HNathoo

10 hours ago, cspwal said:

More open lots or less expensive land?

Yeah, I'd say the land probably runs about 50% less in eado. It's tough to make townhomes work with dirt over $60psf. 

There is no way they can sell this land for anything close to what they paid. Maybe this project comes back around in 10 years after they've written this down/off.

2 hours ago, phillip_white said:

I noticed someone demo-ed the whole block a couple streets away from the lofts.  Anyone know what's going in?

 

 

I believe the signs on that site stated that it will be a 100k sq ft self storage development.

I heard this was a laydown site for a job in downtown. I don't think anything is happening here, but I can't confirm.

The cost to upkeep an office building is pretty high. If you have no future plans for the building, it's generally cheaper to demolish it, in lieu of sitting on a building with low occupancy and/or rents. Fortunately, they can collect some high margin income as a parking lot/garage while they plan out the future development. 

The Hampton was a new build hotel that received plenty of subsidies from the COH (Hotel occupancy tax rebates)

The Marquis received even more subsidies than the Hampton - I believe the city donated the land in addition to occupancy tax rebates.

The Le Meridian, Aloft, and JW Marriott all got historical tax credits that made the projects feasible. I believe there was some additional occupancy tax rebates as well.

The Holiday Inn was probably the only project that got built in downtown without heavy subsidies, but the project was about half the size as the Sheraton project, making it a bit easier to find a lender willing to stick their neck out. The Sharaton guys want to put up a new glass curtain wall on the building, which will probably add about $5M-$10M in cost to the project. Without significant credits or subsidies, I don't think this project will pencil out for any lender, especially in the current Houston economy.

On 2/5/2017 at 8:04 PM, bobruss said:

I have their names and one is a cardio vascular doctor with Methodist. The other two are probably involved. They had a hotel in Beaumont in their med center but it closed.

They own over 30 projects between the three. See my earlier post for more info. I have contacted KHOU, Channel 2, and Culture Maps.

Nothing yet but with more input from more Haifers and we might be able to get the ball rolling.

I know one of the guys that is a part of the ownership group. They definitely would like to get this project off the ground, but financing is almost non-existent. It's hard to get a hotel development loan in Houston, TX right now. The cost of tearing this thing down is prohibitive as well. I think you should expect to see this eyesore for the next few years.

That's unfortunate. I'm used to seeing very dated aerials that may have been recorded 5 years ago on national TV games, but I've never seen them use another city skyline.

58 minutes ago, HoustonMidtown said:

t

Wow - they did a great job with this development, but the COH needs to step up their game on the streets. 

3 hours ago, nativehoustonion said:

Please post something other then 20 floors buildings and the Dallas skyline.  Did you know the Texas Medical Center is larger then downtown Dallas.  We need a supertall!

Don't be such a homer. Dallas has a great thing going on right now. Embrace the beautiful architecture.

34 minutes ago, Sic'EmBears said:

BECK

Wow! that is beautiful

13 hours ago, Urbannizer said:

Proposed Case for: 2017-ASW-473-OE

 

 

 

Does this mean they've submitted plans for permitting? 

www.chron.com/business/real-estate/amp/Schlumberger-building-to-be-remade-in-EaDo-10854832.php

Wow. Where would our skyline be without Hines? 

New creative office development 

http://www.bizjournals.com/houston/news/2016/12/30/new-mixed-use-project-slated-for-east-downtown.html

http://www.houstonchronicle.com/business/real-estate/article/Developer-adding-to-the-East-End-s-community-10819914.php

I've heard a few grocery tenants were looking in the area. This would be a great location. 

If you want to dab into real estate, I would suggest starting off buying a rental home. Even then, I would suggest spending at least 6 months researching everything associated with being a landlord.

Development right off the bat is just asking for trouble. Getting an occupancy permit for a club will require running water, bathrooms, electricity, and adequate parking for the club. 

1 hour ago, dml423 said:

 

What I find crazy is projects like this go for street level retail yet many in downtown are not including any. Can someone explain how that makes any sense?

It's pretty simple. Most developers know what they're doing - these guys don't. With that being said, I really hope they do succeed, as this would be a game changer for the area.

It probably means no GFR, which would probably be a reach for this area anyway.

4 hours ago, phillip_white said:

 

Dirt is being moved on the lot across from this (Chenevert/Clay/Hamilton/Bell).  Anyone have the scoop on what it is?

There is a thread about this within the downtown section of the forum. Seems like a surface parking lot.

Pretty excited about Eataly and Bouchon Bakery - hopefully, they'll have success and lead to a full service Bouchon Restaurant.

Updated leasing flyer showing Rodeo Goat, Agricole Hospitality, and a Distillery.

12 hours ago, EllenOlenska said:

I'm just coming over from the Cheek Neal Coffee Building. I'm not good at reading the realignment proposal maps, and am curious: would the coffee building (on the northeastern side of the lot) be torn down during the realignment? 

The building was designated a historic structure, and will be salvaged. TXDOT had to adjust the road around this building.

Does anyone know the price they're paying to acquire these sites? It seems as if it would be information available to the public.

10 hours ago, Memorial/Gessner said:

Has anyone else noticed the steep rise in gentrification taking place in suburban areas for the last decade or so? What do you think is an effective and plausible solution to this epidemic of rising affluence and real estate prices?

Do you mean urban? I don't think the suburbs have experienced any significant increase in gentrification.