houston-development
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Everything posted by houston-development
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Gables 6464: Multifamily At 6464 San Felipe St.
houston-development replied to pachanga's topic in Uptown and Galleria Area
no, the deal pachanga is talking about is further south from san felipe. gables recently purchased a +/- 5 a track from a larger site and will build an apartment complex. its between an animal clinic and a house on voss. the deal that hizzy is speaking of is Gables 6464 -
huh?!? all morgan does is build and sell - they are merchant builders (i.e. they build with 100% intention to sell). 3000 sage? gone. memorial heights? gone. pin oak? gone. the ONLY reason they havent sold smith st. is because of the garage lease with specs. while it is extremely successful compared to their original underwriting, it is almost impossible to underwrite based on their ask, the ground lease, and size of the deal (only 152-units). no one knows where interest rates are going to be in 3 - 5 years, im just saying condos are extremly intrest rate sensitive. historically when interest rates go up and the residential market becomes flat or depressed, the first thing to crash are condos. most condo buyers are doing 5 year arms and are banking on appreciation.... but as you said, thats a completely different subject and this post has gone far enough ot
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real estate is a constant, never ending cycle. historically, when interest rates go up and the housing market becomes flat or becomes depressed, the first thing to get hit are condos. i cannot predict the future but those who forget the past are doomed to repeat it in the future.
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uh, you know morgan is a merchant builder and has never sold a houston deal to a converter, right? also, you will not see apartments being converted into condos in 3 - 5 years. those days are behind us.
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yeah, so, you got a problem with that? fyi - tcr is building upscale apartments on the nw corner of murworth and main; where the old surrey house and grants palm court inn use to be. they paid about $35 psf and will get +/- $1.45 psf in rent.
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development fees are a good thing
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you are correct. the two parties couldnt reach a deal so they are going to be seperate developments
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:in best keanu reeves voice: whoa a major road block will be the nimby'ers, who are extremely strong in that area. while i know its a different animal, they were successful in preventing wood from developing a highrise. all the developer needs to do is piss off just one resident and everyone will pile on.
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that deal traded not too long ago for about $40 psf. nice flip i must say
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the group i heard starts with a "f" or would that be starts with an "f"
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from what i just posted above it will probably take +/- 14 months to complete construction.
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greenberg and co home page plaza info
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okay, then i guess my source, whom i have complete faith in and who has personal, intimate knowledge of behind closed doors conversations, would give me an earlier date i just passed along what ive heard, so take it fwiw and dont shoot the messenger.
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huh? are you talking to me? i dont know what you are talking about
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if they cant get the presales and a lender will allow them to build tower 2 as apartments, then that is what will happen. problem is they need $30m in mez money and no one will step up to the plate... confucius say as long as lenders lend, builders build in regards to high-rises coming from nowhere, look at 3333 allen parkway. never could get 50% leased and the sales were absolutely horrific. currently on the market as apartments, again, and at a discount from previous sale.
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the apartments are going up but im not so sure about the condos. will they, the apartments, get leased up within a reasonable time period? i seriously doubt it. ive been wrong before and could be wrong now; however, personally, i just dont see it today. small units, an undeveloped submarket, high price per sq ft. in regards to the almeda submarket, i think they are taking a huge risk today. had there been more established retail and/or residential development, then i would envision a high-rise eventually being built there with a feasible plan. to put this into perspective, why not build a high-rise on the east side of 288. minutes away from tmc, downtown, reliant, the galleria, etc. its because the surrounding area is not conducive to a high-rise today. / $0.02
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forgot to bring my camera but the site is almost completely cleared. a brown building still remains at the corner but it may not be a part of the new development.
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no one is arguing the potential for almeda, that isn't the point. you dont build a high-rise in an area that has potential; you do it in established areas.
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just look a couple of posts above yours
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sorry, no and no. if i did and word got out, doubt i would be able to provide any updates with the project ever again
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you are mistaken. 200 units for condos and 200 units "intended" for apartments, which should be eventually converted into codo. thats 400 units, which is a HUGE condo deal for houston. in regards to the location, its still in a transition area... to put things into perspective, randall davis builds less than 100 units and in high profile sites. not only that but he has large floor plans while mosaics are significantly smaller.
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ill bet you anything that pavilions will break ground within the next 12 months problem is a deal of this size WILL have set-backs, regardless of who is behind it. they have momentum and more leases should be announced shortly (based upon sources i deem reliable).
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assuming y'all are talking about that 1-storey deal with artist-like-grafitti (a skeleton with an american top hat or something?) on it, they started turning dirt about a week ago. however, i do not recall the actual building being demoed just yet. ill make a mental note to take a picture on my way home tonight.
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while it may appear to be unethical, its not illegal. just like some old apartments advertise as "luxury living" and office buildings with a fresh coat of paint say "recently remodled class a office space".
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hate to be a downer but mosaic is having MAJOR funding issues. currently looking for about $30m mez money personally, wouldnt be surprised if only one tower goes up... as i said in another thread, you dont need presales requirements for apartments; hence why they started construction. if theres any mez money out there, consider this intel to be a freebie