LBC2HTX

https://www.houstonchronicle.com/business/real-estate/article/Lennar-s-apartment-division-buys-Galleria-area-13841951.php

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The multifamily arm of homebuilding giant Lennar Corp. has purchased a two-acre site just inside the West Loop off San Felipe, records filed with Harris County show.

Lennar affiliate LMC Westcreek Holdings acquired the parcel at the corner of Westcreek and San Felipe from Westcreek HTX Real Estate Partners.

The site is across from the Arabella condominium tower 

Conflicting account of where exactly the site is located:

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Late last year, Gables Residential started construction on a 14-story apartment building just north of the Lennar site

The Gables project is SOUTH of the parcel that's on the corner of Westcreek/San Felipe and across from Arabella. 

Based on HCAD it appears that the lot is in fact on the corner of Westcreek/San Felipe. See Parcel A (BELOW)

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HCAD Account:    1349290010004
Owner Name:    WESTCREEK HTX REAL ESTATE PARTNERS -G LP
State Class:    F1
Appraised Value:    $ 9,012,872.00
Market Value:    $ 9,012,872.00
Address:    0 WESTCREEK LN
City:    HOUSTON
Zipcode:    77027
Subdivision:    GALLERIA / UPTOWN

Yeah this spot is way behind schedule, but that’s probably okay given that there’s a lot of buzz around Finn Hall at the moment, plus the soon to open Bravery. 

Going to have retail locations for Fidelity, TD, and Schwab within a block of each other.  

Did service Corp also purchase this land?

Atrocious. 

11 minutes ago, TBooze said:

And then there's this from ABC News.

More to follow?

Unless that's today's news, its several years old. 

5 minutes ago, Houston19514 said:

 

We'll wee what happens, but Anadarko's investment in The Woodlands pales in comparison to Chevron's investment in downtown Houston.  And Chevron Phillips Chemical is in The Woodlands at least in part so that it would be completely separate from its parent companies, so that motivates against expansion in The Woodlands. My expectation is that, while The Woodlands will probably suffer a net loss, and almost certainly will not see any gains as a result of this buyout.

I agree. According to HBJ, Chevron has 8,000 employees downtown, which is over 3,000 more than Anadarko's company-wide headcount. Anadarko has 1,500 employees in Hackett Tower, the newer of the two. 

1400 Smith (1.2m sqft) and 1500 Louisiana (1.3m sqft) are almost double the size of Allison Tower (800k sqft) and Hackett Tower (665k sqft). The third Chevron tower is planned to be 1.7m sqft and have room for 4,200 employees. So even if they kept all Anadarko HQ employees (they wont), they could all be absorbed into the new Chevron tower. In order for downtown employees to be accommodated in the Woodlands, they would have to reduce headcount (by thousands) and build at least 1 massive office tower. 

19 minutes ago, kbates2 said:

There will be layoffs for the reasons Triton suggested.  There will also be a few years at the least where they keep the two offices.  At some point, I believe it is likely that they will want to consolidate.  I only say that because that has tended to be the trend with the major E&P companies of late.  The building would take a couple of years to build and would probably get some new design/engineering done anyway.  I doubt that even if consolidation were the plan that we would hear anything for another year and then they would be 2 - 3 years out from moving anyway.

Agreed. Given the timetable of integrating the merger and planning divestitures, construction design/lead times, etc. its no surprise that there are no plans "in the foreseeable future". Even if they do want to maintain a presence in the woodlands, its unlikely they'd keep both anadarko buildings. 

Keep in mind that Chevron not only owns the lot on which the third tower is planned, but also two catty corner lots off milam. So consolidation downtown makes a lot of sense. 

Even better 😎

1 hour ago, H-Town Man said:

Investors in such properties can avoid all DEFER capital gains tax if they hold their investment for ten years. 

 

For a map of opportunity zones see here:

https://www.cims.cdfifund.gov/preparation/?config=config_nmtc.xml

Filter the layers menu on the right hand side. 

It’s not the building already in progress is a sales building 

1 hour ago, Triton said:

Think this is still wrong. He's talking about a strictly multi family development at Taylor and Summer St. I'm on mobile right now but if anyone can find the right development, I'll merge it with that one. 

I agree this is neither Studemont Junction nor Lower Heights district and it’s not even on the same side of target as those two developments. 

There was definitely a topic for the apartment development on the corner of Taylor and Spring but I cannot seem to find it either. 

4 minutes ago, Reefmonkey said:

Ninfa Laurenzo and her husband had a tortilla factory in East End. Her husband died suddenly in 1969, and the tortilla factory wasn't doing well, so she closed it and started the restaurant that became Ninfa's on Navigation. She introduced fajitas in 1973, and is credited by some with popularizing them in Texas, leading to their national popularity. Ninfa's expanded to several locations in the Houston area, and then other parts of Texas, through the 80s. The business went bankrupt in the late 90s, and she sold off the name which was used to open franchises, though she kept the ownership of and right to the name of Ninfa's on Navigation. In 1998 her son Roland opened the first El Tiempo on Richmond. A second Laurenzo restaurant with pretty much the same food as El Tiempo opened on Main Street in downtown in 1999. I'm not sure when it closed. I think the second location specifically named El Tiempo opened sometime in 2000, on the south side of I-10 outside of 610, but had to close due to I-10 widening.  Mama Ninfa died in 2001. New El Tiempos have been popping up ever since. Apparently they also own Tony Mandola's Gulf Coast Kitchen now?

https://www.tonymandolas.com/our-story/

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Ninfa Laurenzo and Grace Mandola
Phyllis Mandola is the daughter of Mama Ninfa, a beloved Houston restaurateur. On the opening day of her famous restaurant, Ninfa placed an apron on Tony and sent him to the kitchen. He prepared the first order of tacos al carbon and Phyllis served it to the very first customer. Tony’s mother, Grace Mandola, was a formidable cook in her own right who cherished sharing her favorite recipes with the family. Both Ninfa and Grace left a legacy of hard work, dedication, and creativity in the kitchen.

This rich history combined with the couple’s love of Cajun culture and cuisine was the foundation for Tony Mandola’s Blue Oyster Bar. The restaurant features fried seafood, gumbo, shrimp étouffées and other Cajun specialties. The couple later opened Tony Mandola’s Gulf Coast Kitchen in Houston’s River Oaks Center, serving as a more sophisticated extension of the Blue Oyster Bar.

18 minutes ago, cspwal said:

I didn't realize El Tiempo was associated with Ninfa's in any way until I noticed the giant portrait of a lady named "Ninfa" in El Tiempo.  What is the history of the restaurants?  I'm sure someone here knows

 

https://www.eltiempocantina.com/about-us/

Yes, its a part of the ROW under the transmission lines. However, stonelake repaved the area behind the apartment midrises so I would presume they would do the same after construction of the office building. Though, they may wait until the final parcel is developed. 

2 hours ago, urbanize713 said:

Love the development, hate that the power lines were not buried. If the City wont do it, why don't they ask the developer to do it as an improvement on these new builds? Anyone have any insight? 

Underground is expensive 

1 hour ago, nate4l1f3 said:

Did we already know about the rustic going in where the old champs used to be ?

Nope. Great addition. 

Also news that Revolution studios will be moving in next door to the Rustic, and that they’ll be giving Belvedere the boot. 

RO Baptist school. 

Duplicate topic

Warby Parker coming to Highland village (in the space being built out in the above photo). 

http://www.shophighlandvillage.com/shop/warby-parker

On 1/25/2019 at 6:53 PM, ekdrm2d1 said:

What store left this time?  Or is it a new addition?

 

 

Used to be Valobra Jewelers. Not sure if they’re remodeling or if they left and HV had someone lined up to replace. 

If you read the article you’ll notice that the $12m isn’t just for a new playground. 

29 minutes ago, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

People that choose to pay that much in rent are those for which $3,900 would not get them a home that they'd want to live in. They'd want to live ITL so you're at a minimum spending 700k for anything they'd even consider. Putting 20% on a $700k house would be $2,670 (4% interest) + property taxes puts you at $4k a month. Believe it or not, the people that pay that much in rent are those that are waiting to buy (or just downsized) a home that's more expensive than 700k. 

What's prompting the question on Skyhouse? The fact that there were 3 built here (whereas every other city they've built in only has one) would indicate they did well. 

Awesome. That's a better location for them anyway.