buildingunbuildingrebuilding

For the whole region, I really don't know, but can say with confidence that it'll be more than half and that the market is still going to be weaker in 2007 that it should be because the Katrina effect is still wearing off. I haven't taken the time to go project by project throughout the metropolitan area and figure out the hard numbers, though.

I have done that for the inner loop area but won't say what I've come up with , except that I expect it to be uglier than it was in 2004.

Many of the proposed and under construction properties are tax credit properties- O'Connor shows 15 affordable housing projects under construction versus 37 market rate. So its not as if these are all targeting the same renters. This is obviously a tremendous amount of construction, but job growth remains strong and Class A absorption solid.

These guys have been working on this redevelopment plan for several years. Its a fantastic site. And at a project like this, you are knocking down several hundred units, so Allen House (or Westcreek) is not adding as many units as seems at first blush.

Anyone have any idea when they are going to start construction on the apartments or who will be doing the work?

last I heard- and this was a couple months back- Jenard was looking to sell all or part of the land. It has fallen out of contract at least twice.

Dallas Morning News reports this morning that Dallas location was sold back to its founder and all other locations closed. Doesn't sound like they will be reopening in BLVD Place.

http://www.dallasnews.com/sharedcontent/dw...is.31bb0e7.html

Mixed-use project flows to Westcreek

Aging Galleria-area complex to be razed to make way for potpourri of upscale uses

By Jennifer Dawson

Houston Business Journal

Updated: 8:00 p.m. ET April 30, 2006

To read the rest click below:

http://msnbc.msn.com/id/12571850/

Don't believe everything you read. This is far from a done deal.

My understanding is that it will be apartments. I believe Alliance is the developer.