Jump to content
HAIF - Houston's original social media

Recommended Posts

  • Replies 2.3k
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

Popular Posts

Crane going up this weekend according to the FAA filing.  

Well since these models have been revealed, I guess I can probably post the renderings...

Posted Images

Also, what exactly is a "contingent agreement"?

I ask since the latest edition of the Houston Business Journal included a commercial real estate market guide, and one page focused on the mixed-use developments in the area, including BLVD Place. It mentioned that a luxury hotel & full-serivce spa (the presumed Ritz Carlton) was under such an agreement.

Link to post
Share on other sites
Also, what exactly is a "contingent agreement"?

I ask since the latest edition of the Houston Business Journal included a commercial real estate market guide, and one page focused on the mixed-use developments in the area, including BLVD Place. It mentioned that a luxury hotel & full-serivce spa (the presumed Ritz Carlton) was under such an agreement.

It means that the hotelier's obligation to build is only triggered by the occurrence of some event stated in their agreement with Wulfe. A contingency can be anything, but it typically is obtaining financing. e.g., hotelier is not obligated to build and operate until it obtains a loan in the amount of X dollars at Y% interest payable over Z months secured by a....

Edited by nate
Link to post
Share on other sites
It means that the hotelier's obligation to build is only triggered by the occurrence of some event stated in their agreement with Wulfe. A contingency can be anything, but it typically is obtaining financing. e.g., hotelier is not obligated to build and operate until it obtains a loan in the amount of X dollars at Y% interest payable over Z months secured by a....

Cool, thanks for clearing that up!

Link to post
Share on other sites
Also, what exactly is a "contingent agreement"?

I ask since the latest edition of the Houston Business Journal included a commercial real estate market guide, and one page focused on the mixed-use developments in the area, including BLVD Place. It mentioned that a luxury hotel & full-serivce spa (the presumed Ritz Carlton) was under such an agreement.

It means that the hotelier's obligation to build is only triggered by the occurrence of some event stated in their agreement with Wulfe. A contingency can be anything, but it typically is obtaining financing. e.g., hotelier is not obligated to build and operate until it obtains a loan in the amount of X dollars at Y% interest payable over Z months secured by a....

Please also post those questions under the Development and Real Estate thread as I know a lot of readers would like to be a part of discussions and learn information such as this but some of the readers may not read this project thread.

Link to post
Share on other sites
  • 1 month later...

Colvill Office Properties has been tapped to find tenants for the 350,000 square feet of office space planned for BLVD Place, a mixed-use develop-

ment at the corner of Post Oak Boulevard and San Felipe.

The 1.8-million-square-foot project was designed with a series of four-story buildings

Link to post
Share on other sites
  • 2 weeks later...
Condo Tower scraped? Big time downsize of the Ritz??? See for yourself...(I'm inferring this)

http://www.khou.com/topstories/stories/kho...t.d59a8d1b.html

nooooooooo....

I'm no expert, but don't banks still need to continue making loans to a certain extent, regardless of the situation if we want to get out of this mess? If anything, maybe they can look at our healthy economy and invest in it. Especially since we cater to an international market, too.

This could be really bad timing for Houston and development :(

Link to post
Share on other sites

making loans with what money? the credit markets are practically frozen right now, especially for projects requiring larger amounts of capital... so no, banks definitely do not need to continue making loans. quite the opposite, in fact... banks are hording whatever cash they do have in order to ensure that their depositors are protected.

and it isn't like this is an American problem, the credit markets across the globe are in serious strain right now, so our international exposure means little, i'd assume.

if the resue plan works, you'll definitely seeing an easing in the capital markets but some projects are bound to get redone, postponed, or scrapped altogether.

Link to post
Share on other sites

Damn i knew this was going to happen this is really bad news. i was so excited about all the developments going up in Houston. Blvd place was going to be so awesome but if the Ritz its scaled down and the condo is removed it is just not going to be the same. It will just be another mediocre shoping center.

Link to post
Share on other sites
Damn i knew this was going to happen this is really bad news. i was so excited about all the developments going up in Houston. Blvd place was going to be so awesome but if the Ritz its scaled down and the condo is removed it is just not going to be the same. It will just be another mediocre shoping center.

Looks like the issue was getting financing, I think the bill passing fixed that.

On a side note, I just despise down-sized projects.

It's like that ugly feeling you got at age 12 when you still have to do homework on Sunday evening.

Link to post
Share on other sites
nowhere in the article or video did wulfe say they were downsizing the hotel or scrapping the condo altogether... not saying that that won't be the case, but at this point that is purely speculation.

Your right. That's why I said I was inferring....

If you go back and watch the video or read the article, he clearly says that due to the financial crisis, they are going to have to revisit the project. To me, that can only mean one thing....not to mention that he said the Condo market in Houston was very soft. Hmmmmm, if they are going to revisit the project with a condo market that is soft, I figured it would be scraped. But again, Wulfe was not very clear.

Edited by wxman
Link to post
Share on other sites

If there is a God in heaven he will awnser my prayers and let this get built to it's original plans. Nothing scrapped or downsized. This is the project in Houston I am most excited about. I dont care if they stop everything else, just please let this one get built right!

Link to post
Share on other sites
Looks like the issue was getting financing, I think the bill passing fixed that.

Umm, unless it got fixed on Saturday or today, the bill did NOT fix that. Go back and read your business section. The reason the Dow dropped AFTER the bill passed is because the credit markets did not budge.

Link to post
Share on other sites
If there is a God in heaven he will awnser my prayers and let this get built to it's original plans. Nothing scrapped or downsized. This is the project in Houston I am most excited about. I dont care if they stop everything else, just please let this one get built right!

LMAO, are you that serious?? condos and retail, but do we really need the 80-story office tower anyway?? What we need is street-level connectivity, and mixed use projects. The office tower to me is a snooooooze.

Link to post
Share on other sites
LMAO, are you that serious?? condos and retail, but do we really need the 80-story office tower anyway?? What we need is street-level connectivity, and mixed use projects. The office tower to me is a snooooooze.

Pay attention. There is no 80 story tower in BLVD Place, office or otherwise.

Link to post
Share on other sites
got slight confirmation that both the hanover tower and the ritz are going to be delayed at least slightly... they still expected both to happen, but they will be phased in.

As long as the lots remain empty and undeveloped, that's cool. I don't want some low density project built with the promise that it is only temporary, and then it turns out permanent.

Link to post
Share on other sites
It's over! Another great project for Houston down the drain!

Yay, LTAWACS Jr!

<_<

I'm not surprised at the outcome thus far. It always seemed to like the original plan would deliver a bit too much, too quickly. A phased plan makes a bit more sense in the long run, so hopefully it will follow that course.

Link to post
Share on other sites
i can confirm this in regards to hanover.

dont expect their tower to be built anytime soon.. i would consider it postponed indefinitely rather than slightly.

:mellow:

As a sub on this project I will also confirm this. We have been told at least 6 months of delays.

Link to post
Share on other sites

One can only assume that the Trickle-Up phenomenon, as i like to call it, is going to come into effect. i think developers, corps., banks and such are holding their breath, waiting to see how this market mess plays out. At least, that's what i would do. Look around our country; projects almost completed will be; projects half way completed are stalled; projects which only have some sort of foundation work done are on hold indefinately; and anything proposed probably won't come down the pipeline for AT LEAST a year or so. Keep in mind our economy effects the World economy. We borrowed money from the Chinese, Europe, Japan and parts of the Middle East. Because we can't pay them back due to our own domestic shortfall of $$$$, they aren't likely to help us fund any AMERICAN projects any time soon. i think the only thing they would be interested in is taking advantage of our slumped market and either buy up projects or build new ones for THEIR companies and THEIR purposes.

m. What do you all think? Am i off base? B)

Link to post
Share on other sites

For the last two years as all these cool things were proposed I kept thinking, "Please just get it off the ground before the next crisis comes in to ruin it all." Because that always seems to happen, just like the oil bust of the 80's happened right when we were about to build a tower that would have been taller than the Empire State Bldg. All these mixed-use projects were the spawn of the biggest boom this city has had since that time, and it looks like they're all getting nipped just as they were about to bud.

I wonder if the two downtown skyscrapers under construction will be cut back in height?

Edited by H-Town Man
Link to post
Share on other sites
One can only assume that the Trickle-Up phenomenon, as i like to call it, is going to come into effect. i think developers, corps., banks and such are holding their breath, waiting to see how this market mess plays out. At least, that's what i would do. Look around our country; projects almost completed will be; projects half way completed are stalled; projects which only have some sort of foundation work done are on hold indefinately; and anything proposed probably won't come down the pipeline for AT LEAST a year or so. Keep in mind our economy effects the World economy. We borrowed money from the Chinese, Europe, Japan and parts of the Middle East. Because we can't pay them back due to our own domestic shortfall of $$$$, they aren't likely to help us fund any AMERICAN projects any time soon. i think the only thing they would be interested in is taking advantage of our slumped market and either buy up projects or build new ones for THEIR companies and THEIR purposes.

m. What do you all think? Am i off base? B)

Of all the capital allocated to real estate investments, less <5% of it is foreign direct investment (FDI). There is an international story to be told, but it isn't nearly that neat, clear-cut, or reactionary in nature, and it is occuring at a much higher level of finance.

Link to post
Share on other sites
For the last two years as all these cool things were proposed I kept thinking, "Please just get it off the ground before the next crisis comes in to ruin it all." Because that always seems to happen, just like the oil bust of the 80's happened right when we were about to build a tower that would have been taller than the Empire State Bldg. All these mixed-use projects were the spawn of the biggest boom this city has had since that time, and it looks like they're all getting nipped just as they were about to bud.

I wonder if there are any economists out there that have put together a 'tall building index' to use as an indicator of when real estate is about to go belly-up as an asset class. Maybe I'll hear about it at Mark Doutzer's next presentation.

I wonder if the two downtown skyscrapers under construction will be cut back in height?

Probably not. These projects already have financing in place and it would be unwise for the developers to try and rock the boat in this lending environment.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...



×
×
  • Create New...