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Oxberry Midtown At 2627 Main St.


houstontexasjack

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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:

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  • 3 weeks later...
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? 

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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?

 

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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.

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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.

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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

 

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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.

 

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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.

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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.

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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. 

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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. 

 

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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).

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  • 1 year later...

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?

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  • The title was changed to Development On Fannin And Drew St.
  • 2 weeks later...

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. 

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  • The title was changed to Development On Fannin St. And Drew St.
  • 3 weeks later...
  • The title was changed to Multifamily In Midtown - 2627 Main St.
  • 3 weeks later...
  • 4 weeks later...

Has Oxberry Group ever done anything that would be considered aesthetically pleasing, and not built on the cheap. 

This is extremely disappointing especially considering what was supposed to be happening on these blocks.

Some groups shouldn't be allowed to leave their marks on public property. One step forward and two steps back.

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10 minutes ago, bobruss said:

Has Oxberry Group ever done anything that would be considered aesthetically pleasing, and not built on the cheap. 

This is extremely disappointing especially considering what was supposed to be happening on these blocks.

Some groups shouldn't be allowed to leave their marks on public property. One step forward and two steps back.

They’re behind The Mond in Museum District, which was VE somewhat but came out pretty well. 
 

https://www.casothebys.com/collection/the-mond-unit-403-603-703

5104-caroline-street-403-01_lduils

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This is in the infill site next to the old Greensheets Building. I was never sure what could be done there. This isn't impressive but something in that lot is better than nothing.

The full block site just south of Dennis,where the old art supply store was, is hopefully a premiere building site. Higher rise and higher quality. I've lost track. Are there any current rumors for this site?

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  • The title was changed to Multifamily In Midtown At 2627 Main St.
  • 3 weeks later...
  • The title was changed to Oxberry Midtown At 2627 Main St.

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