clutchcity94

25 minutes ago, j_cuevas713 said:

Yeah this project along with The Innovation District are going to change this area dramatically. You are already getting a better urban vibe from West Alabama to Holman towards HCC. And further down around McGowen. 

I bet the stretch of Richmond just west of The Ion on  the other side of the spur will start developing next. It seems like just about every storefront on that stretch of Richmond between the spur and Montrose Blvd is vacant, and I have a feeling it’s due to the crummy conditions on the Wheeler side. Once that area improves, I think this pocket of Montrose will also explode.

1 hour ago, houstontexasjack said:

Midtown Terrace Suites are in the ROW for the trenching of I-69 per the most recent schematics and would be taken as part of that under the present schematics:

 

http://www.ih45northandmore.com/docs13/04_NHHIP_Seg3_I-69_RollPlot_PH_1-2.pdf

 

 

This is interesting - thanks for linking to it.

What does the “A” symbol represent at the intersection of Roseland St & Woodrow St?

Will the highway overpass at Richmond just east of Jack St always be there? Or are they planning on trenching that at some point as well?

Once the area around The Ion gentrifies, I wonder what will happen to all the social services in the area, as well as the low-income housing developments for veterans such as Midtown Terrace Suites.

12 minutes ago, Fortune said:

 

Kroger is doing this in other cities?

In Dallas. https://www.bizjournals.com/dallas/news/2020/02/12/kroger-old-east-dallas.html

16 hours ago, j_cuevas713 said:

Forget relocating, build up and put them as GFR. 

Central Market with condos above sounds like a great idea!

1 hour ago, BeerNut said:

 

A developer needs to replace the Kroger with a building just few stories taller than La Colombe or just tall enough to block all their views in that direction.

I feel like that Kroger’s days are numbered. Good riddance, I won’t miss it.

How much do you think rooms in this hotel will cost compared to Zaza down the street? More or less?

5 hours ago, EllenOlenska said:

Yeah, this is a nice building. 

It’s almost as if the 1-mile radius from the intersection of Montrose & Richmond is the most interesting 1-mile radius in town from a development perspective.

La Colombe d’Or, MFAH expansion, Rothko expansion, the new Menil drawing center, The Ion, Montrose Collective...

How will these compare in terms of asking rent price to similar units in Montrose north of 59? Such as the Suzanne across from HEB.

Why would the owner of that very valuable lot keep a house like that standing? Why not just knock it down? Especially if it’s attracting squatters.

8 minutes ago, Houston19514 said:

FWIW, the lots were already cleared last June (2019).  Townhomes seem like a good guess.  OR, might The Post Oak School have expansion plans?

The lots appear to be personally owned by the the President and Chief Investment Officer of the Rice Management Company...the same group that’s developing The Ion in the old Sears building.

Sounds like she’s confident that the area will continue to develop!

11 hours ago, Urbannizer said:

1110 Autrey St. comes up as townhomes. Recently demolished or were you referring to the cleared lot across the street?

You’re correct, the cleared lot across the street which is a combination of:

1013 Autrey St, 1103 Autrey St, and 1105 Autrey St.

The three lots are a combined 17,698 square feet and are owned by an LLC that purchased the land on 1/15/2019.

Probably townhomes?

Anyone know what’s going up at 1110 Autrey St in the Museum District? I noticed the lot is recently cleared and fenced off.

1 hour ago, Ponchorello said:

 

As an owner of mutliple businesses of which some are in the montrose/midtown spur this closure has effected me.  I entered into this market 8 Years ago taking risk when lower Westheimer was what you would call "seedy" however what I never envisioned would be the spur being closed down.  For me it was and has been a major traffic generator.

 

And yes you pretty much almost need a cool million to spread your eggs around.  Opening a business in this day and age is very expensive. I have 3 businesses in midtown/lower Montrose as well as another 3 in the heights and oak forest market.  It took me over a million to get my "eggs in other "baskets".  Each time I open a business I have invest at least $400-500k...you have to account for lease deposits, security deposits, utility deposits, build out costs, hiring costs, inventory, then cash flow for the first 6-8 months.

 

If you can show me a business that requires only $50-60k that produces a worth my time return then im all in.

what businesses do you own and can I get a Montrose resident HAIF discount?

1 hour ago, monarch said:

^^^ @Montrose1100 greetings my pal.  i may present an answer to your query in one word... IGNORANCE!  ignorant to the very fact that the ROD even exist.  please recall my pal, that both you and i are members of this wonderful forum called HAIF.  therefore, we were completely and utterly aware of the ROD from its heralded conception... to where it stands today.  upon the other hand, there are literally thousands and thousands of houstonians, that simply do not know that this place even exist.  "NEVER EVER HEARD OF IT!"  at least this is what i get whenever i mention the ROD to them...

 

i shall never forget one evening at the ROD, as i had just completed a lovely dinner.  i was on my way over to AMORINO GELATO, i started walking slowly contemplating upon whether or not to go into that magnificent boutique (45-10 from Dallas) that i love so much.  nonetheless, as i stood there, i started looking at the GI-NORMOUS crowd of people dining and sitting around having a wonderful evening surrounding the courtyard at the little french restaurant TOULOUSE.  for some reason, i was a bit stunned at the magnitude of the crowd of people within that particular area of the ROD.  however, as i stood there, what stunned me even more... was the fact that out of that GI-NORMOUS crowd of people, there was not one person of color.  NOT ONE!  trust me, i looked very carefully. 

 

in fact, i did not really encounter many people of color at the ROD, until i ventured forth into the IPIC MOVIE THEATER to watch a movie... as i own a PLATINUM MEMBERSHIP.  there seemed to be a good lot of black patrons at the TUCK ROOM enjoying dinner or drinks at the bar.  everyone seemed to be having a wonderful evening.  

 

nonetheless, this shallow encounter made me quite sad to think that such a beautiful, gorgeous, place such as the ROD exist in houston, and only a certain aspect of its citizenry even know that it exist.  in my opinion, it is HIGH TIME that the marketing professionals of the ROD... UP THEIR GAME!  if they don't, then we shall start to witness more boutique closings in the near future. 

 

 

Equinox gym in ROD has a huge number of POC people.

source: Equinox member of color

Is commercial rent for restaurants/bars in the Heights as crazy as it is in Montrose? For example, how do the rents compare in the lower Westheimer corridor or on W. Alabama compared to the area in the vicinity of French Laundry.

Anyone know what’s going in the Texadelphia spot? That little strip is pretty ugly and doesn’t even look that old. I wonder when that shopping strip was built.

1 hour ago, Ponchorello said:

 

The key word is "open", doesn't mean profitable.  A huge amount of restaurant owners are breaking even or making just enough money to get by.  If you ever have spare time, go and visit the Texas comptrollers office...sit there and listen.  You'll hear a lot of business owners owing back taxes...borrowing from Peter to pay Paul but eventually over time it catches up.  

 

Open doesn't necessarily mean successful...its easy to get caught up in that.  I would be lying if I said everyone is in the same boat because yes some are making a very good living with strong concepts and tightly run establishments but most are not.

 

Not the best example but look at Trudys in Austin...nobody knew they owed 4 million in taxes.  One group here in Houston...The Treadsack group...they also owed investors and the government money.  All we knew was they have to be doing amazing because they keep opening restaurants.  One more example...Verts Kabob...they came and went but at the time the perception is wow they are doing amazing because they blew up all over....Nope.  

 

It will always boil down to solid economics and right now its a disaster out there with astronomical rent coupled with increased labor and food costs.    

 

 

Good insight- thanks. But will rents in Montrose ever drop in the near future? I just don’t see that happening, yet there are restaurants closing left and right in the neighborhood.

1 hour ago, Ponchorello said:

 

There are none...thats why they closed but typically a strong operating restaurant is right at 13-17%.  This is why your'e seeing out of state/city concepts popping up all over Houston.  They have more stores to pull from for capital.  Mom and Pop restaurants are disappearing being replaced with larger chain concepts.  Have you driven through Rice Village lately...all those original restaurants are just about all gone.  The asking rent is more than doubled.

 

So while they (Buff Burger) may have seemed busy and they did always look busy it was never going to be enough to make any money.  I dont see any restaurant making a profit in that location that is worth all the effort and headache of operating one.  Its my speculation that the Alabama and Westchase locations were pulling funds from their original I-10 location to stay a float.  

 

Another concept thats on the way out is Fajitas a go-go off of Kirby.  The rent there all in is $11,800 a month and its never that busy.  Its only 1500 square foot space with 13 parking spaces.  That restaurant is currently advertising their space for lease. 

How do the thousands of mom and pop restaurants stay open in places like Manhattan, Washington DC, and San Francisco?

22 hours ago, Ponchorello said:

Its officially on the market for $14,633/month all in.  That folks is a lot of $$ requiring a ton of burgers to cover it.

They basically would have to sell $6.65 worth of food per hour for every hour they’re open in a month (~2,200 hours) just to cover rent. This of course doesn’t account for their other costs like ingredients and paying staff.

What are the margins in the restaurant business such as this?

51 minutes ago, Triton said:

 

No, it indicates Target is actively trying to enter this more urban market. It bodes very well for a Midtown location now.

Where is the Midtown Target going to be?

1 hour ago, j_cuevas713 said:

Next to WeWork, I have to say that LiveNation opening offices here is massive! Young people in this city want cool places to work and we're finally starting to get those places. 

You mean AIG at Waugh and Allen Parkway isn’t cool???

2 minutes ago, j_cuevas713 said:

Well even better. lol

Anyone have info on the tech company leasing space?

Live Nation is the tech company that the article was referring to.

2 minutes ago, HoustonIsHome said:

I'm kinda hoping that there areas eat ( Almeda area) gets revitalized. Not with towers, but an artsy, quirky neighborhood kinda like Montrose 20 years ago. Repurpose those old structures into stores and restaurants.

I’m sure that’ll happen as well. 

Land values within a half mile radius of the Ion are going to skyrocket in due time. No wonder there are so many tear down 5,000 sq ft lots near Richmond Ave, just west of the spur, on sale with asking prices of $1M. 
 

Lots of that size in other parts of Montrose are asking half that.