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DotCom

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  1. 3 hours ago, ChannelTwoNews said:

    Russell Gordy launches BKR Real Estate Management with Midway alums - Houston Business Journal (bizjournals.com)

    On the potential of demolishing Memorial Heights for Phase II - in time, but not yet...

    “It’s a good asset for the family, and they want to be sure that whatever they do there is done right,” McLaughlin said. “At one point, they considered putting an office building there. But they decided the office market wasn’t where they wanted it to be for that kind of project. So, they’re happy to be patient until they can really unlock the property’s value.”

     

    "Gordy said the company’s next development project likely will be on a 6-acre parcel the family owns next to the office building at 100 Waugh Drive.

    “At the original site, we had plans to build three high-rise office buildings, a hotel and a green space,” Gordy said. “I think that will all happen one day. It’s just a matter of seeing what happens in the world of offices. We had plans to do something as recently as six months ago, so we have some ideas for what we want to do. But the costs are still out of sync with the return.”

    • Like 5
  2. Is Gilbane still the CM for this?  Also, I know Arquitectonica did the conceptual design, but I doubt they are the AOR.

    Here's that Biz Journal article.  Not much detail.

    TMC hotel serving MD Anderson Cancer Center patients to receive additional funds for expansion  Nov 22, 2023

    Rotary House International Hotel, which provides a place for cancer patients to stay while receiving treatment at the University of Texas MD Anderson Cancer Center, will soon undergo a major expansion to increase its capacity by 55%.

    The University of Texas System Board of Regents unanimously approved a measure to increase the expansion's budget to $112.3 million, citing rising construction costs and the addition of an elevated pedestrian walkway.

    Rotary House International Hotel, which is located at 1600 Holcombe Blvd. in the Texas Medical Center, is owned by the UT System but is operated by Maryland-based Marriott International Inc. (Nasdaq: MAR).

    Dr. Peter Pisters, president of MD Anderson Cancer Center, told the board of regents during a Nov. 15 meeting in Austin that the hotel has the highest occupancy rate of any hotel in Marriott’s global portfolio.

    By adding rooms, Pisters said Rotary House will be better able to serve the additional patients and families receiving treatment following MD Anderson’s own $668 million expansion in the TMC.

    “We’re seeking to expand this to enable us to accommodate the increased number of patients and the families that will be coming as we expand our Texas Medical Center campus over the years ahead,” Pisters said.

    The hotel expansion project was originally approved in 2020 and was added to the UT System’s capital improvement program last year with an estimated cost of $83.5 million.

    The expansion of Rotary House International Hotel will include the addition of a new 12-story wing attached to the existing building. In all, 180 additional guest rooms and suites will be added, according to a board of regents agenda for the meeting.

    The project will also involve renovating the existing hotel to improve its amenities, including upgrades to the kitchen and dining services areas to serve the additional guests staying at the hotel following the expansion.

    The renovations will require the hotel to lose seven existing guest rooms. However, the hotel will gain 7,300 square feet of shell space that will be used for future amenity areas.

    Upon completion of the project, the hotel is expected to have a total of 495 guest rooms and suites.

    The new pedestrian walkway will be adjacent to, but not directly attached to, the hotel and will provide greater access to an MD Anderson parking garage. The walkway is being constructed as an extension of the existing elevated pedestrian walkway system to allow faculty and staff to access the parking garage without having to cross six lanes of traffic, Pisters said.

    The board of regents did not say when the project is expected to break ground or who will be overseeing its construction. The Houston Business Journal has reached out for additional information.

    Rotary House International Hotel was built in 1992 and was last renovated in 2007. As part of the 2007 renovation, a 10-floor wing was added, providing 155 additional guest rooms.

    • Like 5
  3. Mods, we prob need to change the title on this.

    Adding the Biz Journal article from yesterday: https://www.bizjournals.com/houston/news/2023/11/21/garden-oaks-sears-store-mixed-use-development.html

    The longtime Sears store in Garden Oaks, which has been closed since 2020, will soon be demolished to make way for a new mixed-use development.

    Sugar Land-based Lamasar Capital acquired the property at 4000 N. Shepherd Drive, with financial support from Houston-based Summit Capital and Delta LP, paying an undisclosed price for the parcel, according to a news release.

    While the terms of the transaction were not disclosed, the 11.7-acre property near the intersection of North Shepherd Drive and Garden Oaks Boulevard had an assessed value of $15.6 million as of Jan. 1, according to Harris Central Appraisal District records.

    The property includes the primary Sears store as well as an auto repair center.

    Specific details about what the mixed-use development will include were not provided. However, Ashiq Ali, co-founder of Lamasar Capital, said it will include both retail and residential components.

    “Our vision for a vibrant mixed-use development in this thriving neighborhood aims to create not just residences but also a spectrum of destinations and services,” Ali said. “Our goal is to establish a legacy that integrates innovation, serves the community, and becomes a focal point for the neighborhood's growth and prosperity for years to come.”

    Lamasar Capital has tapped Bellaire-based Fidelis to oversee construction of the new development, which is scheduled to wrap up in the next three to four years.

    “Our overriding goal in our developments and redevelopments is always to align the interests of all stakeholders — residents, merchants and landlord — to provide the best redevelopment possible to maximize the shopping, service and living experiences for our community and tenants. Everyone wins when this is achieved,” Fidelis CEO Alan Hassenflu said. “This site represents a perfect opportunity to redevelop commercial uses to meet the retail and residential demand growth in the area.”

    The Sears store at 4000 N. Shepherd opened in 1949 and had been in operation for more than 70 years before shuttering three years ago as part of a wave of Sears closures. In October 2018, CBRE Senior Vice President Mark Witcher said the Sears locations at Memorial City Mall and 4000 N. Shepherd Drive presented the best redevelopment opportunities.

    The Sears at Memorial City Mall closed in November 2018, one of the chain's most noteworthy closures in Houston. The mall's owner, Houston-based MetroNational, announced in May 2019 that plans were underway to transform the mall, driven by the Sears closure.

    The Memorial City Sears store was demolished in 2020, and MetroNational plans to replace it with a 27-acre urban infill development, dubbed Memorial Town Square. The development eventually will feature a mix of retail, coworking, traditional office and multifamily spaces.

    Also in 2020, the Sears stores at Willowbrook Mall in northwest Houston and Deerbrook Mall in Humble shut down. Prior to that, the Mall of the Mainland Sears in Texas City, southeast of Houston, was among the closures announced in August 2019.

    Another noteworthy local Sears closure was in Midtown, where the company had a storefront at 4201 Main St. for 73 years before it closed in January 2018. That property has since been transformed into the Ion, the centerpiece for Houston's growing innovation district.

    • Like 4
    • Thanks 1
  4. 1 hour ago, DotCom said:

    Great research everyone.  Here's a list of BUILDING addresses compiled from all sources thus far (this doesn't include the green space locations):

    2120 Walker St. (Pitch 25 Beer Garden)

    2202 Dallas St. (8th Wonder Brewery)

    908 Live Oak (new office/food)

    1115 Live Oak

    1005 Hutchins (new office/retail/food)

    1107 Hutchins

    2105 McKinney (new office/food)

    2215 McKinney (new parking garage/food)

    2315 Polk Street

    2208 McKinney St

    0 McKinney St parcel (hard corner of McKinney St and St. Charles St; next to 915 St Charles)

    I forgot to include the addresses and info on Pagewood's and Wile's websites.  Here's an updated list.

    2120 Walker St. (Pitch 25 Beer Garden)

    2202 Dallas St. (8th Wonder Brewery)

    908 Live Oak (new or alteration? office/restaurant).  Existing 3 floor, 99,000 SF warehouse, current Magpies & Peacocks and Donkeeboy.

    1115 Live Oak

    1005 Hutchins (office/retail/restaurant)

    1107 Hutchins

    2105 McKinney (office/restaurant)

    2215 McKinney (parking garage/restaurant)

    2315 Polk Street

    2208 McKinney St

    1512 Gano

    1505 Gentry

    407 Velasco

    110 Milby

    10 N. Milby

    1315 Palmer

    0 McKinney St parcel (hard corner of McKinney St and St. Charles St; next to 915 St Charles)

    • Thanks 1
  5. Great research everyone.  Here's a list of BUILDING addresses compiled from all sources thus far (this doesn't include the green space locations):

    2120 Walker St. (Pitch 25 Beer Garden)

    2202 Dallas St. (8th Wonder Brewery)

    908 Live Oak (new office/food)

    1115 Live Oak

    1005 Hutchins (new office/retail/food)

    1107 Hutchins

    2105 McKinney (new office/food)

    2215 McKinney (new parking garage/food)

    2315 Polk Street

    2208 McKinney St

    0 McKinney St parcel (hard corner of McKinney St and St. Charles St; next to 915 St Charles)

    • Like 3
    • Thanks 3
  6. I just checked TDLR and didn't find any filings by Pagewood or Wile yet.

    Existing businesss "8th Wonder Brewery and Pitch 25, one of Houston’s urban beer garden concepts, are the first retail tenants at East Blocks."

    2120 Walker St. https://maps.app.goo.gl/VYFCDH7Mi6kZy87R8

    2202 Dallas St. https://maps.app.goo.gl/NgAkDb3pgzdAevKv8

    • Like 2
  7. I think this is for the same property.  Can't believe nobody posted this anywhere on here yet!

    Filing person is with Gensler.

    https://www.tdlr.texas.gov/TABS/Search/Project/TABS2024000710

    image.png.160cc2182854d68c8a8d134cc779677d.png

    Looks like it sold to Zieben in June 2022.

    https://www.houstonchronicle.com/business/texas-inc/article/Real-estate-transactions-Investors-buy-17228468.php

    "Dezhc LLC purchased 1 acre on the south side of Woodway Drive along Buffalo Bayou within Riverway Reserve near the Omni Hotel. Shaw Commercial Properties represented the seller, N. Husain. The buyer intends to develop a boutique office building for its own use."

    Foundation permit app filed by the Zieben on 10/5.

    image.png.8df1c79b1932f11ea048f8102a24ee95.png

    • Like 7
  8. https://www.bizjournals.com/houston/news/2023/10/26/new-hope-housing-third-ward-nhh-gray-community.html

    New Hope Housing breaks ground on new community inHouston’s Third Ward

    Houston’s historic Third Ward neighborhood will soon be home to Houston-based New Hope Housing's latest affordable housing complex.

    The project, called NHH Gray, broke ground on Oct. 25. Located at 2675 Gray St., the property will offer 135 apartment units and services for seniors who are 55 and older.

    The units will come in one- and two-bedroom floor plans and will be equipped with in-unit washer and dryers, energy-efficient kitchen appliances, granite countertops and individually controlled central air. Services will include weekly senior-oriented events and on-site wrap-around services, among other things.

    Houston-based GSMA is the architect for the building, and Houston-based Camden Builders will serve as the general contractor.

    This is one of two New Hope Housing projects financed by Houston-based Amegy Bank — the other is NHH Berry, which will be located at 706 Berry St. NHH Gray also received financial support from the National Equity Fund and the Midtown Redevelopment Authority, which donated $5 million in land.

    The Center for Civic and Public Policy Improvement worked closely with the Midtown Redevelopment Authority to bringing NHH to Third Ward. Additionally, the Houston Housing Authority, a vital partner in helping NHH expand its reach, is also is providing 67 project-based vouchers for NHH Gray residents.

    NHH Gray is set to open in 2025 and will serve residents who earn 60% and below of the area median income. New Hope Housing said the new community supports the nonprofit's commitment to helping Houstonians have access to safe, affordable housing as well as services to meet the needs of families, individuals and seniors at risk of or experiencing housing instability.

    In a recent equity study for Houston, the city received an overall score of 41.3 for housing. A score of 100 indicates no disparity among racial and ethnic groups in Houston, while a score of 0 indicates the largest disparity possible among such groups. Thus, the housing score illustrates gaps in homeownership between people of color and white residents in Houston, Daniel Potter, senior director of research from Rice's Kinder Institute, explained in July.

    More specifically, the city scored a 46 for home ownership and affordability, 24.7 for housing quality and 53.3 for housing risks. Within this, Houston's low-value housing stock was scored a 1. For instance, but many homes there are priced at less than $100,000, and the quality is lost, Potter said at the time.

    In its "2023 State of Housing in Harris County and Houston" report released in July, the Kinder Institute for Urban Research found that 58% of homes within Houston’s city limits were rented in 2021. Meanwhile, the Kinder Institute’s Houston Area Survey earlier this year found that one in five adults said the cost of housing is the biggest problem facing the region.

    In Houston, the median household income for a renter was just above $43,000 in 2021, up 24.7% from $34,462 in 2015. But during that same period, monthly rent in Houston increased 30.1% — from $873 to $1,136 — according to estimates from the U.S. Census Bureau’s American Community Survey cited in the State of Housing report.

    Thus, Kinder researchers found that about 51% of renters in Harris County and the city of Houston in 2021 qualified as cost-burdened under federal standards, meaning these individuals spent more than 30% of their income on housing. This number is up from 48% in 2019.

    “As rent prices have soared post-pandemic, closing the affordability gap for low- and moderate-income Houstonians has never been more important,” Joy Horak-Brown, New Hope Housing’s president and CEO, said in an Oct. 25 statement. “NHH Gray alleviates the burden for seniors in search of comfortable and high-quality living spaces, and for their families, ensuring necessary housing and services without financial strain.”

    Affordable housing is also a “boon to development,” Garnet Coleman, former Texas State Representative for House District 147, said during the Oct. 25 groundbreaking event for NHH Gray.

    “People are going to take advantage — in the right way — of [NHH Gray],” Coleman said. “I know that this project is going to create a lot of development around it and positive development for the area.”

    Horak-Brown said having affordable apartment homes in Third Ward has been a goal of hers for nearly 20 years, so the groundbreaking for NHH Gray has been a long time coming.

    New Hope now operates 11 properties throughout Houston and has more in development, including NHH Berry, which also broke ground this month.

     

    • Like 4
  9. https://www.bizjournals.com/houston/news/2023/10/20/mill-creek-residential-beckett-apartments-conroe.html

    Mill Creek Residential starts construction on new apartment complex in Conroe

    A Florida-based multifamily investment company has started construction on a 408-unit apartment complex near Lake Conroe.

    Beckett West Fork will be located at 10485 League Line Road in Conroe, between Interstate 45 and the southern part of Lake Conroe. It is being developed by Boca Raton, Florida-based Mill Creek Residential Trust LLC, which acquired the 26-acre property from a local investor in August, according to Jeb Cox, senior managing director of development at the company.

    The one- and two-bedroom units will range from 850 to 1,250 square feet and rent from about $1,500 to $1,800, Cox said.

    They will feature 9-foot ceilings, wood plank-style flooring, stainless steel appliances, electric ranges, granite countertops, kitchen islands, custom cabinetry, walk-in closets and full-sized washers and dryers.

    Community amenities include a 5,000-square-foot clubhouse, swimming pool, grilling area, outdoor kitchen, fitness center, landscaped courtyards, pet park and rentable private garages.

    “Beckett West Fork will offer the best of both worlds in that residents will experience a small-town vibe while remaining within commuting distance of the area's key employment and entertainment centers," Lucas Sandidge, vice president of development at Mill Creek, said in a statement. “The community will provide a nature-centric living experience at a much more reasonable price point than many of the surrounding suburban locales.”

    The Conroe area has been one of Greater Houston’s fastest-growing apartment markets in recent years. As of last February, there were 70 properties totaling more than 15,000 apartment units in the Conroe-Montgomery-Willis area, according to MRI ApartmentData.

    “Montgomery County is a fast-growing county, (and) Conroe has seen a lot of population growth,” Cox said. “There's a need for housing in the area.”

    About a mile east on League Line Road, Scottsdale, Arizona-based Alliance Residential Co. is developing Prose in the Pines, a 264-unit apartment complex. Next to it, Pennsylvania-based luxury homebuilder Toll Brothers Inc. (NYSE: TOL) has developed Teaswood Avenue, a gated community of 55 single-family homes.

     

    Beckett West Fork will be Mill Creek’s seventh apartment complex in Greater Houston, though the company has developed and sold others over the years. It opened the 360-unit Beckett Cottingham at 13958 Cottingham St. in southeast Houston this past summer. Two other communities are under construction: the 327-unit Modera Garden Oaks at 641 W. Crosstimbers Road in Independence Heights and the 392-unit Modera Waugh tower at 716 Waugh Drive south of Buffalo Bayou Park. Both are slated to open for leasing by the end of this year or early next, Cox said.

    Mill Creek, founded in 2011, develops, acquires and operates apartment communities and as of June has 128 complexes totaling more than 35,000 units across the United States.

    Mill Creek broke ground on the three-story, 14-building complex the same month and expects to deliver the first apartments for lease by the end of next year. The community is part of the company's new attainable housing brand, Beckett by Mill Creek, and was designed by Houston-based EDI International.

    Beckett West Fork

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