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Hanover Montrose: Multifamily At 3400 Montrose Blvd.


HoustonMidtown

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In other parts of the country, the developers aren't given a choice, they are forced to renovate buildings we would not consider here, because they are not allowed to tear them down. Thus, you get semi-crappy apartments that are expensive.

 

Plenty of buildings get saved and reused that are not protected landmarks in cities like Dallas, etc.  Some get torn down in those cities as well, but I don't think they're quite as wasteful and unresourceful as Houston is.

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As an example, the Meadows Building in Dallas, which I would say is less attractive than 3400 Montrose was, has been cared for over the years and become something of a cult classic among residents. It's an acquired taste, even for me, but the point of buildings like this is that they can add charm and variety (as well as a sense of history) to the landscape without being an architectural masterpiece.

 

Meadows_003.jpg

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The failings of the Commerce Towers are 100% on the developers. They built those things out to look like a bad HGTV suburban design cliche and then priced them way too high. 

 

I checked several units out when I first moved in and they were all awful. People in Houston aren't going to pay $600,000+ for bad flooring, awkward layouts, cheap cabinetry, electric appliances, and bathrooms that looked like a Home Depot Showroom.

 

It was clear they were either in over their heads or banking on the new "loft craze" to carry over to whatever crazy hybrid they put out. 

 

 

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The failings of the Commerce Towers are 100% on the developers. They built those things out to look like a bad HGTV suburban design cliche and then priced them way too high.

I checked several units out when I first moved in and they were all awful. People in Houston aren't going to pay $600,000+ for bad flooring, awkward layouts, cheap cabinetry, electric appliances, and bathrooms that looked like a Home Depot Showroom.

It was clear they were either in over their heads or banking on the new "loft craze" to carry over to whatever crazy hybrid they put out.

Most of those issues are indeed the developers' fault. However, the awkward layouts (as well as the ridiculous ceiling heights in some areas) are the result of renovating an existing building. Most of those units were being redesigned on the go during construction, because they kept finding odd issues like beams of uneven heights as the demo was progressing.

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The failings of the Commerce Towers are 100% on the developers. They built those things out to look like a bad HGTV suburban design cliche and then priced them way too high.

I checked several units out when I first moved in and they were all awful. People in Houston aren't going to pay $600,000+ for bad flooring, awkward layouts, cheap cabinetry, electric appliances, and bathrooms that looked like a Home Depot Showroom.

It was clear they were either in over their heads or banking on the new "loft craze" to carry over to whatever crazy hybrid they put out.

I know a bunch of people that have looked at Commerce towers (including myself). All of us did not buy or lease and some felt that the developer just missed the mark on the design, finishes, etc. That said, they do have a listing on HAR right now for $1.4m for a condo. It will be interesting to see if it sells at, or around, that price.

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Thus, you get semi-crappy apartments that are expensive.

 

Kind'a like a lot "some" of the 4-8 floor apartments here that are new.  Semi-crappy design, expensive, and will rot/sag/sway etc. with the years (like plenty around town from the last big boom), and then be eyesores without any semblance of character - rather than salvage something that could become a more unique item on the rental market.  And yes, this 30+ floor highrise could be something great, and will no doubt be a landmark for quite some time.  At least they aren't replacing a fairly substantial building with a 2x Wood Stud framed monstrosity.

 

I will admit not every mid-century building should be saved.  My argument about 3400 Montrose was that there was land - probably available in 2 directions to be had that wouldn't have required the demolition of 3400 Montrose.  Moving on...

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If there was land, on the market, for the same value (price/location), I assure you Hanover or any developer would've bought it. However, all major sales transactions I can think of in that area had existing buildings: River Cafe, shopping center at corner of Westheimer and Montrose, 3400 Montrose.

Something tells me there is not as much clear land available as you think.

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Right.  I was being idealistic.

 

However, I have seen many a land owner sell property when they did not have it listed if the right price was there.  Sometimes folks will sell if you ask them.

 

That's all I meant.

 

Plus I really HATE that Walgreens and the ridiculous size of that tract of land on Montrose.  Just patheticI hate it!  So I can get quite passionate about using that land for anything other than a single suburban grade tilt-wall pharmacy.

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I happened to be driving East on Hawthorne yesterday and noticed that the lot is cleared and they left the basement wall that parallels Montrose up to level with grade. This wall has a ten foot hole the length of the old building behind it and steel beams supporting this wall. I'm sure this is to insure that Montrose doesn't start falling away and into this hole. My question is due to the proximity to Montrose Blvd. and hidden behind a hurricane fence with a banner hiding the hole. what is the over and under that a car ends up in the hole before the building gets out of the ground.

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That basement wall will probably be removed once construction starts sometime in August, also that metal fence that surrounds the property will also be replaced with a more better one. I know the owner of the La Colombe D' Or hotel next to the property he told me that he is considering building a 12-story-five star hotel behind his current hotel, considering he gets the financing for his project, he showed me some illustrations and plans of what his hotel would look like, its very nice and fits in well with his current hotel architecturally.

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$67 Million Secured for Hanover Montrose Apartment Tower

 

http://realtynewsreport.com/2014/10/06/67-million-for-hanover-montrose-apartment-tower/

 

HOUSTON – Hanover Co., a Houston-based multifamily developer, has secured a $67 million loan to finance Hanover Montrose, a high-rise rental tower under construction at 3400 Montrose Blvd., just south of Westheimer Road in Houston.

Q10 | Kinghorn, Driver, Hough & Co. Senior Vice President Buddy Hopson secured the construction to permanent loan for the new multi-family high-rise  in the Houston’s popular inner loop. The high-rise apartment building will feature 327 units.

Financing was provided by a KDH correspondent life insurance company for Hanover.

Buddy Hopson commented, “The construction to perm loan structure allowed the borrower to lock in a lower interest rate for the long term which fit perfectly with their long term hold perspective for the property”.

Q10|Kinghorn, Driver, Hough & Co. is a Texas-based full service commercial mortgage banking company.

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