CREguy13

10 hours ago, downtownian said:

 

The Downtown District has the right to cancel the incentives if:

1) the owner has not submitted construction plans within one year of project approval

OR

2) project has not received certificate of occupancy within 3 years of project approval

 

Page A-5 of the below:

https://www.houstontx.gov/ecodev/380/houstondowntown.pdf

 

This is the reason a lot of people are upset with the project. The project used ~550 of the 5,000 approved units under the incentives (>10%) and may never use the incentives or begin construction. These incentives could have been put to much better use.

 

True, but this really doesn't bother me considering this was to jump start residential living in downtown.  Now in a few years we will have a couple thousand residents living in the CBD, and new businesses catering to those residents.  Then multi-family developers will build without incentives, which is the way it should be.  Plus, it helps assure more quality development rather than some B player that wants to take advantage of a generous tax credit.

12 minutes ago, swtsig said:

 

not to sound like an asshole or anything but you're a moron if you think Campo is sitting there calling all the shots. this is a publicly traded company with a board of directors and millions of shareholders. they have institutional partners, strong financing relationships and a slew of analysts examining every square inch of the market under a microscope. if i were him (or them as it were) i would take the EXACT SAME approach.

 

Camden doesn't exist as a charity to internet board members who simply want something nice to look at as they drive by on the freeway... it exists to make money. is Camden more conservative then most? no doubt. but they're not stupid. your rant OTOH.....

This ^^ Everyone who is giving Campo grief needs to understand this is a debt market that has dried up.  A few players have gotten financing in the past 24 months, but most have not.  The institutional money and debt will flow back into this town, it will just take time. Chill out.

1 hour ago, urbanize713 said:

Unless something has changed Jeffrey Hildebrand owns this property. In fact Hilcorp had offices in this building while it was still functional.

This is correct. J. Hildebrand owns the entire block

Was here last night and they did a fantastic job with this hotel.  Biggios was great and the food was really good, job well done.

I think Fertita's hotel will be extremely successful.  Having a Mastros there alone is a huge draw for some clientele.

Secured Construction financing.

http://www.bizjournals.com/houston/news/2017/01/31/exclusive-groundbreaking-planned-for-luxury-condo.html

Another nice tidbit from McRaven:

The purchase alarmed University of Houston supporters and others who see a UT presence in the state’s largest city as an unwanted development. McRaven, however, said Thursday that he believes Houston will be for 21st century America what New York City was in the 20th century, and that the state’s premier university system should have a presence there.

20 hours ago, UtterlyUrban said:

Define "neighborhood". 

 

If you mean that houston will have several brand new, dense, residential structures within 3 blocks of the stadium, ok.

 

but, if you are speaking more broadly about a "neighborhood", have you walked around wrigley field -- into the neighborhood a couple blocks back?  If you have, I would be curious as to how you think this small section of downtown Houston might improve on that large area of Chicago.  

The former.  And yes, I was in CHI 3 weeks ago.  Wrigleyville is great and they have some very exciting new developments underway right next to the ballpark.

This area is going to be a boom for all empty lots surrounding MMP.  This is very bold, but I think Houston could have the best ballpark neighborhood at the end of all this.

Also, in case you missed this...

http://www.forbes.com/sites/roberttuchman/2017/01/18/is-houston-the-nfls-best-super-bowl-host-city/#52c7123d594b

Wonder if this is still in play..

June 10, 2016

"While Bill is a pioneer in historic preservation in Houston, some might be surprised to find out he's also building a shiny new convention center hotel (breaking ground after the Super Bowl) and helping to pioneer hot new developments in young neighborhoods like Midtown, where he is serving as chairman of the Midtown District. Bill is proving you can cherish the young and old at the same time."

Read more at: https://www.bisnow.com/houston/news/hotel/bill-franks-is-proving-houston-is-serious-about-preservation-61229?utm_source=CopyShare&utm_medium=Browser

I'm a little surprised on how much criticism Ric Campo receives.  I don't think he feels like an idiot, considering he chaired the committee that got the Super Bowl here in the first place.

I wonder when we'll get an update on if any retail tenants have been secured.  This would be a great location for a decent clothier.

I'm okay with letting this sit for the time being.  I'd like to see the natural progression with a few years after all these high-end residential units coming online.

the MM turned out so well.  I can't wait until the boutique hotel above Partnership tower gets announced and is underway.  This area is becoming very flashy and sleek.

1 hour ago, lockmat said:

 

Skanska should be ashamed of themselves for building that garage. I can't believe it looks like they're going to keep it that way even once the tower is complete. Someone please tell me I'm wrong. That's a Class F garage.

You're wrong.  Clearly they will put a glass face on it, it's a class A LEED Platinum trophy tower. 

This really looks great.  Can't wait to see what happens with Block 98, the boutique hotel being announced on top of Partnership Tower, and the future development of the block north of the Marriott Marquis.  This area will draw so much positive attention during the Super Bowl for the next building cycle.

They want the convention center to be representative of Houston and its power lines.

That shot of 609 Main looks like a beautiful rendering that wouldn't come to fruition... but came to fruition.

Spent some time here this weekend.  I feel more confident about downtown apartments and condos being successful after visiting.  The finishes in the common areas,units are very high-end and very well done.  It was still under construction in the hallways, but this place is great.

8 hours ago, UtterlyUrban said:

Got it.  I understand the point now.

 

Will it also mean that developers will be building fewer "less expensive" units and more expensive units in buildings?  If what you say is true, I assume so.

That remains to be seen.  As more amenities (restaurants, entertainment, shops, etc.) pour into downtown making it a 24/7 destination, land prices will continue to go up and it will depend on how the developer can make their margins work.  

I know I've harped on this in the past, but the impact this building will have on the surrounding area will be transformational.  I think we will start to see some high-end hotels in this area of the CBD.  Pennzoil, Capitol Tower, Bank of America, Chase Tower, BG Group Place, and 609 Main are the best assets downtown.  The next 5-10 years will be very exciting.

6 hours ago, UtterlyUrban said:

But if cheaper units sells fast, why haven't they already sold?

 

the most in-demand units always sell first.  The less in-demand units sell later and are sometimes hard to sell.  

 

I guess I still don't understand the point the poster was making.  There may very well be "good news" at the Marlowe but I am just not sure what that might be.

Perhaps the good news is there is more of a market for higher-priced, for-sale units downtown.  If that's the case, it could lead to more dynamic developments in the next cycle.

1 hour ago, Chi-Char-Hou-Dal said:

friends just signed lease for March move in on floor 32 - amenities open Dec

 

Can't wait to crash their pool

 

I will see you there - friends just moved in this month.