Houston CBD Poised For Building Boom

[houstonfella]

Here's the link, but I am not a subscriber so it only gives a summary. Any of you HAIFers have more info?

New tower(s) coming soon to CBD

[Pumapayam]

New tower(s) coming soon to CBD

Alright, someone who as a membership, hook us up with a summary, this may be related to that building supposedly going next to the Continental Building.

[KinkaidAlum]

There are 5 to 6 proposals floating around out there for downtown office tower projects. Most observers think it is very likely the first building will break ground this fall and that it is very likely that 2-3 new towers will get out of the ground. Here are the known players;

1) Brookfield Properties. This one has been talked about on this board. Their first option is to build at 1500 Smith Street. Plans call for a building to be between 35 and 42 stories tall containing between 750,000 to 1,000,000 square feet. Brookfield has hired Thomas Phifer and Partners of NYC to design the building which will be LEED Certified. They wont build until a major tenant is signed but rumors are 3 big players are currently shopping for space whose leases would expire around the time a new building would open. 35-42 floors would likely put this building in the 550 to 650 foot mark. Brookfield also owns two other parcels they might develop in the future.

2) Trammel Crow of Dallas. They are currently marketing a project called "Discovery Tower" to be built near the new park (and who said the park wouldn't help development?). A spokeswoman said they'll be more news forthcoming in mid-March!

3) Crescent Real Estate of Fort Worth (owners of the Houston Center) are planning for a 600,000 square foot tower to be called 6 Houston Center.

4) Hines of Houston are denying the rumors but they are still out there that the firm is planning to build something at the junction of Main, Walker, Fannin, and Rusk on what is described as the last "seedy" block on Main. No other details.

5) Linbeck Construction is shopping interest in a MIXED-USE development at Milam, Preston, Travis, and Prairie.

The article states that one of the projects might go up as a spec but that the others would need lead tenants.

Pretty exciting stuff...

[urban909]

There are 5 to 6 proposals floating around out there for downtown office tower projects. Most observers think it is very likely the first building will break ground this fall and that it is very likely that 2-3 new towers will get out of the ground. Here are the known players;

1) Brookfield Properties. This one has been talked about on this board. Their first option is to build at 1500 Smith Street. Plans call for a building to be between 35 and 42 stories tall containing between 750,000 to 1,000,000 square feet. Brookfield has hired Thomas Phifer and Partners of NYC to design the building which will be LEED Certified. They wont build until a major tenant is signed but rumors are 3 big players are currently shopping for space whose leases would expire around the time a new building would open. 35-42 floors would likely put this building in the 550 to 650 foot mark. Brookfield also owns two other parcels they might develop in the future.

2) Trammel Crow of Dallas. They are currently marketing a project called "Discovery Tower" to be built near the new park (and who said the park wouldn't help development?). A spokeswoman said they'll be more news forthcoming in mid-March!

3) Crescent Real Estate of Fort Worth (owners of the Houston Center) are planning for a 600,000 square foot tower to be called 6 Houston Center.

4) Hines of Houston are denying the rumors but they are still out there that the firm is planning to build something at the junction of Main, Walker, Fannin, and Rusk on what is described as the last "seedy" block on Main. No other details.

5) Linbeck Construction is shopping interest in a MIXED-USE development at Milam, Preston, Travis, and Prairie.

The article states that one of the projects might go up as a spec but that the others would need lead tenants.

Pretty exciting stuff...

sweet. any would be nice but i partically like the proposed first and second planned tower; although some renderings would be nice too...

[c4smok]

http://www.brookfieldproperties.com/proper...development.cfm

1500 Smith Street

Houston, Texas Square Footage:

800,000

The last prime developable site on Smith Street in Houston's CBD core, 1500 Smith Street is strategically located between two premier Brookfield properties, Continental Center I and Four Allen Center. The site could accommodate a 800,000 to one million square foot office tower with 25,000-30,000 square foot floor plates; sky bridges would link 1500 Smith to both adjoining centers. In-place infrastructure exists, including parking and loading dock.

[dbigtex56]

4) Hines of Houston are denying the rumors but they are still out there that the firm is planning to build something at the junction of Main, Walker, Fannin, and Rusk on what is described as the last "seedy" block on Main. No other details.

Isn't this the block containing the West Building? Any word on whether that project is officially dead?

Seems to me that there's at least one other block on Main (downtown) which safely could be described as "seedy".

[Gary]

Although i'm not a proponant of "taller is better", I have to admit that a new signature tower would be cool. Something in the 50 to 60 story range would be in order imo.

[KinkaidAlum]

I am pretty sure that is the block that contains the West Building. The article mentioned that it wasn't a vacant parcel like most of the other proposals but didn't mention by name what was there. But, the new garage being built for the Pennzoil Towers is going up at Main and Walker (the southwest corner) and that is across the street from the West Bldg. block...

If Hines does build there, I hope they go for mixed-use with ground level retail to connect the activity centers (Pavilions, Macy's/Main St Square, and Market Square/Preston Station)

[GovernorAggie]

I am pretty sure that is the block that contains the West Building. The article mentioned that it wasn't a vacant parcel like most of the other proposals but didn't mention by name what was there. But, the new garage being built for the Pennzoil Towers is going up at Main and Walker (the southwest corner) and that is across the street from the West Bldg. block...

If Hines does build there, I hope they go for mixed-use with ground level retail to connect the activity centers (Pavilions, Macy's/Main St Square, and Market Square/Preston Station)

It is indeed the West Bldg. block. I will be glad to see it all go. I also hope that it will include retail on the lower level (or levels!). Maybe this could spur some activity with the buildings north of the new garage (Domino's and defunct Murphy's).

[MidtownCoog]

If Hines does build there, I hope they go for mixed-use with ground level retail to connect the activity centers (Pavilions, Macy's/Main St Square, and Market Square/Preston Station)

Main/Rusk/Fannin/Walker is New West.

Right behind New West is Stowers. And Stowers looks unoccupied. And that's a shame.

The lot across from Stowers is Third World.

[Transit Nut]

The Main St. light rail and Southeast Corridor will intersect at Main/Walker and Main/Rusk.

[dbigtex56]

But, the new garage being built for the Pennzoil Towers is going up at Main and Walker (the southwest corner) and that is across the street from the West Bldg. block...

I believe it's the northwest corner - and yes, that's across the street from the block in question.

[houstonfella]

I believe it's the northwest corner - and yes, that's across the street from the block in question.

And Pennzoil needs parking sooooo badly.... Theater District overflowing ... there is a waiting list.... Houston needs some serious 60+ story buildings and garages to go with.

[2112]

4 Towers!!!???? Damn. And all that in addition to the Park tower, and the new park, and Pavillions. And from what I have been reading, the new Metro multi-modal terminal is seriously in the planning stages now. The metro page has some pretty detailed layout plans allready.

[H-Town Man]

5) Linbeck Construction is shopping interest in a MIXED-USE development at Milam, Preston, Travis, and Prairie.

If we could get this one, I would not care about any of the others. IMHO, this is the one block in downtown most in need of development. I would consider donating out of my teacher's salary if I thought it would help things along.

[houstonfella]

Interesting H-town... thanks for your input. I am always amazed at the ramifications as opposed to the buildings that might pop up. Looking forward to a Texas tall tower in the future.

Of course, 40 story buildings here are ho hum. Let's see 82+ ... yeah

[dbigtex56]

Right behind New West is Stowers. And Stowers looks unoccupied. And that's a shame.

I absolutely agree. From what I've seen, they've done a wonderful job with that building.

And let's not forget our friend at Hotel Montagu . I'm not sure that some people understand that such an establishment is vital to a lively downtown.

Cool is difficult to quantify...but damn, George is cool.

He gets it.

[ricco67]

Gee, glad to hear someone else can verify the information I found out there. I was beginning to wonder if I just had a red herring or something.

I hope the Montague survives the development of that block, but I can understand if it goes, it's still a grand old building. I wouldn't be a bit surprised if someone decided to build another Garage only "hi-rise" to pick up some of the parking problems that is going to arise soon.

As far as Houston Center 6, I'd be curious as to where THAT would go. The only property I can see off hand that would be close to their current location would be the old Garage from the former Texaco HQ at 1111 Rusk, along with the parking lot (that is currently being used for clients at club Quarters.)

[Houston19514]

As far as Houston Center 6, I'd be curious as to where THAT would go. The only property I can see off hand that would be close to their current location would be the old Garage from the former Texaco HQ at 1111 Rusk, along with the parking lot (that is currently being used for clients at club Quarters.)

Walker/Rusk/Austin/LaBranch?

[ricco67]

Walker/Rusk/Austin/LaBranch?

Nope.

Rusk/Fannin/San Jacinto/Walker

[GovernorAggie]

As far as Houston Center 6, I'd be curious as to where THAT would go. The only property I can see off hand that would be close to their current location would be the old Garage from the former Texaco HQ at 1111 Rusk, along with the parking lot (that is currently being used for clients at club Quarters.)

I thought about this this past weekend and I personally think that it may go on the parking lot north of 5 Houston Center. At least I hope it does!

[The Great Hizzy!]

4) Hines of Houston are denying the rumors but they are still out there that the firm is planning to build something at the junction of Main, Walker, Fannin, and Rusk on what is described as the last "seedy" block on Main. No other details.

Arrrgghhh!! They just keep mocking me! Arrrgggghhh!

Won't somebody put me out my misery?

[ricco67]

I thought about this this past weekend and I personally think that it may go on the parking lot north of 5 Houston Center. At least I hope it does!

No, I believe what you are referring to is actually in front of 1 houston center.

I just happend to look at a map and noticed that the Old Texaco HQ is listed as a Ritz Carlton! wassup with that?

[UrbaNerd]

The print edition of the HBJ article is available online even for non subscribers now.

http://houston.bizjournals.com/houston/sto...3672000^1429210

A few excerpts:

"Paul Layne, Brookfield's executive vice president in Houston, says the firm plans to build a 35- to 42-story tower encompassing between 750,000 square feet and 1 million square feet. Thomas Phifer and Partners of New York has been hired to design the building, which will be LEED certified, have large floor plates and connect to the tunnel system."

(for those interested: http://www.tphifer.com/)

"One (developer) has indicated it would move forward on a spec basis," says John Burke, a vice president with The Staubach Co. which represents office tenants."

"...after mid-March", says Matt Khourie, president of development and investment for Trammell Crow's central operations. "Hopefully we'll have something to say."

Potential Downtown Office Building Developers

[Houston19514]

I thought about this this past weekend and I personally think that it may go on the parking lot north of 5 Houston Center. At least I hope it does!

No, I believe what you are referring to is actually in front of 1 houston center.

I just happend to look at a map and noticed that the Old Texaco HQ is listed as a Ritz Carlton! wassup with that?

There is also a parking lot covering the entire block to the north of 5 Houston Center. That is what GovernorAggie was referring to and that is the "Walker/Rusk/Austin/LaBranch" I was referring to in my earlier post. I would think either that block or the block or the block across Walker to the north of 1 Houston Center or the likely locations for 6 Houston Center. I'm pretty sure Crescent identified the location of 6 Houston Center some years back. I'll see if I can find that.

Ritz-Carlton. A few years back, before they started the work on the old Texaco Building, it was to be re-done into a Ritz-Carlton Hotel and residences. By the time they started the work, it had changed to be a Renaissance. But, as you probably know, the project was abandoned some time after the building to the north was torn down and some or most of the gutting was done. I'm still hoping Ritz-Carlton will get back in that project.

[ricco67]

There is also a parking lot covering the entire block to the north of 5 Houston Center. That is what GovernorAggie was referring to and that is the "Walker/Rusk/Austin/LaBranch" I was referring to in my earlier post. I would think either that block or the block or the block across Walker to the north of 1 Houston Center or the likely locations for 6 Houston Center. I'm pretty sure Crescent identified the location of 6 Houston Center some years back. I'll see if I can find that.

Ritz-Carlton. A few years back, before they started the work on the old Texaco Building, it was to be re-done into a Ritz-Carlton Hotel and residences. By the time they started the work, it had changed to be a Renaissance. But, as you probably know, the project was abandoned some time after the building to the north was torn down and some or most of the gutting was done. I'm still hoping Ritz-Carlton will get back in that project.

Speaking of the old Texaco HQ, I've been seeing some activity in the back of that building and seeing more vehicles parking in that lot. The crew (if that's what it is) doesn't seem large enough to do anything significant aside from some infrastructure work within the building (maintenance?)

[The Great Hizzy!]

^^^ I wonder if it's the same type of work that I see going on at the old Days Inn. Every couple of days out of the week, I'll see three to six workers with hard hats going in and out--not enough for any massive work to be taking place but enough to make you wonder what exactly is going on.

[bach]

There is also a parking lot covering the entire block to the north of 5 Houston Center. That is what GovernorAggie was referring to and that is the "Walker/Rusk/Austin/LaBranch" I was referring to in my earlier post. I would think either that block or the block or the block across Walker to the north of 1 Houston Center or the likely locations for 6 Houston Center. I'm pretty sure Crescent identified the location of 6 Houston Center some years back. I'll see if I can find that.

Ritz-Carlton. A few years back, before they started the work on the old Texaco Building, it was to be re-done into a Ritz-Carlton Hotel and residences. By the time they started the work, it had changed to be a Renaissance. But, as you probably know, the project was abandoned some time after the building to the north was torn down and some or most of the gutting was done. I'm still hoping Ritz-Carlton will get back in that project.

The Ritz-Carlton deal fell through ~2000/early 2001. Kimberly-Clark bought the Old Texaco Building (1111 Rusk), as a result of their tax department's desire for the tax credits. They tore down the 1960s-era building (and left a huge pit on the NE side), but left the historic portions. K-C planned to put in a Marriott Renaissance hotel, but decided to hold off on that idea when the hotel business went south. They then looked at residential projects, and then decided to "weigh their options." An investor now has a contract on the building and would make it residential -- condos as well as residential.

What a fantastic building for residential.

^^^ I wonder if it's the same type of work that I see going on at the old Days Inn. Every couple of days out of the week, I'll see three to six workers with hard hats going in and out--not enough for any massive work to be taking place but enough to make you wonder what exactly is going on.

The old Days Inn is actively being marketed for sale (again), so there will be lookers out there. Maybe somebody can figure out what to do with it.

[ricco67]

The old Days Inn is actively being marketed for sale (again), so there will be lookers out there. Maybe somebody can figure out what to do with it.

I'm on the fence with the Old Days in. Might be better off demo'ed and rebuild something proper on it. I would have liked to see it as a residential building, but dont' know if it would be cost effective to do so.

[Boris]

Here's a new article in Texas Real Estate Online that talks about development in Houston DT:

http://www.texasrebusiness.com/articles/MAR07/feature3.html