SouthMainMan

Anybody know what just went up on Main between Kirby and Braseswood? I drove by last night and lt looked like they were working on the facade of a new 7-10 story building. Any idea what it could be?

I'm pretty sure its a new Courtyard Marriot. The property used to be part of the Marriot Residence Inn, which was half demolished earlier in the year.

It is a term that can mean different things to different entities, depending on the situation. But the essence of it is a case where an investor acquires a strategically-situated parcel of land that is perhaps not yet prime for development, and then just holds on to it until such time as development makes more sense. If applied to a deep-pocketed investor, such as an insurance company or pension fund, then all it is is a speculative medium- or long-term land play. When applied to a more entrepreneurial entity, the term often implies that some kind of light-use alternative activity is going to generate minimal revenue (i.e. surface parking, flea market, a fenced-in storage lot, a semi-permanent taco stand on wheels, etc., or if there are functionally obsolete improvements, then to make slight upgrades to them and then lease it out to a low-rent tenant that doesn't care if the roof leaks a little or that the floors are uneven) that is able to offset the holding costs.

For instance, I know that I won't make any operating profit by buying up a couple dozen crappy old houses in 2nd Ward and slumlording them out, but I do know that the revenues might be able to offset my holding costs sufficiently that I can sell them all off for lot value in ten years and make a pretty penny. That would be an example of landbanking.

Another example would be if a hedge fund purchased a strategic development site during a financial crisis and recession, and then just held onto it for a couple of years until the market improves enough that there is a non-speculative buyer.

To be clear, I would sincerely doubt that the Shriners landbanked their Braeswood site intentionally. But the effect is basically the same.

I also passed by the Arabia site today and it doesn't look like much is happening, other than the removal of the palm trees from the parking lot that happened quite a while ago. With three large, relatively new complexes (Domain at Kirby, Braeswood Apartments, and the Alexan Main) within a mile or so of the site, I have to wonder how much more demand there is for upscale apartments in the area. Anyone have any insight into what Archstone is planning?

Has anyone had a chance to see what happened to the Galveston Country Club? I know its not exactly an architectural gem, but I'm curious as to whether of not it survived.

I worked there..........what........27 years ago when it first opened. It was Residence Inn from the beginning. The concept was really good, small units with tiny kitchens or two story studios with fireplace and full kitchen. The front units were occupied while the ones farther back were being built. The construction people were from up north, mostly young, and pretty wild. Crazy times back then. I actually remember some of them.

Looks like Hurricane Ike dropped a tower crane onto the site while we weren't looking. Something is going in, but I'm still not sure what is planned.

The Tremont House hotel is reputed to have an excellent brunch. The Steakhouse restaurant at the San Luis Resort (formal) or the Saltwater Grill (semi-formal, but more edgy atmosphere) would be good if you prefer a dinner proposal.

A less traditional/formal alternative would be a late night stroll on the beach.

Another dinner option would be Luigi's on the Strand. It's a semi-formal Italian restuarant in an old restored building on the Strand. The food is good and the atmoshpere is is pretty nice.

I think there is also a new wine bar (Bacchus?) that opened up down the street. Never been there, but have heard good things.

haven't seen the fence, but I wouldn't doubt if it was simply because they are tired of people from Escobar and Whisky Creek parking there (and getting towed off).

I was half expecting you to announce that it was dead.

Drove by the super block on light rail on friday and it looks like they fenced off a part of the block but not quite the whole thing. If they are going to do anything, they better hurry--the 'Coming Soon' signs are so old and faded you can barely read them any more.

I was near the site of this project two weeks ago and they had they area blocked off with construction fences and there was a "sales center" set up in the Waterman's building next door. The renderings look nice and that section of the West End is pretty nice (in my opinion). In Galveston, particularly the west end, I never count any of these projects as a done deal until the concrete starts pouring. Especially since the marketing folks on this project were able to save money on thier signage by re-using the "Coming Soon" signs from the last project in the area that never got going.

Here's a link to the project website:

http://www.laffitesharbor.com/

Some more information in the Houston Business Journal

A major league investor group has assembled 35 acres in Galveston with plans to develop high-end condominiums and a new marina and dry-stack boat storage, as well as to refurbish the old Stewart Mansion.

The majority investors are Todd Edwards and Robert Schwartz, who own Houston-based Stonehenge Real Estate Investment Co.

Other players in the deal include Roy Oswalt, pitcher for the Houston Astros; former Astros pitcher Woody Williams; Steve Sparks, former pitcher for the Arizona Diamondbacks; and Houston real estate broker Jimmy Pappas. The all-star investor lineup originated in Houston's Memorial area, where Edwards, Pappas and cousins Schwartz and Williams grew up. Edwards met Sparks at Texas A&M University, where both played baseball. And the men met Oswalt through his former teammate, Williams.

The whole article is at:

http://www.bizjournals.com/houston/stories...9960000^1629122

There is some info in this Chronicle story:

http://www.chron.com/disp/story.mpl/busine...te/5732193.html

I was near the site of this project two weeks ago and they had they area blocked off with construction fences and there was a "sales center" set up in the Waterman's building next door. The renderings look nice and that section of the West End is pretty nice (in my opinion). In Galveston, particularly the west end, I never count any of these projects as a done deal until the concrete starts pouring. Especially since the marketing folks on this project were able to save money on thier signage by re-using the "Coming Soon" signs from the last project in the area that never got going.

Here's a link to the project website:

http://www.laffitesharbor.com/

By Laura Elder

The Daily News

Published April 23, 2008

GALVESTON

That was first opened as a Marriott Courtyard. The units were apartment-like. I've noticed some construction between Kroger and S. Braeswood, but I'm not sure what it's going to be. I'm sure it will be some form of retail.

There is a new standard-looking retail strip going in across from Kroger, but no sign of what will be in there. I guess there needs to be some new retail in the area with the new apartments going in where Garden Ridge was.

I drive by the Residence Inn on my way to work, so I'll keep an eye out.

Just drove by the Residence Inn at the corner of South Braeswood and South Main and noticed that it was partially reduced to a pile of sticks. Anyone have an idea of what is going in here? It seems like a fairly decent size parcel----if it's going to be another apartment complex, do me a favor and don't tell me.

I was cruuising the Galveston Daily News and among the 10 or so other 'proposed' developments on the Island, saw this high rise proposal for Stewart beach planning four 30 story towers as part of the "Stewart Beach Redevelopment District." I don't live in Galveston, but I'm down there quite a bit and have never heard of it. Anyone have any info on this?

Here's a excerpt from the article.

...unveiled plans for four 30-story buildings at the end of a boardwalk the Galveston Park Board of Trustees wants to build at the city-owned park. Miner claims the towers are necessary to entice developers to fund the boardwalk, a public-private partnership the park board covets. Miner, who owns a tract at the end of Avenue L south of Seawall Boulevard, began working on plans for what he calls the Stewart Beach Redevelopment District 18 months ago....

http://news.galvestondailynews.com/story.l...603836f90d141ef

Saw this today in the Galveston County Daily News. I know it isn't architecture related, but thought it was interesting given the number of development projects pending for Galveston's West End.

http://news.galvestondailynews.com/story.l...9a1fb342c7ed29d

At A Glance

WHAT: Land Commissioner Jerry Patterson announces funding for one of the biggest beach reconstruction projects in state history

WHEN: 1:30 p.m. Tuesday

WHERE: West end of the Seawall

The American Institute of Architects did a public survey and came up with a list of the 150 most popular buildings and structures in the United States. You have to look far down the list to find anything in Houston.

Here's a link to the list. http://www.npr.org/documents/2007/feb/buil...50buildings.pdf

And the worst part is that there is are recurring discussions about tearing down the Astrodome, which is one of the few houston representatives (#134) on the list. If anyone even mentioned tearing down 30th Streeet Station in Philadelphia (#137), or any other structure on that list, people would think they are nuts.

It's amusing to me that the artist's rendering stretches JUST far enough to catch the Audi sign on the left. I wonder if they will really sell more apartments because readers notice that there's a high-end auto dealer nearby -- so it MUST be an upscale neighborhood!

Looks like yet another Alexan project going up in Houston on the site of the old Surrey House hotel near Main and Kirby. Its too early to tell how its going to look, but anything is an improvement over the hotel that was there before.

http://www.alexanmainstreet.com/