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Regent Square: Mixed-Use On Allen Parkway At Dunlavy St.


Travel_n_Transport

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Oh joy, more EIFS clad, faux-mediterranean, red tile roofed, turreted "luxury apartments" just west of downtown.

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Oh joy, more EIFS clad, faux-mediterranean, red tile roofed, turreted "luxury apartments" just west of downtown.

have you seen any of the renderings for this project? even if it just ends up as apartments (which it likely will), none of the renderings have even hinted at any "faux-mediterranean" stucco boringness... unless, of course, i missed something.

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You think it could really turn into only apartments? This company has been sitting on this property for years and then they're simply gonna do apartments?

Yes, very easily. Financing for new anything-but-apartments remains difficult to obtain. Mixed use projects are complex, difficult to prelease for, and...they just aren't that efficient in terms of layout and cost per net rentable square foot. It's what a developer builds when 1) they are forced to, or 2) retail rents are proven to be ridiculously high.

Another consideration is that many institutional buyers of the highest-quality real estate have very specific criteria in terms of what kinds of land use they deal in, the size of the project, and other factors. Mixed-use projects often don't meet their criteria. They want something more like a commodity, interchangable. And developers build for the end-user...which is not the general public or their tenants, but the buyer. (...oh, and also to screw their partners. Actually, that might be developers' foremost consideration.)

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have you seen any of the renderings for this project? even if it just ends up as apartments (which it likely will), none of the renderings have even hinted at any "faux-mediterranean" stucco boringness... unless, of course, i missed something.

It seems that is the latest fad.

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I'm curious, why are developers constantly tearing down existing properties that generate positive revenue before they have secured financing for a replacement development?

The previous Regent Square renderings were great, but they were probably overly ambitious even before the Great Recession and tightening of credit.

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I'm curious, why are developers constantly tearing down existing properties that generate positive revenue before they have secured financing for a replacement development?

Lenders tend to have a limited tolerance for risk, so they will sometimes require that a site be vacant and unencumbered, with all plans approved prior to making good on a loan agreement. There are ways for lenders to cut and run if they feel like it. Regardless...if a developer wants to make their proposal happen, they've got to at least make a good faith effort to get their ducks in a row and demonstrate their seriousness about the project. And part of that process is evicting everyone and tearing down what's there.

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  • 2 months later...

I like this development best of all the Houston projects and even though I'm pulling for it to happen as it is now in the renderings, I am prepared for the worst. This project even without the high rises is still a great one and urban neighborhoods and walkable areas like this would be exactly what Houston needs. Infill, Houston's getting plenty of that and more to come.

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  • 3 months later...

I don't want to blow things out of proportion, so I'm gonna step into the world of armchair developer for a minute.

When are they gonna get this project goin?

Its a little puzzling that a ton of apartments are goin up everywhere but not here. You would think they could at least put up one apt complex.

My highly sought after opinion is this: build that little park first and build out from there.

Imo this one project has the potential to change Houston than any other.

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i hope it this project hasn't been scrapped. It's frustrating because it was supposed to begin last fall (2011) and still no word of anything. I'm wondering if this might be going the way of the High Street project. I remember years ago they were saying that the High Street development was going to add new apartments or condos which would cause the Westcreek apartments to be razed, Well? Here we are 5 years later and still nothing.

It would be awesome if this RS happens, and along with the new "Central park" concept nearby. It would be a true urban paradise.

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  • 4 weeks later...

Heard this from someone in the real estate industry, hopefully the redesigning part is true!

Very little information is known about GID's time table for commencement of construction. It is rumored that they are redesigning portions of the plan due to the robust economy in Houston. This week surveyors were flagging the Allen House site which may indicate some advancements with the planning. I also have observed activity at the RS office lately. Last Thursday, the Dunlavy windows were open revealing a full-scale model of what is to come.
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Heard this from someone in the real estate industry, hopefully the redesigning part is true!

It would truely be amazing if they up scaled it any more then the previous renderings. Greatest looking project Houston has seen in decades! I am anxious for a completion date. I'll time my lease just right.

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They probably want to add more apartments since that is now a hotter commodity than when Regency Square was originally designed. Glad to hear something in a forward direction is happening - even if it's only a rumor. This could be such a huge game-changer for Houston and it hasn't been talked about much lately. It might be the biggest and coolest "urban-style" project Houston has ever had if we're lucky.

Edited by Mister X
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