smurf Posted January 22, 2009 Share Posted January 22, 2009 This project reminds me a lot of The Woodlands Market Square or whatever its called, just on a much grander and sexier scale. This project NEEDS!!!! to happen. It doesnt sound like its lost steam, maybe just delayed but it will get done since these guys seem to have invested a lot of time and effort into this project. This is definiely the best project to come to Houston since the Midtown Post development which created (renewed) a whole neighbordood in Houston (It is another story how CVS, Chase & Wachovia strip malls killed off it's expansion). This project will happen but the only question is how much this project will change before construction starts. Initial grand scale was nicer than this current version. Anyways, this project has to happen because my money went to paying for this for 3 years via Allen house! Irfan Quote Link to comment Share on other sites More sharing options...
uhlaw09 Posted January 23, 2009 Share Posted January 23, 2009 . . . the only question is how much this project will change before construction starts. Initial grand scale was nicer than this current version.I agree that the initial version was better, but just for clarification, the change wasn't really one of scale was it? For instance, the buildings didn't seem to be altered much did they? The major changes I noticed were a repositioning of the streets and what looked to be a little less green area.Ultimately, the actual "scale" of the project didn't seem to change much to me.Old Swamplot article: http://swamplot.com/the-kink-is-gone-those...5-14/#more-2004 Quote Link to comment Share on other sites More sharing options...
Highway6 Posted February 10, 2009 Share Posted February 10, 2009 i've heard that this project is on hold, that they wont get financing go-ahead until they reach a certain % leased. Quote Link to comment Share on other sites More sharing options...
Pumapayam Posted February 10, 2009 Share Posted February 10, 2009 i've heard that this project is on hold, that they wont get financing go-ahead until they reach a certain % leased. What an f-ing amazing weeking on HAIF. How about we change the topic to Regent Square: it was nice knowing you Quote Link to comment Share on other sites More sharing options...
uhlaw09 Posted February 10, 2009 Share Posted February 10, 2009 (edited) i've heard that this project is on hold, that they wont get financing go-ahead until they reach a certain % leased.Photolitherland said on SSP that they need 30% leased before beginning construction:http://forum.skyscraperpage.com/showthread.php?t=164775 Edited February 10, 2009 by uhlaw09 Quote Link to comment Share on other sites More sharing options...
Pumapayam Posted February 10, 2009 Share Posted February 10, 2009 Photolitherland said on SSP that they need 30% leased before beginning construction:http://forum.skyscraperpage.com/showthread.php?t=164775We don't speak of the others from SSP.But 30% is reasonable, but I don't think that it will happen with such a low rate. Seems too good to be true. Usually 50% or more is the cut off. Quote Link to comment Share on other sites More sharing options...
lockmat Posted February 10, 2009 Share Posted February 10, 2009 (edited) Photolitherland said on SSP that they need 30% leased before beginning construction:http://forum.skyscraperpage.com/showthread.php?t=164775I wonder if that's 30% of the office building (which by the way is listed as Phase I; not sure what else is part of that) or 30% of the entire development. My guess is the office building. Edited February 10, 2009 by lockmat Quote Link to comment Share on other sites More sharing options...
uhlaw09 Posted February 10, 2009 Share Posted February 10, 2009 (edited) I wonder if that's 30% of the office building (which by the way is listed as Phase I; not sure what else is part of that) . . .Regarding Phase I, the initial plans were for everything West of Dunlavy to be Phase I (with perhaps the exception of residential highrise(s), which wouldn't be built until market conditions are right). Everything East of Dunlavy was to be Phase II.Now the economy has tanked, who knows what their plans for Phase I are. I'd just be thrilled if there ever is any sort of Phase I... Edited February 10, 2009 by uhlaw09 Quote Link to comment Share on other sites More sharing options...
sowanome Posted February 11, 2009 Share Posted February 11, 2009 wow, "Going up" needs to have a sub-thread....."Going Down" Quote Link to comment Share on other sites More sharing options...
capnmcbarnacle Posted February 14, 2009 Share Posted February 14, 2009 wow, "Going up" needs to have a sub-thread....."Going Down"I know that architecture people like little models of buildings almost as much as the building themselves, so the next time any of you are over this way be sure to stop by the new leasing office (in the old warehouse on Dunlavy) and be sure to check out the model of the development in the front window. It would be such a breath of fresh air to see it come to fruition... Quote Link to comment Share on other sites More sharing options...
musicman Posted April 1, 2009 Share Posted April 1, 2009 13 just had a blurb that the boston company behind this is pulling out. as a result, the city is putting together a "stimulus" package so that the company will reconsider its decision. Quote Link to comment Share on other sites More sharing options...
capnmcbarnacle Posted April 1, 2009 Share Posted April 1, 2009 13 just had a blurb that the boston company behind this is pulling out. as a result, the city is putting together a "stimulus" package so that the company will reconsider its decision.According to the Chron, GID indicated they were about to put the project on hold indefinitely. http://www.chron.com/disp/story.mpl/front/6352511.html Quote Link to comment Share on other sites More sharing options...
lockmat Posted April 1, 2009 Share Posted April 1, 2009 To be eligible for the money, the development company must begin making public improvements to underground utilities and streetscapes by Oct. 1, begin work on the private aspects of the development by Oct. 1, 2010Oct 2010? This tells me they're thinking this will be a very long recession. Quote Link to comment Share on other sites More sharing options...
roadrunner Posted April 1, 2009 Share Posted April 1, 2009 Well this blows. I don't think a "stimulus package" would be the answer, either. That land is too valuable to sit vacant for that long. We don't need city dollars to pay for another half-built Allen Parkway version of the Pavilions. Just wait 5-10 years for the right thing to come along. Quote Link to comment Share on other sites More sharing options...
KinkaidAlum Posted April 1, 2009 Share Posted April 1, 2009 I hope the stimulus package works. I've had a few friends that have worked on this Regent Square project and they all swear it is the coolest thing they have seen planned for Houston in a long time. This is NOT a Houston Pavilions type of deal. This is much more like West Ave (live, work, play) but ten times the scale and with MUCH MUCH MUCH nicer public spaces and parks that will integrate into the parkways along the bayou.This is the ONE project that I have wished for more than any other because it could really set the tone for future inner loop development. Quote Link to comment Share on other sites More sharing options...
20thStDad Posted April 2, 2009 Share Posted April 2, 2009 Yeah they really need to make this happen. Damn Boston people, they suck more than just being annoying red sox and patriots fans. So has anyone done the math on how much rental revenue they lost by tearing down so quickly and not doing a damn thing? It would make me sick to hear, I can only imagine how it makes the property owners feel. 1 Quote Link to comment Share on other sites More sharing options...
sidegate Posted April 2, 2009 Share Posted April 2, 2009 Oct 2010? This tells me they're thinking this will be a very long recession.2010 is what I've heard from most talking heads and, possibly more significantly, from some financial academics.... Quote Link to comment Share on other sites More sharing options...
swtsig Posted April 2, 2009 Share Posted April 2, 2009 I hope the stimulus package works. I've had a few friends that have worked on this Regent Square project and they all swear it is the coolest thing they have seen planned for Houston in a long time. This is NOT a Houston Pavilions type of deal. This is much more like West Ave (live, work, play) but ten times the scale and with MUCH MUCH MUCH nicer public spaces and parks that will integrate into the parkways along the bayou.This is the ONE project that I have wished for more than any other because it could really set the tone for future inner loop development.yeah, i have some friends who have done a lot of urban planning and development work for this project and they have all gushed about it... pretty much the ideal mixed-use development that would thrive in that part of town. Quote Link to comment Share on other sites More sharing options...
citykid09 Posted April 2, 2009 Share Posted April 2, 2009 I hope the stimulus package works. I've had a few friends that have worked on this Regent Square project and they all swear it is the coolest thing they have seen planned for Houston in a long time. This is NOT a Houston Pavilions type of deal. This is much more like West Ave (live, work, play) but ten times the scale and with MUCH MUCH MUCH nicer public spaces and parks that will integrate into the parkways along the bayou.This is the ONE project that I have wished for more than any other because it could really set the tone for future inner loop development.its funny how we all respond on here (for the most part wanting it) and how they respond on the Chron (not wanting it). Its hard for the regular Houstonian to understand the value of this type of development. Okay, the economy is not doing well know, but it eventually will be doing good. They look at the HP development and say okay that isn't doing so well at the moment so we don't need another like it when that is really not the case. I believe this development will help bring Houston up, giving it a new urban area outside of downtown which Houston doesn't have much of. Once people actually see this place, I guaranty it will be in high demand. 1 Quote Link to comment Share on other sites More sharing options...
TheNiche Posted April 2, 2009 Share Posted April 2, 2009 Once people actually see this place, I guaranty it will be in high demand.The total number of apartment units was supposed to ultimately be 1,740, and you can be sure that they would all be priced at very high rental rates. Projects like this aren't cheap, after all. The question is not whether there is demand; I'd live there at a certain price but would never under any circumstances live there if I'm charged rental rates that realistically reflect the costs of construction. So the question is not whether there is demand, it is how much demand is there, how quickly can it be achieved, at what rental rates, and whether it is sufficient to justify the capitalized cost of construction as well as the property's operating expenses.Honestly, for a project of this scope, a $10 million subsidy arranged by the City may as well be loose pocket change. Unless GID is just following the advice of its political consultants and trying to squeeze every last dime from the City before they resume progress towards a groundbreaking (one way or the other), it's not likely to change anything. Quote Link to comment Share on other sites More sharing options...
Gooch Posted April 2, 2009 Share Posted April 2, 2009 (edited) its funny how we all respond on here (for the most part wanting it) and how they respond on the Chron (not wanting it). Its hard for the regular Houstonian to understand the value of this type of development.I think a lot of folks on here are developers, afficionados of architecture, construction folks, etc. Audience is important. I once heard the president of a large engineering firm say he'd never put an engineer in charge of bidding turn-key jobs. His reasoning was that engineers want to build things. Because of that, they are sometimes blinded by that desire and it influences how they evaluate the economics and viability of the project. I think developers do that too. Like engineers they want to build things that make their fellow developer friends and associates go "ohh, you worked on that!?" or "ohh, look how neat that is". It's only natural. At the end of the day, no matter how cool it is... if the market demand isn't there it won't end well. And the mass market a project this size requires isn't fellow developers. That mass-market includes most a LOT of those Chron readers. Edited April 2, 2009 by Gooch Quote Link to comment Share on other sites More sharing options...
MyEvilTwin Posted April 2, 2009 Share Posted April 2, 2009 Honestly, for a project of this scope, a $10 million subsidy arranged by the City may as well be loose pocket change. Unless GID is just following the advice of its political consultants and trying to squeeze every last dime from the City before they resume progress towards a groundbreaking (one way or the other), it's not likely to change anything.That's what I thought when I heard about it... $10M seems like a drop in the bucket. But do you think the city would really be pushing for this deal publicly if they didn't already have some kind of tacit agreement that it would make a difference? There'd be egg on their face if they approve it but the developers still walk away, no? (I'm asking... I'm not expressing an opinion.) Quote Link to comment Share on other sites More sharing options...
TheNiche Posted April 2, 2009 Share Posted April 2, 2009 That's what I thought when I heard about it... $10M seems like a drop in the bucket. But do you think the city would really be pushing for this deal publicly if they didn't already have some kind of tacit agreement that it would make a difference? There'd be egg on their face if they approve it but the developers still walk away, no? (I'm asking... I'm not expressing an opinion.)If the developers walk away the infrastructure and streetscape improvements aren't done. Quote Link to comment Share on other sites More sharing options...
capnmcbarnacle Posted April 2, 2009 Share Posted April 2, 2009 If the developers walk away the infrastructure and streetscape improvements aren't done.Ten million doesn't seem like much, but I have a hunch that is misleading. There might be a $10 million stimulus push to get them rolling, but I bet the long-term tax benefits are much greater than that. To someone like GID, who appears to look at this as a long-term holding and not a flip, that could be very appealing. I would think they would have a definite advantage positioning themselves in the market if the TIRZ funds went back to them and not to the TIRZ generally as it would for their competition, which is my understanding. I think that was a good observation about a tacit agreement before the City announced it. I too would be surprised if the City threw that carrot out there knowing the backlash they could face without having any idea if it would be accepted. Interestingly enough, the vote yesterday was postponed by a weeke, presumably to let the story wither in the Chron... Quote Link to comment Share on other sites More sharing options...
x_gd Posted April 2, 2009 Share Posted April 2, 2009 I received this email from an assistant VP at JE Dunn this morning.It was in response to a question on if the project is still happening."Off site utility work is scheduled to begin late summer or early fall of this year. The main project is schedule for late summer or early fall of next year. The country's banking situation is to blame for the delays to date. Hopefully things will continue to improve allowing the project may start sooner than later (maybe second quarter of 2010)." Quote Link to comment Share on other sites More sharing options...
wxman Posted April 9, 2009 Share Posted April 9, 2009 ALL SYSTEMS GO! Project gets green light from the city and a $17 million dollar tax break.http://www.khou.com/topstories/stories/kho...t.b6eb39d5.html Quote Link to comment Share on other sites More sharing options...
UrbaNerd Posted April 9, 2009 Share Posted April 9, 2009 The story seems quite vague; did they approve the tax incentive, or did they approve the actual project? Eh? Quote Link to comment Share on other sites More sharing options...
Urbannizer Posted April 9, 2009 Share Posted April 9, 2009 The story seems quite vague; did they approve the tax incentive, or did they approve the actual project? Eh?Im pretty sure the tax incentive, the actual project has been approved for maybe a year now. Quote Link to comment Share on other sites More sharing options...
uhlaw09 Posted April 9, 2009 Share Posted April 9, 2009 (edited) The story seems quite vague; did they approve the tax incentive, or did they approve the actual project? Eh?Haha. That 3-sentence story is uninformative, to say the least. The meeting was to approve the tax incentive.The Chron.com article is much better:http://www.chron.com/disp/story.mpl/front/6365125.htmlRegarding whether this means that Regent Square will go forward or not, the article states:In exchange, Boston-based GID Urban Development Group, which had been on the brink of putting the project on hold indefinitely, has agreed to begin work on the public improvements by Oct. 1, and initiate the private aspects of the property by Oct. 1, 2010. It also will provide 150 free parking spaces and rehabilitate a nearby historically black cemetery.Personally, I don't think this approval means anything definitive about whether Regent Square will actually break ground or not. It seems as though they have to start the public improvements by Oct. 1, 2009 if they want the tax incentive, but we really have no way of knowing whether they are actually going to do so. Edited April 9, 2009 by uhlaw09 Quote Link to comment Share on other sites More sharing options...
lockmat Posted April 9, 2009 Share Posted April 9, 2009 I wonder if they made them agree not to scale the project down? Sounds from the language that they've agreed to eventually break ground. Quote Link to comment Share on other sites More sharing options...
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