houston-development

from the other weekend:

And, they're asking $400-$1000 psf. As a buyer you would get slammed in three ways. First, $.65 psf in HOA fees is way, way too much for a new building. You can purchase a lot of services ala carte for that money. Second, they're asking $400-$800 psf. These prices would be very competitive, in New York. Then as a reward for setting the new $ psf record for all Houston residential real estate you'll get to pay record taxes psf. Can you imagine paying $24 psf per year in property tax?

what are you talking about $400 - $1,000 psf?

and just so everyone knows, $0.65 is not completely unreasonable going forward. assures buyers that the reserve will be flush and they dont have to worry about a reassessment any time soon.

and you cant find anything in nyc for $400 psf that would be comparable to 2727 kirby. would think easily $1,000+.

i heard this weekend that they plan on charging $0.65 psf for hoa dues

dont mean to toot my own horn but who did i say the lender was?

ps - they were moving more dirt today

Looks like yet another Alexan project going up in Houston on the site of the old Surrey House hotel near Main and Kirby. Its too early to tell how its going to look, but anything is an improvement over the hotel that was there before.

http://www.alexanmainstreet.com/

thats the old surrey house and grants palm court inn. crow closed about 6 months ago and paid $35 psf for +/- 4 acres.

It appears to be poorly maintained. Is it for sale?

:licks chops:

According to the Chronicle, this site will not be apartments but ...The Aga Khan Foundation purchased just over 11 acres at the corner of Montrose and Allen Parkway to build a Muslim Ismaili center.

http://www.chron.com/disp/story.mpl/busine...ff/4344879.html

tnt is right, that article was in the paper the other day.

site had major flood-plain issues and selling to a non-profit allows the new owner to bypass a huge tax increase.

Thanks, my mistake, I was driving by and only got a quick glance at the posted sign.

Do they have a website?

alexan brand website

its trammell crows deal and spelled alexan

btw - they have about 10 houston deals in the pipe-line

I can't tell the type of car you drive but I will certainly avoid driving on Vermont/San Felipe at dusk...

actually, i was in that area for central market and target.

where else am i going to get a roasting pan and yummy fresh corn hens?

and if you see a black 4-runner with a camera hanging out the window, thats me

allegedly, atlas made a deal with freemont.

MUWAHAHAHAHA!

this is getting really addicting

lol...nice pics...im going to have to watch out for Houston-Development on the road...what type of car do you drive? ima avoid you at all costs

heres a hint

weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee!

very well thought out, niche.

the midtown market is VERY hot with little to no concessions being offered. camden is building 400 units next to the pierce elevated, farbs deal is about 7 months away from breaking ground and will consist of less than 180 units. there is another possible deal in an a+ midtown location but probably 12 months away. camdens superblock... well, i honestly dont know. they are in it for pennies on the dollar and regardless of when/what they decide to do, they will come out in good shape.

even throwing in fingers deal (assuming both phases eventually) and woods, these units "should" be absorbed in a timely fashion.

but again, this is all on paper and in theory.

5 years ago, we were in the exact same position. 5k of layoffs can be a real pain in the arse

I've seen that number thrown around a lot, but cannot seem to substantiate it. Three questions: 1) what is the source, 2) what is the demand schedule as it relates to price/rent of these housing units, and 3) considering the prices of all land that is available downtown and the cost of highrise construction, how much of this demand is financially feasible to supply?

i cant give out all of my information

1) im in the apartment business, so that number comes from personal and others research (including, but not limited to: hanover, morgan, finger, dinerstein, etc.). think of it this way, you have about 150,000 people working downtown today, so that equates to only 6%.

2) current occupancy is around 96% and getting $1.60+ psf. thats an extremely healthy market and on paper, can absorb plenty units.

3) thats the problem. prior to finger, no one wanted to be the trailblazer. if anyone but suttles owned the scamrock site, that deal would have been done a long time ago. hanover had a site under contract but pulled the plug only on gut instinct. at a minimum of $100 psf, doing anything short of a highrise is economically unfeasible.

its going to start happening. fingers two phases and woods hp deal.

we will find out if what appears to be a home run on paper translates into successful developments in reality.

Just so you're aware, our 'town' doesn't have a leader that masterminds every facet of our existence.

Although, incidentally, it was Mayor White that refused to agree to subsidize the tower on the basis that it'd basically be welfare for the rich. I think he was right to make that call, don't you?

i do give props to marvy for at least trying

allegedly, atlas made a deal with freemont.

with everything currently in place, there is a demand for about 10,000 residential units in downtown. when hp (along with other projects) moves forward, that number will increase.

if you dont think people want to live downtown, im willing to bet that you are a native houstonian.

am i right?

They had been expecting a groundbreaking in October or November. Seems like Park Tower got moved back when Pavilions did, supporting my theory.

prior to the latest pr, they never gave an "official" ground breaking date. only said they hope to break ground by the end of the year.

pr from 5/06

"Construction of the Park Tower should begin before the end of the year with completion projected for the fall of 2008."

per the last press release (9/06):

"Groundbreaking for One Park Place is set for January 2007 with occupancy starting in the spring of 2009."

it could have been pushed back for several reasons but i do not anticipate another one.

if you want to pay, theres metroviews.com.

if you want to be cheap , use any of the above suggestions or run out to wildcat golf course. from the highlands course and on a clear day, the views are stunning

while at first i thought he was crazy, i have grown to enjoy Driving While Taking Pictures (DWTP). the thrill of having both arms out the window, steering with your left knee, and while pushing the brake/gas with the right foot.

all while people look at you like you are some kind of nut

until i get a ticket, a wreck, or dismemberment, i will occasionally update this thread with my daredevil acts.

here's to montrose1100

The Finger Building has been put on hold from what I hear. The land it was going to occupy is currently a parking lot.

uh, says who? did you speak with marvy or something

they are still anticipating a january groundbreaking.

if anyone is interested, pizza hut park is a part of the stonebriar centre in plano. just to the north, is the master planned community frisco bridges.

Yes that's the one. It is on the corner of Dallas and Montrose. They are building new townhomes across the street. The building and most of the old concrete parking lot is demolished and has been hauled away. I am going to walk my dog by there tonight and try and read the permit posted. We could use some retail over in that area other than the Chevron.

archstone smith owns the site and are planning to do apartments.

across the street is not townhomes but more apartments. originally owned by farb, mccombs purchased his plans and will develop around +/- 400 units.

Does anyone know what is planned for the large tract at the former site of Houston Community College on Richmond at Dunlavy? Who is the developer?

actually it was an hisd building and joseph marom (sp?) is the developer. he purchased two adjacent apartment complexes and has a total of +/- 7 acres. he intends to do a mixed-use development with retail and apartments.

hes also doing the deal on san felipe (former regency arms apartment complex).