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CREguy13

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Everything posted by CREguy13

  1. CREguy13
    Although that is ROCC straight ahead and not Memorial Park, this picture reminds me how important of an asset the park is to this city. To have this large of a public greenspace in the heart of the town is pretty awesome. I'm excited to see all of the bordering areas continue to develop over the years and make MP even more desirable.
  2. CREguy13
    It was a lead tenant for Capitol Tower and the deal fell through on the goal line. It was close to being signed, but can't really elaborate anymore. There are still some larger tenants in the market downtown, but we'll see with the current condtions.
  3. CREguy13
    Yeah Hines typically moves extremely slow, and their due diligence is second to none. There are numberous committees within HInes that pass approval to these projects. I can't reallly comment as much on the hotel, but equity for Multifamily and Office is completely dried up from any domestic investor. The amount of sublease space coming on the market in CBD coupled with new office construction will total a few million square feet of vacancy. In my opinion, the only way this thing finds legs in the next 5-7 years is if they go smaller on the office portion 600-700k SF, and more aggressive on the hotel flag (1000 rooms) and MF/Condo (400-500 units). There are a number of tenants downtown that range in the 250-350k with leases rolling every few years, but not as many whales 500-1000k SF tenants that would leave their current buildings, when they likely already have building signage rights and likely prefer much lower rates. One can only speculate, but maybe EPP has intent to move to this building eventually and wanted to have some ownership through an affiliate - along with their longstanding relationship with Hines. A lot would have to occur for that to happen, but who knows. Clearly, more interest is coming downtown then before, but my guess is this will be a parking lot for the next 10 years, unfortunately. The Hines effect on surrounding buildings is real, and I think that 609 main and their Market Square MF will change this area of downtown. There are just too many unknowns and not enough demand for this project quite yet and we are years away. Again, this is all my opinion.
  4. CREguy13
    Looking from this vantage really makes me envision how the bayou/waterfront will look in the next 10 years. I really believe that the next building cycle will bring a lot of highrise housing along this stretch - especially with Buffalo Bayou Partnership's plan to develop it from Sabine Street moving east.
  5. CREguy13
    Got a sneak peak of the base building design. I'll be interested to see how this forum reacts - the multi family is a high rise.
  6. CREguy13
    Great photo. It's weird to think 2 Houston Center will not be visible from this standpoint in a few weeks.
  7. CREguy13
    There could be an announcement coming soon.
  8. CREguy13
    I'm no longer able to view the renderings, is anyone else having this problem? If memory serves it looked like the renderings were on the site of the police headquarters. I thought about how great it would be if the plan was for the city to sign a long-term lease in 800 Bell, and this land was currently under-contract with a foreign developer. We have seen a lot of asian capital pouring into the market (even during the oil slump), and this seems to have a lot more chinese/foreign design elements. Would also be great if this was in conjunction with whatever Frank Liu has cooking up for the Post Office redevelopment - However that would be a little "too" ideal. This is all thinking outloud and personally I don't think any developer would propose something as this during the current commodity climate. Although, the only type of developer and large equity partners that would be bold enough to propose something of this magnitude would be from foreign investors trying to establish their Houston portfolio. This is all my opinion, and 'Houston Potential' style thinking.
  9. CREguy13
    That's not true, they could absolutely pour the mat and still not be ready to move forward with the tower. They have not started construction on the office segment yet, but pouring the foundation will show any interested tenants that Skanska is ready to move forward and help "push" tenants over the finish line. It is hard for a tenant to committ to such a large expense without a little more skin from the landlord, I know of one that is very close and will likely make the decision to relocate to Capitol Tower. I guess we will see.
  10. CREguy13
    It's fun to think about how dense this area is becoming, by removing these surface lots. I like to think of how it will look in a few short years with this, the TC project, Marquette, and how that will push development north of the ballpark. To be able to have all of these districts (Historic, Convention, Theatre, Financial, etc.) coming to fruition, and see them start complementing one another is very exciting. Picturing all of that, and if Lovett were to repurpose the Post Office into a new market place or any of the other great ideas this forum have suggested, there will be a wave of new money that will constantly circulate throughout the businesses of downtown. Not that this isn't already what everyone thinks about, I just get all amped up thinking about it. Two years ago, I would have never pictured myself living downtown. Now I'm moving 2Q 2016, and am ready to begin contributing to the vibrant success the area will bring.
  11. CREguy13
    It was more of an issue with the foundation is what I'm told. There are tiebacks in place now for the Bayou, and Midway woud have had to replace all of the tiebacks to bring them up to code with their proposal. I heard that Midway went to the city to seek a discount for the replacement cost, and the city rejected.
  12. CREguy13
    That's correct. I was just highlighting movement on the site.
  13. CREguy13
    I apologize I wasn't able to take photos on my way to work, but the Steel st. Condos are being demolished this morning.
  14. CREguy13
    Slab on Grade
  15. CREguy13
    If Hines were to reach an agreement on the site, it would be in the best interest for Houston IMO. I would think they would use this site as a crossroads to tie together the CBD, Market Square, and the Theatre District. Personally, I would think if Hines locks up this site, they would look to buy the Market Square Tower site, as well (if it were for sale). With coordination, those 3 adjoining pieces of land, developed by the right group, could be transformational. Hines is the best in the business, and it would be quite the project. My guess is that Hines could hold this land even through the next cycle, possibly.
  16. CREguy13
    GC has not been selected.
  17. CREguy13
    Great shot. I also like how you can see 609 Main rise in the background.
  18. CREguy13
    I'm all for the DLI, but I personally don't think there should be more large-scale incentives like this for developers to come downtown. The nudge in the right direction was crucial, but let the market determine the rest. You have less risk for players to enter the market that otherwise should not have been in the game, w/o the additional funding. I want downtown to be a destination like anyone else, but let the invisible hand do the work. There does not need to be a retail-incentive package. You have the possibility of 5,000 units coming online in the next 2-3 years. All of these residents have the disposable income that will make retailers want to be downtown. The Allen Center and Houston Center proposed GF improvements will really enhance the street level bringing more people up from the tunnels and opening up more opportunity for retailers. Safe, walkable, and lively downtown streets will further promote downtown living, and removing incentives will make the market more competitive giving consumers the best finished product. The units under development will create a domino-effect and the outcome everyone is hoping for. All of the above is just my opinion, of course.
  19. CREguy13
    Yes. Unfortunately, this is just the owner demolishing the existing apartments to more easily market the land to a buyer. Hanover does not own the land, and backed off the purchase late last year. I spoke w/ our land team today, and they said the site still hasn't sold Hanover may be renegotiating terms with the seller, but as of now, this land is stil on the market. I haven't read the posts leading up to this, so forgive me if I'm stating old news. Hope the transaction closes soon.
  20. CREguy13
    Not sure how this flew under the radar, but on the 609 construction cam it looks like they already poured part of the mat.
  21. CREguy13
    It just depends on how the market reacts when all of these MF units deliver, but I agree that we are on the same page.
  22. CREguy13
    I didn't suggest that high-end luxury retailers would leave - I think ROD and Uptown Park will flourish and be the luxury niche that part of town needs. I'm just watching the trend and predict that many retailers will open up new stores downtown. The New York conversation is moot, because no city will ever be a New York. I'm simply following where the money and investment is headed, along with increased foot traffic.
  23. CREguy13
    Eventually, the majority will be retail. I would bet that most of these leases are no longer than 5 years.. retail follows residents. It makes sense for Midway to have restaurants now, because there are thousands of workers for lunch/dinner crowds throughout the week. It also makes sense for Midway to keep these leases short-term, so in a few years they can swap in new tenants if demand is created from the influx of hotel rooms and downtown residents; barring any renewal rights from existing tenants of course. My guess is they will start being selective for new tenants in the next 12 months as a number of units start to deliver. My long-term prediction is that existing galleria-area tenants will either open second locations or close their doors and relocate downtown/midtown. So many people (outside of millenials) are wanting to move inside the loop and be closer to the core. The market should follow.
  24. CREguy13
    I really like that vantage point.
  25. CREguy13
    I could be very wrong.. But I imagine that there is plenty of future growth opportunities for GreenStreet similar to Alessandra. To have that superblock in the heart of downtown and the eventual Dallas/Main retail corridor, just doesn't really make sense to be a low rise. There's too much long-term revenue that would be wasted. Nobody knows how the market will react when all of these apartments come online and the foot traffic increases outside business hours. My guess, is that Midway has their eyes on certain retail pads along Dallas that down the road they would demolish and build upward, while maintaining retail and restaurants on the lower levels. I would think some of the tenants on the Dallas St. side have in their leases (or will in their next renewals) that Midway obtains the right to terminate the lease early or that no more pref. rights on that space will continue after the existing term. Depending on how the downtown living market changes over the next 5-7 years, I think we could see this change with either new Multi-family apartments, condos, or additional hotel components in GreenStreet. Office is less likely with the disconnect to the tunnel system. Again, I could be wrong, but just my two cents on this topic.
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