 Share Posted May 10, 2021 ^^^ sure would be nice, to reference a FULL AND COMPLETE ARTIST CONCEPT RENDERING... of this new prospective project. jesus christ! Quote Link to comment Share on other sites More sharing options...
thatguysly Posted May 10, 2021 Share Posted May 10, 2021 I guess it is good they got one tower up before bailing. Maybe one day Midtown will fill in like we all expect but it is slowing pushed further to the future. Aside from COVID, I am sure the prices of wood and steel have made it that much more difficult. You will see more and more projects get scaled back, delayed, or cancelled (see McNair). 1 3 Quote Link to comment Share on other sites More sharing options...
Chloester Posted May 21, 2022 Share Posted May 21, 2022 Does anyone know what the downtown yard being built on fannin and drew is? Also they just cleaned up the empty lot that was supposed to have a kimpton hotel. Anything new being built there? 1 1 Quote Link to comment Share on other sites More sharing options...
hindesky Posted June 14, 2022 Share Posted June 14, 2022 They took down the black painted wooden walls around the 2 other properties and put a chainlink fence. I think it was a hiding place for vagrants and to dump trash into. 6 Quote Link to comment Share on other sites More sharing options...
Diaspora2 Posted June 14, 2022 Share Posted June 14, 2022 They removed and reinstalled the fences around the two blocks, after City action, because for nearly three years those fences erased all pedestrian access on those blocks by having been erected on the public easement and swallowing up the sidewalks. 7 Quote Link to comment Share on other sites More sharing options...
hindesky Posted June 14, 2022 Share Posted June 14, 2022 You can see the old holes for the wall in the second pic. Quote Link to comment Share on other sites More sharing options...
Popular Post Highrise Tower Posted June 30, 2022 Popular Post Share Posted June 30, 2022 Both tracts are now Under Contract per JLL/Loopnet. 2.08 Acres at Main St. & Dennis St. https://www.us.jll.com/en/investorcenter/land/2-089-acres-in-midtown-houston-tx-unitedstates https://www.loopnet.com/Listing/Main-St-Dennis-Houston-TX/23211162/ 10 Quote Link to comment Share on other sites More sharing options...
Texasota Posted June 30, 2022 Share Posted June 30, 2022 Now somebody just needs to convince HCC to sell their parking lot. 1 Quote Link to comment Share on other sites More sharing options...
hindesky Posted July 20, 2022 Share Posted July 20, 2022 (edited) https://www.knightheadfunding.com Edited July 20, 2022 by hindesky 7 Quote Link to comment Share on other sites More sharing options...
hindesky Posted July 20, 2022 Share Posted July 20, 2022 I'm assuming it's the Oxberry Group project moved to different location. https://www.oxberrygroup.com 3 Quote Link to comment Share on other sites More sharing options...
004n063 Posted July 21, 2022 Share Posted July 21, 2022 Glad to see that something may happen there after all! 1 Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted July 21, 2022 Share Posted July 21, 2022 130k sf suggests a midrise. The original Oxberry from 20 years ago was quite a bit taller, as I recall... Quote Link to comment Share on other sites More sharing options...
phillip_white Posted July 21, 2022 Share Posted July 21, 2022 4 hours ago, hindesky said: I'm assuming it's the Oxberry Group project moved to different location. https://www.oxberrygroup.com The website lists 2606 Fannin as retail. Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted July 21, 2022 Author Share Posted July 21, 2022 This is the old Caydon parcel. That awkwardly named REIT acquired it at foreclosure last year. I guess the Oxberry guys have the land under contract judging by this and the listing on LoopNet. 2 Quote Link to comment Share on other sites More sharing options...
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