swtsig

i am far (FAR) from an expert on these matters but i suppose you need to take into consideration what the NPV of the $53M over 20 yrs and $26M over 10 yrs compared to the taxable revenue they expect to generate not only from the hotel but the retail and parking garage, beyond the $62M lease, in addition to the projected increase in overall convention business which on the surface one would think would be substantial (or so we've been led to believe). i'm not familiar with the ownership structure of the hilton so i can't really comment on that.

went for less than they were hoping for by a solid $30/rsf.... likely a large part of why they decided to hand over all their leasing to Colvill. that said they still made a mint on Williams in only 4 years.

haha that maggie rita's was open all of 6 months, if that.

They're keeping a portion of the park.

It's even more of a shocker that swtisig is even aware of it's existence...he usually does better with buildings that don't exist in the real world.

haha sure thing, guy.

expect construction to begin on two hughes landing as soon as one hughes landing reaches 50% leased which should happen very soon.

Awesome infill.

swstig, I have a question: Is there any hope for the surface lot situation in downtown? Will they ever stop tearing down existing (historic) buildings and start covering the lots?

i'm really not the person to ask to be honest with you... i'd venture to guess that theNiche could provide a much more educated answer. i do think you are starting to see a bigger push to develop surface lots, though, particualrly in the east side near the convention center especially now w the development incentive the downtown district is providing for residential. as for the tearing down of "historic" buildings, that simply comes down to their ability to be repurposed in a cost effective manner (duh).

i've heard this one is dead.

i like it. absolute shocker that misterx is critical of it... he's such an unbiased poster usually.

don julio's didn't last bc it was garbage tex-mex in a city full of great tex-mex. feast's biggest problem was its accessibility, not so much in terms of the food but in the actual ability to access the restaurant... it literally had no parking and and no driveway, which meant sitting on westheimer waiting for valet. that doesn't fly, especially in houston. even a modest area to pull into off the street like dolce vita or indika would've worked wonders.

what's included in the next phase? more apartments/retail i'm assuming?

Midway is planning on redeveloping the current Levey Park on Richmond between Eastside and Wakeforest into a mini CityCentre-type development that will include a 16-story office, lofts, retail and a park. i've heard additional development is possible as well.

renderings should be floating around soon i'm sure.

This thread is asinine... As TxDave said, these are hardly apt comparisons.

I could tell you but I won't... Lets see your detective skllls Btw they have no track record of development bc they've never developed anything.

At this price I assure you it is not a land hold.

how so?

just noticed something in the rendering... what are those "box office" looking structures in front of the GRB? it looks like they are placed in the middle of the street and that the street has been turned into a pedestrian promenade of sorts. has that been part of the convention districts plan?

from what i've been told the hotel/condo plans are not set in stone.

18 stories, approx. 400K sf with ground level retail, looks remarkably similar to BBVA on post oak.

and maybe they can redo shepherd between washington and 59 next... that stretch is almost worse.

mods, this thread should probably be combined w the 3333 Richmond thread.

Does "office-heavy" mean a new tower?

Yes.

no details other than it is/was planned mixed-use. another developer has a multi-phase office-heavy mixed-use (how's that for hyphen usage!) development planned further east on richmond as well.

This is 100% office-based occupancy. The Renaissance pulls in some extra business with the church, Rice, and Qantas flight attendants (yum) but realistically this will be filled with business use. The site today is not used as a public space, and the corner, in general, could use some love. As someone who goes through there every day, I support this. My only complaint (if you could call it one) is that this isn't happening on the NORTH side of Richmond, which is a site waiting for a bulldozer.

There are redevelopment plans for the NWC of Richmond and buffalo speedway although I heard they recently stalled.

I alluded to this in the 2929 Wesleyan thread but now that bisnow referenced it this morning I figured it was ok to talk about. PM is redeveloping the solvay site by tearing down the existing bldg and replacing it w a hotel/condo and building a 20 story office next door. I can't confirm much re the hotel but it sounds like the office is moving forward and would assume the hotel is as well. Don't expect anything earth shattering architecturally speaking. Should be a nice addition regardless.

There are a few more projects proposed in the immediate area as well, some further along than others, but 3333 sounds like the closest thing to a guarantee.