JWW

It would be better if we could delay the inevitable HAIF pessimism and doubts until we even see a rendering. Or Hines's website even mentions the project. We all are aware projects change as they go forth (or die) but it would be a much more pleasurable experience if we could learn just a little more before comments like that (true or not).

This was Mike's first out of the ground project but was getting involved in some others including in Costa Rica. He passed from heart failure when he was on vacation in Napa. Horrible - this guy worked so intently for years getting that land fee-simple which is not the most common in that area of Kirby and, in his words, more-or-less designing this building so much on his own. Definitely a lot of vision and quite a lot of courage to change the residential skyline of Houston. Even better of a person than the project - what a loss.

Sounds a lot better, Houston Development... Also, at least according to Atlas and the sales center, preconstruction prices were near $450 psf (for most units - 2 and 3 bedroom until the higher floors) and were to be raised to $550 psf by now..... How great if all units got sold before construction ended?

Good article, or at least interesteing, in the NYTimes.... I wouldn't say that's the reason to risk so much, but in general I agree. I'm an extraordinary fan of this building and cannot wait to see Atlas and Jerry succeed..

Yeah, wouldn't have expected one comment in your post to be facetious. And I don't see that you 'corrected' the $1000 psf number - I just saw you used a different one later. Not getting too much clarity with those 'points'. I remember reading in the Chronicle a few years back that the architect for the (now defunct? I'm not sure) Riparian in Montrose claimed Houston would be able to fetch $1000 psf in a 'few years'. What a joke. I know I have read after the recent propert tax reduction (and simultaneously screwing every business in Texas) law was enacted, the counties in Texas could tax at a maximum of 1% of assessed value (used to be 1.5 percent). Maybe that is with homestead exemption? Maybe not? Only thing I can think of is the school property tax cannot be higher than that 1%, maybe the other property taxes would add up to the 3%. But wouldn't one assume the vast majority of these units would be for primary homes, as we ALL know the market for second home condos in Houston vs. other cities. Atlas and Jerry definitely know that. Therefore, if the vast majority of units would be for primary homeowners (and again I am just assuming that), would they not be able to get a homestead exemption on those units?

? Where did you get the number of $1000 psf being charged? The penthouse, somewhere around 10k sf is listed in the 8 million dollar range...nothing else on the floor plans comes near that psf. I don't know what the tax assessed value of the units will be but, hypothetically, should Harris county be able to charge up to 1percent of assessed value for annual property tax (down from 1.5 percent which Perry's awful bill lowered)? If so I'm confused how $24 psf per year in property tax can be charged...wouldn't the limit be $10 psf if your declaration of $1000 psf price stood? Also, $400-$800 psf competitive in NY? Are you out of your mind? Buildings similar to this (obviously a major height difference, but similar materials, amenities, etc) in nyc like www.orion42.com or others are going for at LEAST $1100 psf (as of last week) and easily past $1300 psf. I will say $.65 psf for HOA in Houston is pushing it.....