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The thing is, what kind of lease terms are they getting. Last time I checked, the rents at One Park Place were shattering records for the Houston market that were set by another Finger property, The Museum Tower. The Museum Tower, One Park Place, and Hanover's Riverway hirise rental have set the gold standard for luxury rental rates in this market.

I'd bet that Fingers Corp. is quite pleased, especially now that they've finally managed to lure in a market for the commercial space. I'd wager that we'll see a Two Park Place (Finger has reportedly already secured an adjacent site) within 5 years.

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Brasserie Du Parc is open for business. More pictures in the link below.   http://houston.eater.com/2017/1/30/14436692/houston-brasserie-du-parc-opening-photos  

Nate already got it but guess I'll still post it here too.   One Park Place by Marc longoria, on Flickr

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The thing is, what kind of lease terms are they getting. Last time I checked, the rents at One Park Place were shattering records for the Houston market that were set by another Finger property, The Museum Tower. The Museum Tower, One Park Place, and Hanover's Riverway hirise rental have set the gold standard for luxury rental rates in this market.

I'd bet that Fingers Corp. is quite pleased, especially now that they've finally managed to lure in a market for the commercial space. I'd wager that we'll see a Two Park Place (Finger has reportedly already secured an adjacent site) within 5 years.

I would not say that it is impossible, but there are a lot of caveats. The financial infrastructure has to exist; it does not at present. The capital markets must regain confidence and put downward pressure on cap rates. Local economic growth must occur. The downtown office submarket has to perform well; the relocation of Continental and any other source of negative office absorption has to be overcome.

It would be good if Asiatic demand for construction materials were to lighten up, but it would probably also signal slower growth or lower demand for energy. So that's a wash.

Houston has been relatively resilient, but we've still got a ways to go before new highrise residential construction will be viable again.

EDIT: Oh, and of course, whatever arrangement that Finger had on the adjacent site would have to still be in place. If it is an option, then I'd bet that it isn't one that they'd want to exercise; land prices have fallen since 2007.

Edited by TheNiche
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I took this the other day. It's from the south side. A construction worker said they're expected to be ready and open by March or April. The same guy was perplexed as how they were going to fit a balcony level inside. It gets taller as you go north, but he's right, there wasn't much room to put that balcony in. Will be interesting to see how it looks.

gallery_723_64_731867.jpg

Edited by lockmat
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Article in the Chron today about Phoenicia

Most interesting is the quote at the end from Finger... total speculation, but nice to hear nonetheless smile.gif

Either The Finger Companies or another developer will announce a new residential tower within a year given the increased activity in east downtown, he predicted.

"If you look south of here, there are so many parking lots that could be developed. I want everyone to send me a thank you note when they start building here," he joked.

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Article in the Chron today about Phoenicia

Most interesting is the quote at the end from Finger... total speculation, but nice to hear nonetheless smile.gif

Either The Finger Companies or another developer will announce a new residential tower within a year given the increased activity in east downtown, he predicted.

"If you look south of here, there are so many parking lots that could be developed. I want everyone to send me a thank you note when they start building here," he joked

That would be great news if he is right. Just need to hold our breath and wait now.

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Ha. Right

I think the most encouraging part of that article is that the tower is 91% leased.

So, I'm guessing One Park Place is doing well proving there is a demand for residential downtown.

This may actually be our best bet because there may be a glut in downtown office towers the next 5-10 years. It would be nice to see residential towers pick up the pace downtown because with residential comes new needs- retail, restaurants, and other people places. Downtown has the chance to make tremendous growth if it does it right!

Edited by shasta
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So, I'm guessing One Park Place is doing well proving there is a demand for residential downtown.

This may actually be our best bet because there may be a glut in downtown office towers the next 5-10 years. It would be nice to see residential towers pick up the pace downtown because with residential comes new needs- retail, restaurants, and other people places. Downtown has the chance to make tremendous growth if it does it right!

Agreed, I'd take two 20 story residential towers over one 50 story office building any day. Let's see if this new gorcery can make downtown more of a "sustainable residential neighborhood"...

When is it openning again, April?

Edited by DrLan34
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So, I'm guessing One Park Place is doing well proving there is a demand for residential downtown.

This may actually be our best bet because there may be a glut in downtown office towers the next 5-10 years. It would be nice to see residential towers pick up the pace downtown because with residential comes new needs- retail, restaurants, and other people places. Downtown has the chance to make tremendous growth if it does it right!

Don't be too sure. I think we're pretty likely to see another office tower within 5 years. The Hines people at the grand opening of BG Group Place said similar things (without a specific time horizon). In spite of all the warnings of office gluts repeatedly published by the Chron and Ralph Biviins over the past decade, we just cant seem to get a decent glut going in this town. ;-)

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Awesome! I keep forgetting there's a retail space right there. Nice to know there will be a terrace with seating in front of the building. Can't wait to see how it turns out. This part of downtown will be amazing once everything is in place.

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Nice. I drive by it everyday and can tell they are working hard to get this up and running. Can't wait to see how vibrant this area will be once all of the restaurants at GRB and the Marriott Marquis are complete as well.

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I walked by this the other day.  Wow, that is a lot of steel!   When this was announced, I assumed that the restaraunt would be inside the building with some kind of "covered patio" outside.    It now looks like it will be a huge indoor space with maybe "sliding doors" that might open to the outside?

 

wow!

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CNN has an article and video about Brasserie du Parc and the exploding Houston restaurant scene. The nation is taking notice!

 

"Do yourself a favor and, for a moment, put aside what you think you know about Houston.

Despite what may come to mind -- cowboys, oil tycoons, urban sprawl -- Houston has emerged as a culinary powerhouse, attracting top kitchen talent from around the world. And with 140,000 out-of-towners expected for the Super Bowl in February, the city is ready to impress.
Critics have already taken notice: The New York Times last year called Houston "one of the great eating capitals of America," The Washington Post listed the area as one of the nation's best food cities and the Bayou City recently welcomed Anthony Bourdain and his film crew for an episode of CNN's "Parts Unknown.""

 

http://www.cnn.com/2017/01/17/foodanddrink/houston-restaurants-philippe-verpiand-brasserie/

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"That's because Brasserie du Parc – a new French bistro from the owners of Etoile Cuisine et Bar – is due to open in a tres chic outpost on the northern lip of Discovery Green at the base of One Park Place tower. Monday Jan. 30 is the day chef Philippe Verpiand and his wife and business partner, Monica Bui, plan to open their restaurant with its walk-up window for crepes called Creperie du Parc. And just in time to catch the hordes of out-of-towners expected to take in all the Super Bowl action at Discovery Green and George R. Brown Convention Center."

 

http://www.chron.com/entertainment/restaurants-bars/article/First-look-Brasserie-du-Parc-10887314.php

 

 

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14 hours ago, UtterlyUrban said:

This restaurant is open.  Went there today.  Extremely good, casual French cuisine.  I recommend.  Hopefully they are a great success!  

 

Went there for dinner last Wednesday and for brunch on Sunday. Agree - extremely good. As soon as Discovery Green removes its fences, the patio views will be top tier.

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  • Highrise Tower changed the title to One Park Place Apartments
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https://www.chron.com/news/houston-texas/houston/article/See-what-Houston-s-Super-Bowl-party-central-10903581.php#photo-12298487

I was looking through these photos the other day and it looks like the One Park Place block was an old park.  Was this a private park?  I assume if it was public it would have been included with Discovery Green.  

Also, you can see the Medical Arts Building in one photo.  What a loss.  

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41 minutes ago, ttuchris said:

https://www.chron.com/news/houston-texas/houston/article/See-what-Houston-s-Super-Bowl-party-central-10903581.php#photo-12298487

I was looking through these photos the other day and it looks like the One Park Place block was an old park.  Was this a private park?  I assume if it was public it would have been included with Discovery Green.  

Also, you can see the Medical Arts Building in one photo.  What a loss.  

I think it was a private park for Houston Center and then they sold the land to Finger.

 

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Yes, it was a little park.  When they built Discovery Green and One Park Place, the park space "moved" a block east to cover up parking lots that used to be where Discovery Green is now.  That's why the Shops at Houston Center used to be called the Park Shops because the balcony overlooked the park (now it overlooks Phoenicia).

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On 3/3/2021 at 10:46 AM, ttuchris said:

https://www.chron.com/news/houston-texas/houston/article/See-what-Houston-s-Super-Bowl-party-central-10903581.php#photo-12298487

I was looking through these photos the other day and it looks like the One Park Place block was an old park.  Was this a private park?  I assume if it was public it would have been included with Discovery Green.  

Also, you can see the Medical Arts Building in one photo.  What a loss.  

Trust me this wasn't a loss. I was 18 when the SB was here and it was dramatically better the next go around. 

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On 3/19/2021 at 8:15 PM, j_cuevas713 said:

Trust me this wasn't a loss. I was 18 when the SB was here and it was dramatically better the next go around. 

Years ago you could seat out in  a balcony at the downtown mall and see a park of sorts.  This was before One Park Place. It was nice, but things IMO, are much better now.

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On 3/28/2021 at 8:00 PM, Twinsanity02 said:

Years ago you could seat out in  a balcony at the downtown mall and see a park of sorts.  This was before One Park Place. It was nice, but things IMO, are much better now.

Right, I want to say it was maybe private, and nothing special. All I recall were huge hedges and maybe a sculpture.  

Phonecia alone was worth losing that park, having DG nearby would have made it a poor option anyway. 

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