HNathoo

I'm a little shocked that they aren't going for more density on this site. That's a prime piece of dirt.

This probably means an interesting redevelopment of the existing residence inn site - they've got a lot of dirt to play with.

With a landlord right to terminate after 5 years, the only tenant that could make a ground lease work would be a surface lot operator or a food truck mall type development. You can't get an ROI in 5 years on any real improvements.

One of those blocks currently has the Hilton garage sitting on it - I don't imagine that will come down to make way for this.

Does anyone know what the sales price might be? At $100psf, it would be ~$70m. That would be a lot of money to tie up without a plan, especially for a smaller firm.

This is 1.5 blocks. At $50M, this places the value of the land at $500+psf. I'm pretty shocked they're able to get this type of valuation in a low oil price market.

Depending on land costs, a project like this could exceed $40m

Where is the H&M?

http://leoncapitalgroup.com/portfolio-items/block-365/

 

Hampton inn / homewood suites

Sorry for the ignorance but what building is going up on the far left of the picture?

I think they've had a fence up for some time now. Possibly for environmental reasons? That's prime parking for Toyota center events.

Great pics! I don't think there is any amount you could pay me to be one of those guys on top installing that crane.

yeah.. he was saying it was quite a high price, and that people needed to start learning how to develop denser and smarter because of these higher prices.

edit. they definitely paid a premium for Market Square frontage, so that $240 quote was just for their plot, not average downtown prices. but he seemed to be speaking on behalf of the majority of the DLI applicants that it wouldn't of made sense economically and they wouldn't of been able to move forward on their projects without the incentives.

Wow, Camden paid $125psf for their land near the Toyota Center. I'm sure Market Square is a more appealing area, but twice the price seems tough to swallow.

~$240 a sq ft is an insanely high land price, even for downtown, correct? Apparently this, along with many of the other DLI applicants wouldn't of been able to move forward on their projects without the incentives.. Makes me wonder how many more (if any) residential units are coming in the near future now that the DLI is capped out.

Where did you get $240psf? That is a really high price.

Will the threat of freeway expansion stop developers from coming on board? I believe Dan nipp has a multi family project planned within the impacted area.

Great find, Urbannizer. I'd love to see them move forward on this.

Wow - great photo!