HNathoo

1 hour ago, clutchcity94 said:

What exactly do you think this means? Just spotted the sign today.

That setback is a killer and impacts no one. Hopefully, neighborhood doesn’t fight it. 

1 hour ago, trymahjong said:

I reread all the posts on this thread, my concern about losing my Montrose 1/2 PriceBooks was there at the beginning of this thread. My suggestion of the old house I mentioned won’t work since Poscol has gone in. That abandoned mansion at Austin andElgin must  be complicated to rent since it’s still  empty. The Abandoned restaurant at Montrose and Marshall seems too small.
But is there somewhere else within Montrose or midtown? 
maybe 1/2price books monitors HAIF and might post something..
i’ve become jaded enough to doubt the new developers would offer 1/2 PriceBook# reduced rent in new structure—-sigh

guess after 8 years this is still percolating in my brain.

 

I’ve heard they wanted to buy, not rent, and want to buy for $.50 on the dollar. Not much you can do to satisfy unrealistic expectations. Maybe they eventually give in and rent - there are plenty of locations with mom & pop landlords that can’t give the TI packages that result in crazy high rent amounts. 

This was under contract with a high rise developer but has since fallen out of contract. I don’t imagine the copper will be in that building for too long. 

1 hour ago, Highrise Tower said:

It's official. Building permits issued! Sitework, foundation, and shell adding up to $117 million.

Let's go!!!

This thing is starting to have a great presence in the neighborhood. I can’t wait to see some of the other announced projects in the area break ground - very exciting times for museum park! 

2 hours ago, Avossos said:

Was this the skanska announcement?

Yes. 

I would doubt this stays closed for more than a few weeks. No lender would allow for that to happen - need to protect their collateral.

Here is some info from the TIRZ regarding this project:

The Southern Downtown Park is a 2021 capital improvement project of the Downtown Redevelopment Authority.  Bidding documents are currently out to contractors, with bids due January 25^th.  If all goes well, we will seek board approval on February 9^th to enter agreement with contractor who provides the best proposal, with an estimated one-year construction schedule to commence in early March / final completion in early April 2022

12 hours ago, TheSirDingle said:

They Just Recently uploaded the yearly Downtown at A Glance report, which can be found here: http://www.downtowndistrict.org/research-reports/

Unit Occupancy: They didn't give an exact figure but going off of their household figures I can estimate it's around 85% (Most likely high 84%). Which is up from 83.1% as reported by @downtownian back in October. 

Downtown Population and Units

Household population: 10,142 people 

Total Population (still don't know what else it's counting): 11,787 people 

Number of units: 6,278 units

Under Construction: 1,197 units

Proposed: 579 (probably not concrete since we have the inside scoop 😎)

Financial Aspects and Walkability Scores

Average Apartment Rental Rate: $2,140/month (I think this holds Downtown as the highest cost rental submarket?)

Rental Rate per SF: $2.35/SF

Transit Score: 99

Bike Score: 83 (could be improved, but we have a lot of bike lane construction going on don't we?)

Walk Score: 92

Greater Downtown Stats (2 mile radius)

Occupancy: 89% (surprisingly good considering the past year)

Number of Households: 32,898

Renter Occupied: 69%

Owner Occupied: 31%

Greater Downtown Population Stats

Household Population: 68,756

Total Population: 78,965

Percent Bachelor's Degree or Higher: 51%

Population by Age

A very young population around the core.

Population by Sex: Female: 56%, Male: 44%. Pretty big difference, didn't know ratio was that big. 

Final Note

2020 was a pretty hard year for everybody, and it hit the Downtown market pretty hard with it just recently barely regaining its footing. Covid hurt many of the businesses and people in Downtown, and made a few shut their doors permanently.  It has also halted the progress Downtown has taken to becoming a 24/7 neighborhood, and the insane increase in foot traffic we were seeing pre-Covid. 

Now that 2020 has passed I have a good feeling 2021 will be a great year of progress for Downtown. Going off of recent trends there's a good chance it will return to its pre-Covid state (barring it doesn't start super-mutating and the vaccine doesn't work as intended) and eventually surpass its previous high (maybe later this year?). Now that we have the residential, and hotel infrastructure set, Downtown will have a much easier time coming back the downturn. 

2021 should be a great year.

 

I think we'll be hearing a pretty big announcement for the downtown market towards the end of this month or early next month.

4 hours ago, clutchcity94 said:

If you were a betting man, what do you see going in this spot and when?

I don’t think capital markets are open to high rise apartment construction in Houston right now. Maybe they’ll go for historic tax credits and remodel the church into a high end restaurant or event venue? 

20 minutes ago, CREguy13 said:

Interesting.  Hopefully Levcor is planning for this to be mixed-use and not strictly retail.  High-rise hotel, residential or both is perfect for this location.

Don’t think straight retail would pencil out given the land prices over here. 

Looks like an entity tied to Levcor (address 7800 Washington Ave - suite 800) has purchased the old church at 4910 Montrose.

Loving the density in those few blocks. Hopefully, we'll see some more development in the area.

Looks like the church at 4910 Montrose recently sold. Probably more to come in the immediate area.

https://www.mltproperties.com/for-sale

I think this probably allows them to sell to a developer in the future. The non-profit will get a lot less heat for this than someone like Hanover would. 
 

I actually see it as a positive in that if/when this is sold, we’re likely to see something dense here. 

Levcor has been active in the area. They just purchased 7620 Washington Ave a few weeks ago. 

https://www.instagram.com/p/CIrALOcFZDX/?igshid=13vjx6skf5nqp

So TMC is really just a giant parking company? 

3 hours ago, wilcal said:

Drove by yesterday, and there was a weird twoish story metal skeleton structure with a bunch of plants hanging on it in the NE corner of the parking lot along San Jacinto. Wish I could have grabbed a pic. 

I believe that’s a mock up of the garage facade. There are some pics within this thread a few pages back. 

7 hours ago, hindesky said:

Definitely a Doggie Park.

having a private park the size of a city block is a pretty impressive amenity inside the loop. 

1 hour ago, clutchcity94 said:

Interesting. Do you know what the asking price was with the previous broker?

They didn’t have a set asking price, but were guiding to ~$170psf. 

On 9/25/2020 at 11:39 AM, clutchcity94 said:

Was the land recently sold? The listing has been removed from LoopNet as of 9/16/2020.

Back on the market with new broker. Asking $150psf. 

4 hours ago, Highrise Tower said:

 

Madison Marquette is listed as the Owner/Occupant on the demolition permit issued yesterday.

demo permits are weird. I believe they just go off the same ownerership as the last person to pull a permit. 

19 minutes ago, Yoda said:

38 Stories

 

https://www.dallasnews.com/business/real-estate/2020/10/26/new-skyscraper-in-the-works-for-downtown-dallas-south-side/?outputType=amp

 

https://www.bizjournals.com/dallas/news/2020/10/27/downtown-dallas-office-tower-anchor-tenant.html

 

I believe this is where they were pitching Amazon HQ2 but the plans have changed since then. 

 

This .pdf comes up when you google it, but I don't think the renders match.

 

Pretty exciting to see more development in Downtown Dallas.

Wow! Really cool to see this side of downtown get some attention.

1 hour ago, Eastdwntwn said:

Damn it. I swear Lovett cant keep a plan together for more than 15 minutes before something falls through. So disappointing. 

This is unfortunate, but not really Lovett's fault. Alliance is a pretty solid developer, but equity for urban MF in Houston has dried up. Anyone who isn't already capitalized will be waiting for a while until investor demand comes back.