The New Juniper
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Everything posted by The New Juniper
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I hear that the architect is Elkus Manfredi. If true, that is very cool. Among other retail/mixed use sites, they did Victory in Dallas. I don't know their website, but I am sure Google will reveal it quite easily... There may be a half dozen or so of these type projects announced in the next 6-9 months. Early money is on this one to be the highest and best quality.... Stay tuned.... TNJ
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Friend of a friend news "These guys just recently secured the site that also gives them access through to 610, which greatly enhances the site. The plan allegedley has more than 300,000 sf of retail along with the associated rental and condo. They have secured an A+ architectural team. First class all the way. Money guys from Hardy Yards and Development Group that has done projects all over the country, including the Woodlands Waterway...." Sources are reliable.
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You are exactly right IMO. Downtown Houston is an enigma. In most cities, even in other Texas cities, downtown markets can command high square foot prices. Not Houston though. In Houston, if you are there after dark, you are lost. That is chaning somewhat, which is great. The new projects announced by the GRB will help significantly if they get off of the ground. However, until we get more residential and more GROUND LEVEL retail, it will be more of the same.
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What is really going to irk me is if the Texans figure a way to blow having the first pick in the draft. It would be just like us to win this Sunday and hand the first pick to some other city. Come on Texans, just lose and let's get Number #1. Now, i can hear all of you saying, "You can't try to lose, come on!" or "That's no attitude for a franchise. We're proud! We want to win!" I know, I know. But sometimes, you can win by losing. Remember, the Rockets got Hakeem and Sampson by picking #1 (and one by a coin flip). We can't rebuild without a cornerstone and it looks like there may be one in our grasp.
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Wood Partners does get things done. They are tremendously successful. However, they did bite off more than they could chew in West U. That never got off the ground b/c they really upset the locals and underestimated the power that the neighborhood association could muster. They are. They are asking, surprise, waaaay to much for the units. More than $200K per. That takes every bit of juice out of the units for a converter. Perhaps they can get the buyer of 3333. That is their only hope.
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193 are being marketed as a package by CBRE.
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Finger will not sell Museum Tower. Those guys built that project when everyone said they were crazy. The rents weren't there. And, lo and behold, it has done great. Just goes to show you that some people have a knack for development and Marvy is one of them. And, btw, there are 193 units at Parklane for sale right now TNJ
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I think Houston Development is right on...even if he specializes in retail.... When you hear that a developer wants "out" of a project, I can promise you it's not b/c he wants to take less money. He wants out b/c he a) realizes he is in over his head; realizes the market won't support the prices he needs; c) can't get it financed; or d) all of the above. We see this happen all of the time. A project will generate tons of fan fare and then, after some time and delay (which will be spun as extra time taken to make sure the design and finishes are all as nice as possible) we get a call in the office that the entire project is for sale. "You can buy a project that is permited and ready to go. Marketing materials are even prepared. Just buy out the developer and hit the ground running." When you hear this, run, don't walk. Nobody walks from a bona fide development unless they have reason to be worried. Just doesn't happen. Having said all of that, I am a big fan of Atlas and hope he figures out a way to either make it work, or sell the whole thing to Tracy Suttles at some huge profit..... TNJ
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I hate to seem argumentative, but this type of statement made by a developer's representative should be a red flag for everyone involved. If someone tells you that they are selling at X and will increase to X+$100 in the future, it is nothing more than an attempt to create urgency among the buying public. Further, if all it took was putting expensive finishes to get $500 psf in Houston, don't you think it would have been done? I really do want to see it succeed, but they have lost touch with reality. The mindset of "I will just build a nicer, higher end product than anyone else" doesn't work. There is a reason current high rise developers build what they build. Do you not think that a developer would spend an extra $1,000 per unit if he could charge $2,000 for it? It just doesn't work that way. You have to build to the market and the super high end market, today in Houston, does not exist. By the end of the development, these types will have spent so much on marketing and allowed costs to get away from them so much that they will have to get huge prices just to make the numbers work. Again, this is EXACTLY what happened at Orion. News of a partner fight, hurricane problems, measels, bird flu, whatever is a smoke screen for a failed approach. The units they did "sell" were sold at a cost that came in at less than the cost to build. The remaining units, thereby, had to be increased so high to make up the loss, that they couldn't be sold.
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Unfortunately, it has less to do with buyers being savvy, as it does buyers having $1,000,000 to spend on 2,000 sq ft. Buyers do not rush to pay $500 per foot. And no, the Orion is not going to be built.
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I know Atlas' proposed project has been discussed in previous threads, but attending the grand opening party for 2727 Kirby mandates that I bring it up again. First, Kudos to his team. They have assembled a first class sales center. Top shelf on everything. Here's where the air goes out of the balloon: They are expecting, yet needing, to get $400-$500 per square foot to turn a profit. Do I hear the ghosts of Orion or Redstone rolling over in their collective graves???
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Final stages of design development currently. ZC should be released to start CD's by the end of this calendar year. Given that, look for dirt to start moving sometime early next spring. The scope and magnitude of this project is really going to blow people away. What Houston has lacked is a group willing to spend the funds necessary to develop what is truly a mixed use. Not just a retail center with residential added as an afterthought. But truly an integrated design. This project truly will reshape our perception about urban living. Very exciting. Kudos to those involved.
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It will take up two city blocks in Rice Village. It will be near the existing Walgreen's.... Stay tuned...
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The owners have chosen a developer and will announce very soon. Should be the highest price retail in Houston....along with semi-affordable housing.
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i went by the sales office over the weekend. The product is actually very nice. Definitely a step above Randall's other projects. He has over 60 deposits for only 75 units.
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Love to get your thoughts on the building. When you go, ask about parking. I have heard numerous rumors on valet parking, etc. Thanks in advance. TNJ
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That is Tracy Suttles' building....It is currently a rental although i have heard numerous rumors that it may go condo...
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St. Regis Residences & Future Multifamily On Asbury Pl.
The New Juniper replied to SpaceCity's topic in Going Up!
That just goes to show you that it isn't as easy as one would think to develop condominiums. They completely misjudged the market. Not by a little bit, but a ton. Enough to where they spent many millions of marketing dollars trying to sell a product only to realize the assumptions used to formulate the basis for the development were skewed. In the intervening months, construction costs have gotten away from them which will push the cost of even the newly designed smaller units up. Here is my prediction (and condo development is what i do for a living): The building will never get built. At least by this particular group. Even with re-designed, smaller units, they are in way too deep to ever recoup their costs, must less make a profit. They shouldn't chase bad money with more bad money. Cut your losses, lick your wounds, and live to fight another day. -
Heard from the architect's office that the project has been released and drawings are in full swing. Push is to get to permit in the next 60 days. Very exciting.
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Guy in my office says there is some kind of launch party tomorrow night at the big tent being built by Tillman's Rolls dealership on the west loop. He put in a reservation check and said he got number 24 and they haven't even launched yet. I went by the sales trailer yesterday and it really is nice. Above and beyond anything Randall Davis has built in the past. Can't wait to see the crane on site. We need more of this in Houston.
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Problem is that it was forwarded to me in an email, not posted on a website. Way to computer challenged here In any event, saw the new sales center opened yesterday. Drove by last night on my way home and RD was standing out front surveying the site. Picture of the building is on a sign on the outside of the building and it looks very cool.
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Someone forwarded me a rendering, but i am not computer savvy enough to figure out how to post it... Also, I got an invite to the launch party which is being thrown at the Great Room next to Fertitta's office building on the loop at San Felipe. RD is, at the very least, absolutely commited to making it go. Everything else to which he's put his mind in the past years has gone on to be successful... Fingers crossed. TNJ
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I believe you are going to get your wish on design....
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What makes this project different is the developer. This guy is a solid guy, life-long Houstonian and wealthy enough to actually pull it off. Our community needs more like this guy rather than carpet-baggers trying to siphon off cash and move on. It does look and sound like Azure. I toured their sales office (Azure's) recently and WOW did they spend some cash on that place. Good news for Texas, the bar is being raised and everyone will have to follow suit to keep up!
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Word is no retail. Other responses have pegged RD's feeling on the site. Too much retail in the area and they are worried about cheapening the building. I hear Brand + Allen architects are finalizing the building.
