Houston Retail

your talking about the plaza hotel. the prior owner was pretty stuck on his $4mil sales price, so it sat vacant for a long time, but aparently this group got it for a bit less. its going to be converterd into medical office space.

Yep. The partners had different needs and ended up going in different directions days from opening. They are obviously trying to lease it to someone now and I think it is a great location for a diner similar to what it was going to be. I would hate to see a starbucks here (they would not use the current structure anyway). Starbucks would go somewhere like the BW3 Center. The location is great for a diner becuase they would grab all of the people coming from downtown after the clubs close for a bite to eat instead of going to Mais.

club quarters should be done soon, and i think the Humble Marriott was the longest running construction. The Club Quarters will not be open to the public, it will be a corporate hotel. I dont understand exactly how it works, but i think companies buy a certain amount of time in the nationwide hotel chain. The Texaco has clearly been put on hold and is most likely under reevaluation in this extremely soft hotel market (last numbers I heard was 47% occupancy! we are supposed to rebound to the 70% stabilized numbers in 2007)

I never went there, but I heard they did really well. There is clearly a need for a smaller format hardware store (think Breeds in Ausitn, or Berings).

yep, there was a story in the chron about it awhile back.

you are correct. not sure when it will start though. adjacent 2 story garage (same owner) will have some retail added on to it.

Yes No, he'll have regional retail and maybe some nationals.

the only office id ever run for is moderator. can i count on your vote:)

yeah, he did a great job of showing how retail can be developed and still lease up.

I think its barely a mile actually. That would be a huge midtown if it was 5 miles. I think the diameter of the 610 loop is 10 miles.

no renderings yet for Main Alabama

definitely. This project is on 2 blocks, currently, one of them is land and the other is the blue "Cambe" building and the street between them (La Branch) will surely remain. There is a big story on the front page of the HBJ about all of these developments and the sale of the Plaza.

i need to see what the back side of the the building will look like with those garages. I hope it doesnt appear that the buildings face downtown and turn their back on midtown, but it does look like promising development for midtown.

Construction set for redevelopment of landmark hospital A ceremonial construction kick-off event is scheduled for Sept. 23, marking the transformation of the old Jefferson Davis Hospital into loft-styled homes for artists. City and civic officials are scheduled to appear at 10 a.m. at 1101 Elder St. in honor of the Jefferson Davis Artist Lofts. Slated to speak are Houston Mayor Bill White; Harris County Commissioner Sylvia Garcia; and H. Joe Nelson III, president of the Houston Endowment Inc. The Houston Endowment is the single largest contributor to the development project, which is being called a first-of-its-kind in Houston. The 34 residential units -- to be finished in mid 2005 -- will include studio work space for resident artists and a place for them to live. The former hospital, which originally opened in 1924 in the Fifth Ward, stood vacant for nearly three decades before the re-development. The Jefferson Davis Artist Lofts are being developed by Artspace Projects of Minneapolis, a non-profit real estate developer for the arts. Avenue Community Development Corp., a local non-profit developer of affordable housing, is also involved in the project. Numerous funding sources were required to make the project happen. Financing was provided by Apollo Housing Capital, the City of Houston, Harris County, the Local Initiatives Support Corporation, Southwest Bank of Texas, Texas Department of Housing and Community Development, the National Trust for Historic Preservation and the U.S. Environmental Protection Agency. Major funding for the project also was provided by the Brown Foundation, Cameron Foundation, FannieMae Foundation, Fayez Sarofim & Co., Fondren Foundation, Houston Endowment Inc., McGovern Fund, Rockwell Fund, St. Paul Travelers Foundation, Strake Foundation, Surdna Foundation, Susan Vaughan Foundation, Washington Mutual Foundation and Wortham Foundation.

Heres the full rendering of the Grey blocks Image Here For some reason, I cant get it to show up here, but the link should work.

This was in this weeks HBJ about the Diner "Deco Diner squeezes onto downtown tract Two veterans in the local restaurant industry are planning to open a diner on a 13,000-square-foot triangular tract of downtown land at Brazos and Pierce. Because of the extremely small size of the parcel, Bill Loftus and Nancy French had the diner constructed off-site and then brought it in on two 18-wheeler trucks, putting the pieces together on the site. "I've been driving by that piece of land for the past 20 years wondering why someone hasn't done anything with that neat piece of property," Loftus says. "We're not going to be your typical Mel's Diner -- we're looking to blow people away." Deco Diner is scheduled to open in the next three to four weeks and will offer hamburgers, salads and sandwiches, as well as daily specials. Loftus and French are looking to open four additional Deco Diners in the Midtown and downtown areas. They say the diners will focus on downtown workers during the day for breakfast and carry-out lunches and on the growing downtown residential population for dinner and late-night orders.

i know alot of people that have gotten close to the 4 mil ask price. someone soon will feel like the market has finally caught up with the ask.

Greenspoint Mall Owner Makes First Dent in Dark Block By K Pica Kahn Last updated: Monday, August 30, 2004 07:55pm HOUSTON-In an unusual play to fill an empty anchor spot, the Los Angeles owner of the 17-million-sf Greenspoint Mall has struck a 10-year deal with a health club operator. A $3-million finish-out is under way on 47,300 sf of a 116,695-sf hole that's been dark for several years. "I don't know if this is the only fitness center in a mall, but it is unusual," Linda Clayton, leasing director for owner Triyar Cannon Group of L.A., tells GlobeSt.com about the latest lease for the 12300 N. Freeway mall. "We hope this is a trend and they will want to move into more malls." Triyar owns four malls in the metro region. Clayton says the health club operator approached Triyar about the prospect of opening its first mall location. Scott Shillings, vice president for Dallas-based Staubach Co., represents New Fit Ltd., parent of Fitness Connection. The freshly inked lease includes two five-year options. General contractor Drymalla Construction Co. Inc. of Columbus, TX, will have the space ready to go in early 2005, with owner and tenant sharing in the cost, according to Clayton. In the interim, Fitness Connection is operating out of 7,000 sf of temporary space in the mall, complete with a mock-up of the new facility. The health club operator also has set up kiosks in Greenspoint and San Jacinto Mall to promote the upcoming opening. With the first tenant signed, Clayton says talks are well under way with a prospect for the 69,395-sf balance of the anchor spot, once held by Mervyn's. "We aren't ready to disclose the other tenant at this time," she says of a key catch for the 80%-leased mall.

Loft Conversion Looms for 1920s-Era CBD Warehouse By K Pica Kahn, Connie Gore Last updated: Tuesday, August 31, 2004 09:13am K Pica Kahn is on special assignment for GlobeSt.com. HOUSTON-A California receiver has sold a two-building warehouse property, totaling 142,428 sf, along Chenevert Street as part of a four-year-old securities case with TLC America and affiliates. In a separate sale, the buyer gets one-third of an acre abutting the 1920s-era complex from a TLC sister entity. Robb Evan of Tustin, CA, is the court-appointed receiver for TLC America, DBA as Brea Development Co. of Brea, CA. Proceeds from the sale of 15 Chenevert St., assessed at $3.1 million by Harris County, will be applied to a $106.6-million judgment set by federal Judge David O. Carter for the Central District of California for securities fraud in connection with a Ponzi real estate scheme. The judgment was issued in November 2001 against TLC and its entities. Two years ago, Evans unloaded the 91-unit Dakota Woods at 5414 Elm St. in Houston to earn more than $2 million for the court-ordered disposition. In the latest disposition, Silco Investment Co. of Houston, led by Dan Silvestri, bought the warehouses from Evans and abutting land at 21 Chenevert St., valued at $534,000, in a transaction with Brea Development Co. The sales were brokered by Jeff Eisenhardt and Mark Hendricks with Phoenix-based Hendricks & Partners' Houston office. Eisenhardt tells GlobeSt.com that Silco intends to convert the 126,178-sf warehouse into lofts. The one-acre tract includes a 26,250-sf metal warehouse, which most likely will be razed to make way for the project. The warehouse buildings were constructed for Nabisco Bakery and have changed hands several times, with the longest run being the site of Purse & Co.'s wholesale furniture business. TLC America bought the buildings in 1999 from the Frost family of Houston, which acquired them two years earlier from the furniture wholesaler. TLC's affiliate, Brea, bought the one-third acre tract in 1998 from Wiese Aaron of Houston. According to court records and published accounts, TLC raised in excess of $150 million from more than 1,800 investors, most of whom were senior citizens. Its allure was the promise of guaranteed returns of 8% to 15% to investors, according to an SEC document. TLC principals stood accused of misusing at least $28.3 million in investor funds to pay other investors, invest in a prime bank scheme, buy racehorses, make charitable contributions and wire funds overseas. The receiver's initial status report showed TLC had about $2.5 million in cash and real estate purchased and developed at a cost of about $61 million. TLC is precluded from realizing any gain from the asset sales. Any gain beyond the $106.6 million judgment is to be applied to a $110,000 civil fine, according to published accounts.

Ive got the solution for him. He should keep the valet ticket!

(heres the rest of the story) Camden plans to construct 618 apartments in two phases, the first containing 355 units. Total development cost for the four-story, urban complex will be north of $70 million, Campo says. Also in the works, Campo says Camden may start phase two of Camden Oak Crest in west Houston in 2005. Camden Oak Crest is located at the corner of Richmond and Kirkwood. The 300 new apartment units would be built on part of the 60 acres Camden owns in the area. The REIT holds land bounded by Kirkwood, Old Westheimer Road, Westpark and Richmond. In addition, it owns property roughly bounded by Kirkwood, Richmond, Meadow Glen and Royal Oaks Boulevard. Camden's Greenway Plaza property might be in the mix soon as well. The company owns the green space between the old Compaq Center and the Mercedes dealership on Highway 59. Campo foresees building a four-story urban infill project with roughly 266 units on the back of the site. A retail site on the front part of the property will likely go under construction in 2005, but details are not yet available on that project. As of June, Camden owned and managed 145 properties containing 51,882 apartments in Sunbelt and Midwestern markets. The REIT has 4,400 apartment units in its development pipeline. "We have a lot of activity in Houston," Campo says. "Clearly there's still a big market for rental when we look at Houston going forward."