NYcapVest

Another problem with the building is it has 8 foot ceilings which reduces the condo value. Typically you want 9' at least as you can sell small condos that feel more spacious due to higher ceilings. 10' is of course a plus. With 8 ft ceilings as a developer it reduces the per sq ft you can get from potential buyers. There are tricks like giving ceiling to floor windows, etc to try to give the feeling of height

welcome to the forum nycapvest. btw, casually mentioning a large project to this forum and not providing details will be considered "cruel and unusual" torture to some who frequent here.

I apologize. We're working with some individuals from Canada that are seeking to develop mixed use (retail/residential) in downtown. I can't name companies yet, but Houston downtown's major hurdle to accelerated development is really the lack of people living there. Once the residential takes hold, the CBD should see accelerated growth much like Downtown Dallas has experienced. If you go to Dallas, you see nothing but cranes everywhere.Don't know if you are aware, but there is an Omni hotel coming into the old Sheraton-Lincoln. There might be a glut of hotels in downtown soon, but it would be nice to see a condo-hotel open to add some more residential in the mix.

I was talking to an Otis elevator sales rep. yesterday and he said he was preparing a quote to redo the elevators of the old Days Inn. According to him the developer was going to expand the footprint of the building and turn it into high dollar lofts. Can anyone else confirm this rumor?

Now that would be an interesting project. I'd be curious how the developer expands the footprint. Perhaps teardown the garage and build new?

The Mahareshi foundation has the property up for sale.

We did our due dilligence on this property back in May of this year and it had structural issues that made in unfeasible for us. We contemplated a complete tear down but it didn't make sense for the area that it is in. We're now accumulating parking lots for our project and getting revenue while we complete our acquisitions.