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The New Juniper

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  1. The New Juniper
    If Mosaic is selling a unit for $150K, then it must not be more than 500 square feet. The construction costs alone in a high rise are $200 psf. That doesn't take into account any other costs, much less profit.
  2. The New Juniper
    Dal, thanks for a good laugh. The name of this project reminds me of the name of an epidemic or computer virus, not a building. This "development" is a joke IMHO that never stood a chance.
  3. The New Juniper
    Houston-Development has really cut to the heart of the issue here. The folks that originally built 3333 made money. Now, various groups are left trading an asset back and forth that is overpriced and should not have been built. I looked at the pictures on the party page and it really does look like a first class operation. Guess my invite got lost in the mail.... Moral is: If you can get a building financed, there will almost ALWAYS be someone that will buy it from you and save your bacon. That is a tremendously risky way to approach development, but it happens every day.... So, as much as i think we'd all like to debate the merits of Almeda and how nice the views are, IMO, these guys built it b/c the condo hysteria that set in for a while had some out of town lenders convinced it was feasible. The current guys will build, take a hefty fee, and sell as rental to a converter. The converter, who will undoubtedly be from out of town, will sell very slowly, lose money and the bank will get back a chunk of the units.... Of course, it may sell out before it's built. I like my side of the bet better though. TNJ
  4. The New Juniper
    Here is the latest from what i have heard: New Partner in the deal. That's right, new partner with new money. And no real contracts at this point. I must say I feel less confident in this info than normal, but source held firm even when I told him he was full of ^$#. TNJ
  5. The New Juniper
    It is not personal at all. the best part about this forum is the free and open exchange of gossip, information, facts, speculation, everything. We all can then have the benefit of being able to read chrnologically through the discussion and see what turned out to be the case. Houston Development has been right a lot, however, he was wrong about the funding of this project...No one can be right 100% of the time We are all only as good/correct/smart as the information we have that allows us to form the opinion. I believe that my information is better than most, but that doesn't make it so. i'm not asking that you believe everything i say. However, go back and review my posts and i will stand by the content of all of them....even the ones about getting rid of the people begging for money in traffic, but i digress... More later. TNJ
  6. The New Juniper
    As I understand it, this is dead. Or, at least it is currently on life support. I predict an attempt at a sell off or graceful exit before end of calendar year.... Could be wrong, but i deem reliable the sources from which info was received. Mid to late August, which was floated months ago as the start date didn't exactly pan out. If it looks dead and smells dead, it's dead. Here's to hoping i get to read countless postings telling me how dumb i am after this goes up.....
  7. The New Juniper
    That is Turberry out of Vegas doing a high rise.
  8. The New Juniper
    who is funding?
  9. The New Juniper
    At least in the above described scenario, there is a contract to discuss. Whether there are contingencies to remove or not, at least someone has signed a contract. Sounds like 2727 doesn't even have that!!! TNJ
  10. The New Juniper
    Is there some type of law that regulates what can be advertised as sold? Seems to be a bit "shady" and makes me wonder of all of the other advertised buildings....
  11. The New Juniper
    I was reading the chronicle's poor excuse for a website and saw an ad for 2727 that says, "48% SOLD". Is this true? Has the owner lost his mind? Our family friends have an option in at 2727 and have been waiting for MONTHS to get an opportunity to write a contract. To their knowledge, none have been written. Not 27%. Not 48%. NONE are in contract. How can this guy say 48% SOLD? Someone help me out here. TNJ
  12. The New Juniper
    I think they should just call it Enron Tower. That should encompass just about everything.
  13. The New Juniper
    I think they should be required to call in Transco forever.....
  14. The New Juniper
    Any update from anyone that would know?
  15. The New Juniper
    Will do. Word is they went "old school" on this one. Everyone is trying to out do each other (see Atlas) to see who can do the hippest, newest, building. These guys did a turn of the century style building. Ziegler designed a cool one here. Stay tuned.
  16. The New Juniper
    this one's coming back. my mole tells me to be on the lookout for this one.... they have stayed under the radar and quietly been designing a killer project here
  17. The New Juniper
    Heard this project is circling the drain. You watch...there will be a couple of announcements saying changes have been made. Couple of more announcing some delays. There will be arguments back and forth about sales and percentages and then it will be called off. Hope i'm wrong. Bad karma. Think it's about to die on the vine.
  18. The New Juniper
    James Coney is gone as of yesterday.
  19. The New Juniper
    I agree on the food. It is just not my cup of tea so to speak. Vic and Anthony's is good, I will say that. The other stuff is average at best. Landry's is like Pappas, except the Pappas' have much better food. But, to your point, i think Tilman is basically a good guy. Tough trader, but that is to be expected. In my book, if you are fair, that is about all i can ask for. He has always been fair.
  20. The New Juniper
    Yes, it would be crazy and reckless. Yes it is possible that Atlas is both. I understand that he got pricing back from two GC's and the price exceeded $200 psf. Big Surprise. This caused him to rethink the design, which doesn't make any sense to me. If he is selling for more than $425-$450 psf, then that hard cost price is easily swallowed, even if he WAY over paid for the dirt. Lastly, i heard he is just reserved and has no hard earnest money contracts. Always want to be clear when anyone says "presold". Sold is contract in the Title Company. Reserved can mean just about anything. Before i get lambasted, i hope he succeeds. $500 psf condos succeeding in Houston would help EVERYONE. However, we've heard this song before. When Orion started waffling, I said it wouldn't go. Everyone told me i was crazy and they had X% of presales and blah blah. When i said that the Houstonian project was doomed, more of the same. Not saying that about 2727 YET, but, I am nervous. The mere fact that he tore down a building doesn't mean anything. The land is worth more wiped clean anyway.
  21. The New Juniper
    Just remember the golden rule when it comes to Tilman: It all revolves around his restaurants. Dispite his foray into seemingly disparate forms of business, it always comes back to the restaurants. When he bought the Nugget in Vegas, the first thing he did was permit through the City to expand the public areas to add space for one of each of his themed restaurants. This was merely an entree into Vegas with the hope of expanding to a much wider audience beyond the casino. Kemah is the same way. It is a group of restaurants that happens to have an amusement park surrounding it. Whatever he can do to bring people in to eat. Brilliant strategy. A Galveston boardwalk/amusement park would be the same thing. There may be other activities surrounding his investments, but always look closely and you will see that the core of any of them is the food. He never strays from his strategy and that's why he is successful. TNJ
  22. The New Juniper
    You are correct from what i hear. This will never be a true condo development. At BEST, at i am not sure how good you can consider this, it will be built to apartment standards and then converted to condos. They couldn't get presales, so they financed it as apartments and away they went. They say the condo tower will follow. But, then again, i/we've heard that before..... Won't happen b/c it shouldn't happen..
  23. The New Juniper
    They are going to have to start going pretty quick as the interest on that land will pile up in a hurry. Residential is the sticking point. Too expensive and they are waiting on Mayor White to make a decision on ponying up more cash. Without the cash from the city, and they are about $7MM apart, this deal goes nowhere.... You heard it here first...
  24. The New Juniper
    I have heard Atlas is back to the drawing board, although my source is a bit sketchy. I hope this isn't true b/c no one is rooting harder for him than am i.
  25. The New Juniper
    The point about added traffic and congestion is valid. However, IMHO, it is not reason enough to stop redevelopment of an area. Because Houston was not forward looking to plan for traffic circulation and proper loading is not a reason to throw up our hands and say that we should just live with a car dealership that sits on 6 acres of the most coveted real estate in Houston. Further, should an old, tired apartment complex be allowed to remain forever just b/c we don't want to deal with the ramifications of revitalization? 610 and San Felipe is a nightmare. I agree. I avoid it like the plague. However, whatever you call that area with PF Changs and Container Store and all of that just up Westheimer is nice and fairly accessible. Hopefully this new development will be like that. Hell, if traffic were the ultimate arbiter of development, Houston would never get anything done.
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