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5-Story Multifamily At 1500 Gray St.


phillip_white

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  • 5 months later...

New plat for this, 1500 Gray LLC. Several months ago I was talking with the superintendent for the mixed use project at Austin St and Webster and he mentioned that this has several underground tunnels underneath and he guessed that is why they may have set this project back.

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2 hours ago, hindesky said:

Looks 1500 Gray also had a lawsuit back in 2020 questioning the amount of property taxes levied on the property. I don't know how to read lawsuits.....

https://trellis.law/doc/45929446/PLAINTIFFS-ORIGINAL-PETITION

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1500 Gray and HCAD agreed to value the property at $3,865,000 for 2020. They also sued in 2016, 2018, 2019, and 2021. I look this stuff up at the Harris County district Clerk's site, which is free, and ahs all of the available documents.

The suit basically says that HCAD over valued the property, and 1500 Gray wants it reduced, along with attorney's fees, yada, yada, yada. Looks typical for an appraisal lawsuit, but I haven't read that many of them. I am not a lawyer, nor do I play one on TV. I also did not stay at a Holiday Inn Express last night, preferring to sleep in my own bed. 

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  • 3 months later...
On 5/3/2022 at 12:40 PM, hindesky said:

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So it went into hibernation as a 5-story project and came out as a 21-story building? Isn't this like the third or fourth project that's mushroomed in size, in addition to the zombie projects that have come back to life with new names (hello, Langley!)? I guess $100 a barrel oil must make all the real estate developers giddy...

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41 minutes ago, toxtethogrady said:

So it went into hibernation as a 5-story project and came out as a 21-story building? Isn't this like the third or fourth project that's mushroomed in size, in addition to the zombie projects that have come back to life with new names (hello, Langley!)? I guess $100 a barrel oil must make all the real estate developers giddy...

As far as I recall Phase II was always proposed to be a high rise, not sure what the cause of the delay was but probably financing related. I talked with a supervisor building the multi use project on Austin St at Webster and he said there were old tunnels underneath the property which may have set it back too.

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