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fernz

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Posts posted by fernz

  1. This isn't a problem of budget, rather a problem of cash flow.  This project is critical to the future of their operations, they will likely start sooner than one they announced.  In the meantime look on the bright side, this does allow time for redesign!!!

     

    I can imagine when the RE team goes in front of the capex committee to request additional funds for the redesign: "I know we are billions of dollars over budget on other projects, but we really need more money on this one, the haifers don't like the design!" 

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  2. BBVA Compass Plaza includes 3 lots - two lots with Post Oak frontage, and one lot between these two and the midrise apartments to the West. The BBVA Compass tower (south lot) was phase 1; phase 2 (north lot) was originally planned to be a hotel that would be built at the same time as the office tower- and phase 3 (west lot) was never defined, it would be whatever the market called for. Since phase 2 apparently includes hotel, and since phase 1 is still about 30% vacant, my guess is that phase 3 is still an undetermined future development. The only option I see for upcoming development is for a higher-end hotel (maybe Ritz Carlton) that would not directly compete with a lesser quality hotel in the mixed use phase 2.... Or phase 2 is only apartments, then phase 3 can be any hotel.

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