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houston-development

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  1. houston-development
    Related Chronicle Article
  2. houston-development
    ive heard the same but thought it may have been too gossipy to post here 2 problems he faces going forward: 1) lenders are scaling back on high-rise loans 2) construction costs continue to increase significantly concrete alone is up another 30% from last year... over the past 2 years, its more than doubled. makes underwriting kinda difficult to say the least
  3. houston-development
    not that im aware of and dont know how you could make the numbers work today. having said that, if atlas can wait and sit on the dirt for a bit, eventually, it will be worth what hes asking
  4. houston-development
    they cant tear the existing structure down, paid too much for the site. hypothetically speaking and using imaginary, rounded numbers... say they paid 10m for 200,000 sq ft of structure and its sitting on 50,000 sq ft of land. to renovate, they are in at $50 psf. if they tear it down just for the dirt, they are in at $200 psf (excluding demo costs). if the numbers barely worked on a rehab, see how it wouldnt at all on a demo? make sense?
  5. houston-development
    yeah but do they have two starbucks facing each other
  6. houston-development
    didn't you get that memo? website Houstonian Lite Downtown 711 Louisiana St., Suite 200 Houston, TX 77002 Phone: 713.224.5990 FAX: 713.547.0124
  7. houston-development
    to my knowledge, they are not in the for sale business, only rentals.
  8. houston-development
    from the site... right.. in regards to their office, they are located by the galleria.
  9. houston-development
    but that would be a "dastardly inuendo"
  10. houston-development
    you are using that term "ghetto" again. if you dont want one to assume a "dastardly inuendo", please elaborate by what you mean.
  11. houston-development
    nothing has been announced publicly as of yet. per wulfe's site:
  12. houston-development
    ive been to several hobs and never had issues with "ghetto people". would ask you to elaborate but i think you have dug a big enough hole...
  13. houston-development
    thats a perfect example of why some react harshly to your posts, dal. its a comment that was not necessary to validate your points. just my $0.02
  14. houston-development
    let's see, we had enron, compaq, continental, and anderson (to name a few) go into the pooper. then years of contruction, renovations, and a light-rail system clogging and ripping up our streets. considering the growth we expected to have, yet still be where we are, i think midtown/downtown areas are doing quite well. rome wasn't built in a day in regards to the rail, you can chalk me up as an added "statistic". never rode the bus but have been on the rail numerous times
  15. houston-development
    uh, okay... say the improvement is assessed at $100k. at 3%, thats an increase of $3,000 / year in the city's coffers. $3k may seem like a lot of money to some but from the city's perspective, its pocket change and not even worth the paper work.
  16. houston-development
    car washes and mini-storages are two different things. water, soap, insurance (slippery when wet), plumming, etc can become a huge expense. in regards to taxation, the improvements are minimal, so the city doesnt see that much of an increase.
  17. houston-development
    most recently developed mini-storage/warehouse facilities are built so an owner can collect positive cash-flow as the land's value increases. its just warehousing the land (pun not intended). except for the fancy ones, they are inexpensive to build and maintain. when the land's value justifies a redevelopment, it will be replaced with something more pleasing to the eyes. as long as the site does not have land restrictions, its something we just have to deal with in houston, for better or for worse.
  18. houston-development
    it will be comparable to 2222 smith. farb has the money to get it done and occupancy rates in midtown are doing quite well. problem is, after camden builds out their two sites, the market will be overbuilt quickly. additionally, at $1.50/sq ft, he can make the numbers work based upon his constuction estimate (+/- $90/sq ft). personally, dont see how its possible to build that cheaply. especially with a parking garage AND 4 over 2 podium. based upon my personal experience, would think it would cost a minimum of $130 psf to build.
  19. houston-development
    again, im not doubting what you say, danes. having said that, theres a huge difference between $160 psf and $135 psf. additionally, the governement got into trouble by overpaying for the allen parkway site (fed reserve). i would be surprised if they could justify purchasing another overpriced high profile site. just my $0.02
  20. houston-development
    regardless of how much cash atlas has in drawings, leg work, etc. if he didnt take a $145-150 psf offer, hes smoking crack. while i dont know how much he paid for the site, the land across the street went for $70+ psf on a sale without any comps. having said that, how someone can get a lender to justify a $145-150 psf sale is... interesting. not down playing your investor but unless they are serious player, atlas may not believe they can perform.
  21. houston-development
    its not that i dont believe you, danes, but if someone made an offer just below $160/sqft, he would take it without hesitation. more than double his money in about a year (probably closer to 3 or 4x), zero liability, and i know for a fact that hes shopping it. the other deal is over on san felipe and voss; the old, wooden office park on the south side.
  22. houston-development
    allegedly, its either currently under contract or recently sold at $400k/unit. personally, i have not seen anything in print about a sale.
  23. houston-development
    nope, apartments and i pick option d, all the above. in regards to 3333 ap, the current owner waaaaaay over paid for the asset, especially considering the deal should have been foreclosed on. allegedly, colliers will take on the listing. ive got two words for them. good luck.
  24. houston-development
    FROM SOURCES I DEEM RELIABLE - SO TAKE IT FWIW per my sources (yes, there is more than one), atlas is looking for someone to buy him out at $160 psf. with 3333 ap going into the crapper and about to be relisted as rental, its become difficult for a first-timer to build vertical projects. im not attempting to piss on anyone's parade, just passing along what i heard yesterday.
  25. houston-development
    sounds like camden's site. they shelved several houston developments a couple of years ago when the market went into the crapper (ie 2 in midtown, greenway). i believe they planned +/- 600-units on that site but will probably scale it down if/when the decide to move forward.
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