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infinite_jim last won the day on February 24 2016

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    2016 Main St.

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  1. Caroline has been partially blocked of auto traffic from Elgin north to unspecified midtown cross-street.
  2. There's another old-timey car dealership bldg at St. Joseph and Milam that's been renovated and sat empty for almost 5 years. The Houston Press/Gillum Pontiac bldg is a smaller version of the same type but it did have some interesting history and a pleasant, low key mural befitting the edge of the "parking lot district."
  3. Last night prior to the rain storm there was some strong winds that blew glass and metal debris over the block south of it. The portion of St. Joseph Pkwy. in front of the bldg was covered in broken safety glass with crumpled mullions littering the sidewalk in front of the Lonestar bar's parking lot.
  4. Until Younan sells, don't hold your breath on this. This should be a residential tower not office.
  5. I'm more worried about getting murdered by someone making a right turn on red then getting murdered by a gunman.
  6. A little more history on holding finances of this property reveals that it was bought by New Era Hospitality from the Maharishi in 2008. This purchase was financed in the amount of a $5.95 mil. loan. They then incurred several transfer tax liens (superior to the loan) for 2008-2010 taxes to management district and 2010 property taxes in 2011. The bank then subsequently paid off the entity that advanced New Era the delinquent taxes and then foreclosed on them on 10/04/2011 with the winning bid of $4.4 mil + 1.00 dollar to Beaumont Medical Center Hotel which is actually also owned by SFK Development who then conveyed vested title out Beaumont to SFK (see above post) in 2012. So the current owner has taken control of the bldg since 10/4/2011 and paid out $490,180.08 in property taxes. Subtracted from the bid total and you can see that the owner still has $3.9 mil in value. If taxes were frozen at 2016 levels it would take the taxing authorities about 35 more years to amortize the rest of the invested value, that's the year 2052. Of course I'm not including any upkeep costs or when they had laborers stripping the tower of fixtures, drywall, etc.
  7. Here's a case where the land value is astronomical compared to the improvement value ($18.7 mil v $2.9 mil, respectably). Hence the lopping off of the office tower but I wonder why they decided to keep the Macy's garage and the garage podium as Hillcorp has plenty of parking across the street. Maybe they have some ironclad contracts like the Houston Club bldg.
  8. SFK Develpment Inc. has owned it since 10/30/2012. They have paid $390,357.44 in property taxes over the last four years (2013 -2016 taxes), which is peanuts for a $4.3 mil assessed property (land @ $3.2 mil & the improvement @ $1.1 mil). That's why the bldg is still standing.
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