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yaga

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Everything posted by yaga

  1. A new pic posted on the EDI website. Here is the old rendering In the old rendering it looks like the building would have taken up a whole downtown city block.
  2. From the HBJ Wulfe expands Post Oak holdings with Pavilion center Last week's purchase of the Pavilion on Post Oak clears the way for Wulfe & Co. to demolish a total of 21 acres in the heart of Houston's prestigious Galleria area to construct a luxury, mixed-use development. The new project is designed to include an upscale hotel, high-rise residential property, several restaurants and upscale retail stores including a major bookstore. The open-air, pedestrian-friendly project has been in development for more than a year. Boulevard Partners, a partnership led by Wulfe & Co.'s Ed Wulfe and Bob Sellingsloh, acquired the Pavilion retail center on Post Oak Boulevard between San Felipe and Westheimer last week from Radler Limited Partnership. The sales price was not disclosed. The 13.24-acre property consist of 286,000 square feet of retail, including Hermes, Americas and Esther Wolf. Wulfe and Sellingsloh are also general partners in the entity that owns the 8.1-acre Fashion Square retail center, located at the southwest corner of Post Oak and San Felipe. That property, which includes Cafe Annie and Eatzi's Market & Bakery, is adjacent to the Pavilion. The 8.1 acres actually stretch west of Fashion Square to Skylark Lane, and include wooded land with single-family homes. Wulfe says the existing buildings on the Pavilion and Fashion Square sites will be demolished, probably beginning in early 2006. "We have to do it in stages, so everybody can operate while we do it," says Wulfe, who would like to retain all of the existing tenants. Wulfe, who also redeveloped Meyerland Plaza and Gulfgate Center, wants to lease space to retailers like those in Highland Village. That center includes mid- to upper-end stores, but not ones that have a single exclusive location. Wulfe plans to talk to a number of hotel operators for the site, confirming that he has already met with Ritz-Carlton. He seems confident about finding a developer to execute the residential piece of the deal -- whether it encompasses condominiums or apartments. "The high-rise residential will happen easily," he says. "We've just got to get the right one, designed the right way." The Pavilion was originally built in 1972 with a Saks Fifth Avenue anchor store, and was expanded in 1988 to include other high-end retailers. The Radler group acquired the center after lenders foreclosed on the property in 1995. While the retail center has been maintained cosmetically, it has struggled with vacancy issues. "It didn't have the critical mass of enough traffic generators," explains Wulfe. "Market conditions are different now. Luxury goods this past Christmas were the hot items."
  3. Redstone - 28 st Mercer East Tower - 30 st The Orion Towers - 30 st Empire - 7 st Turnberry - 42 st Pavillion Residential Tower - ?? Vistas Midtown - 4 st Shamrock?? - 32 st Monaco?? - 30 ish st Pretty Impressive list!
  4. Mostly Good News about the status of Houston Condo Projects from the HBJ. One condominium developer has taken a luxury property off the market at a time when Houston's appetite for high-rise condominiums seems to be continuing to grow. InnerLoopCondos.com Inc. has halted sales at the proposed Monaco high-rise condominium tower, and may scrap the project altogether. The developer is considering converting the upscale project near Post Oak and the West Loop into a property with moderately priced condos, which the firm is having some success selling in other projects around town. InnerLoopCondos executives say sales are sluggish for luxury condos. "The market for luxury condos is not very strong," says Andre Julien, InnerLoopCondos' project director. "The luxury condo demand is very weak compared to the affordable (properties)." But other professionals in the market segment disagree. Edith Personette of Personette & Associates, who has specialized in selling high-rise condominiums since the mid-1980s, says local sales of midrise and high-rise condos are higher than ever, reaching $205 million in 2004 in the Houston area. "The demand is much higher now than it used to be," Personette says. "There are a lot of people who are really considering moving to luxury high-rise buildings," says Steve Lerner, an executive vice president with Redstone Cos., which plans to build a condominium tower. "Houston is becoming a city where there will be more urban living. It's a lifestyle choice." R. Scott Ziegler of Ziegler Cooper Architects who designs mid- and high-rise projects, says Houston is actually behind some other cities in building units for the growing number of empty-nesters. "We're behind the curve. We're still in our infancy," he says. "There's a baby boomer supply for the next 15 years to 20 years." Grass is greener Indeed, more people seem to be interested in trading in their back yards for balconies. The demand is fueling some new projects and igniting sales at others. Successes at the Villa d'Este and Montebello in Uptown Park have been credited with starting the latest wave of luxury condo development. The Montebello, the second of the two towers developed by the Interfin Cos., is roughly 85 percent sold. In what could become one of the most high-profile properties in Houston, Turnberry Associates is planning to construct a 42-story condominium tower near the Galleria. Details have not been revealed about the local project, but a Turnberry magazine reports that the 180 units will go on sale soon. Turnberry, which has a portfolio of more than $5 billion in commercial and residential properties, is also currently building the residences at MGM Grand in Las Vegas. Meanwhile, the Mercer will begin pre-sales in the next couple of weeks on a second condominium tower. Only about eight of the 54 units in the original 30-story building at Richmond and Sage are still available. The second 30-story building will also have 54 units, priced from the low $400,000s to more than $1 million for a penthouse. And Houston developer Randall Davis will break ground in April on the 70-unit Empire, a condominium project next to the completed Manhattan condos that has garnered 47 reservations. Prices for the units at Post Oak and Hidalgo range from the $300,000s to $1 million. Sales are steady at the Orion, which will consist of 338 units in two 37-story towers near Memorial Park. A total of 110 units in the first building are spoken for, representing $100 million in sales, says developer Robert Day. Demolition work is expected to begin within the week to make room for the first building. Prices range from $500,000 to $5 million. Day, who has also developed condo projects in Florida, says a greater number of residents versus investors have purchased in Orion than is typical. He says that in Florida, 60 percent to 65 percent of the buyers on in the front-end of the project are typically investors who buy the property to take advantage of pre-sale prices, but don't intend to live there. On the other hand, in the first half of sales at Orion, only 20 percent to 25 percent of the buyers were investors, he says. The same is true at the Redstone, a 65-unit condominium tower planned on the 25-acre campus of The Houstonian Hotel, Club and Spa. All of the reservations that are now being converted to contracts are with people who want to live in the condos, says Redstone's Lerner. Lerner will not reveal how many units have been reserved so far, but says Redstone is close to selling the 22 condos required to begin construction. The firm will open a 5,000-square-foot sales center March 1 in the Redstone office building to showcase the 28-story condo project that was first announced last July. Prices range from $925,000 to $2.6 million. Meanwhile, The Royalton at River Oaks, formerly known as 3333 Allen Parkway, has sold close to half of its units since being purchased and converted from apartments to condos, according to the new owner. Craig Nassi, co-owner of the Royalton, gave an exclusive buying opportunity to current residents during the last month. "We gave everyone in the building a discount because they were a resident and they were living in that unit," says Nassi, a principal of Denver-based BCN Development. "We anticipate within the next 60 days, we'll have 60 percent of the building sold." The tower's 252 units, priced from $350,000 to $1.7 million, will go on sale to the general public Feb. 14. Air of change Despite the frenzy of activity, the Monaco is not the only tall tower that has not evolved as planned. A 28-story residential project near Rice Village has reportedly been shelved. Atlanta-based Wood Partners, which was planning to build either apartments or condos on the site, could not be reached for comment. And construction has yet to begin on the proposed Shamrock Tower, a 32-story condo tower planned downtown on Main Street, between Texas and Capitol. Sales information was not readily available on the condos, which were originally priced from $168,800 to $1.2 million, but a representative says reservations are being converted into contracts. Julien, with InnerLoopCondos, says between 20 and 25 people had reserved units in the Monaco, but that was not enough. Their money has been returned while the company reassesses the project. While sales weren't strong for the Monaco's condos, which were priced from $350,000 to $1 million, the firm's lower-priced projects are moving forward. InnerLoopCondos broke ground last month on the Vistas at Midtown, a four-story condo project at 1919 Mason. The 72 units are selling from $140,000 to $282,000. The company also was scheduled to close this week on roughly half an acre at 2203 Dorrington St. for a 48-unit condo project near the Texas Medical Center. Tom Cervone of Camelot Realty Group represented both buyer and seller -- Dorrington Partners. Julien says high demand for lower-priced products could ultimately affect the Monaco's redesign. "We're probably going to stick with the Monaco as it is today," Julien says. "We just want to make sure that that's the right type of product to put there."
  5. Good news! The W would be a great addition to Galleria area and would only help enhance it's image as the "upscale" area of Houston. Are they looking to build a new building along the Post Oak corridor? There is a perfect spot for a W right on Post Oak Blvd across from Magianos and right in front of the Dominion condos.
  6. This is good news! If this thing looks anything like the one in Denver this could get the ball rolling downtown! www.denverpavilions.com The Pavilions is a three and four-level open air shopping, dining, and entertainment center! It is divided into four separate buildings and spanning two city blocks. Located on the 16th Street Mall
  7. From a HBJ article back in March 04 New group rolls out lofty plan to revamp Pavilion on Post Oak Nancy Sarnoff Houston Business Journal Yet another plan has surfaced to redevelop the enigmatic Pavilion on Post Oak. And the latest scheme includes just about every concept ever proposed for the beleaguered shopping center on Post Oak Boulevard between San Felipe and Westheimer. The newest proposition -- currently being shopped around to banks and mortgage brokers -- includes almost 2 million square feet of space. The plan consists of two condominium towers, a five-star hotel, office space, retail space, a private leisure and dining club, an entertainment venue, a culinary arts center and meeting facilities. The $353 million proposal is the work of a newly formed group called Urban Resorts Development LP. The principals include Fenner Weller Jr. of local broker-dealer shop Weller, Anderson & Co.; Gene Duckworth; and Boston-based Robert Bryant, formerly of real estate consulting firm Economics Research Associates. The Jerde Partnership International Inc.; Rosewood Hotels & Resorts; Boulder, Colo.-based CommArts Inc.; architecture giant Hellmuth, Obata + Kassabaum; Economic Research Associates; and general contractor E.E. Reed/Beers Skanska are also mentioned as members of the project team. An investment package obtained by the Houston Business Journal outlines the lofty development, dubbed RivaPlace. Some 220 residential units will be housed in two towers. The residents would receive 24-hour access to the hotel facilities and services, including housekeeping, laundry and room services as well as multi-lingual concierges, doormen, security and valet parking. The hotel could include 175 rooms, including 53 suites, and additional condominiums for sale. The materials say that after the Houston development, the team will consider launching similar projects in such cities as Miami, Atlanta, Boston, San Diego, London and Berlin. When asked to comment on the Houston deal, partner Weller shared few details, as his team is still on a fundraising mission. "The concept is an urban resort," Weller says. "It will be very friendly to the individual -- a lot of greenery, not too concrete intensive." One name was oddly absent from the package: Mishael Radom. The head of Houston-based Radler Enterprises Inc. has owned the 13-acre Pavilion property for years. In the past, Radom has been in talks with numerous developers and hotel operators, but the center has remained as a retail and restaurant hub. The two-level enclosed mall, with an underground parking garage, contains more than 286,000 square feet of space. Some of the tenants include Americas Restaurant, Esther Wolf, Hermes of Paris and Hunan Restaurant. Radom could not be reached for comment.
  8. It's going to be a Hilton Garden Inn. I'm thinking the building will be about 6-8 stories if I remember correctly.
  9. As long as we keep sleeping with the enemy we will have to continue to settle for a C rate transit system (A=heavy rail, B=light rail in dedicated ROW, C=what we have, D=bus, F=nothing) and they will continue to point the finger at its ineffciency.
  10. IT WON'T HAPPEN!!! 3 reasons 1. Delay 2. Culberson 3. Costs As much as I would like to see these subways plans come to fuitition, I lost faith in Metro to build an effective rail system. Metro continues to sell its soul by appeasing area right wing anti-rail politicians. Whats' the point of building a rail system if your are going to build it on the cheap and not do it right. I digress.....
  11. Does anybody know when or if they are going to build the 2nd Mercer tower?
  12. Worthy of a new thread.... Construction set to begin on high-rise by summer 13-story condo to be built on site of former River Caf
  13. I doubt it. It looks to be similar in height to 1000 Main which is barely noticeable even in arial skyline shots from the southeast. However, it will increase the canyon effect on Main st.
  14. They could expand on the surface lot right next to Neiman Marcus and have a "Grand Entrance" at the Corner of Post Oak and Westheimer that would be more inviting to pedestrians in the area. Like Citykid, I would like to see a Nike Town and a Virgin Megastore in the Galleria. I would rather an ESPN Zone downtown though.
  15. Good news! The Memorial/Allen Parkway area just west of Downtown is developing quite a cluster of towers. But then again, this is one of the most attractive areas of the city.
  16. They need to add some kind of Greenery to Westheimer!
  17. Good news, I saw this driving down 288 the other day. Hopefully they'll add greenery to I10 when the expansion is complete. I think its very important to beautify and landscape our freeways and highways because this is the first impression visitors have of our city.
  18. I don't think it was that bad. In fact, I agree what with most of what he said.
  19. Wasn't there an article in the Chronicle a few month's back stating the subway plan is unlikely due to costs?
  20. Very well put, I do understand that all these factors need to be considered in planning. I guess I'm just fustrated that we are not getting a more modern innovative rail system. Personally, I'm not a big fan of trains snaking their way through neighborhoods at 35 mph, sharing the roads with automobile traffic.
  21. The main purpose of mass transit is to get the most people from point A to point B as FAST as possible, not to spur economic development or revitalize neighborhoods. The new extensions need to be in their own dedicated right of way to maximize speed and safety. ELEVATED
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