Ion District In Midtown

[houstontexasjack]

7 hours ago, ChannelTwoNews said:

https://www.bizjournals.com/houston/news/2023/05/24/ion-district-houston-jan-odegard.html

@ChannelTwoNews or @CREguy13 - would either of y’all be able to quote snippets from the article?  It’s paywalled.

[79ta]

Quote

Face to Face: The Ion's executive director has big plans for the new district

The Ion stands in Houston’s Midtown as a symbol of the future and a reference to the city’s past. The sleek building opened in 2021 after an expansive $100 million renovation to bring the 1939 Sears department store into this century.

The innovation hub plays host to several technology giants, such as Chevron, Microsoft and Transwestern, but the vision is to be more than the landlord of innovators. The Ion District will eventually stretch across the 16 acres controlled by Rice Management Co. to become a destination for entrepreneurs and collaborators to gather for work and play, with retail, restaurants and, potentially, multifamily living.

The building is already 86% leased, with the recent addition of 10 tenants including Rice University’s Office of Innovation. The opening of the highly anticipated Late August restaurant by "Top Chef" alumna chef Dawn Burrell is set for this June, which promises to draw even more attention and visitors to the Ion.

Executive Director Jan Odegard has been involved with the Ion since it opened its doors, first as senior director for industry and academic partnerships. Odegard spent more than 18 years at Rice University, with his last position as the executive director of Ken Kennedy Institute for Information Technology.

What is the thought process behind the Ion’s development and tenants?

When we started thinking about building our innovation hub, it was like, “Well, what is that and what ingredients does it need to have,” and it became very clear very quickly that you have to create a place where people want to be. It needs to be mixed-use because you need to have different stakeholders feel like this is a home for them. So, we have restaurants and food and beverages.

We have programs and open spaces with our partners and for our partners. We also needed to figure out flexible office access, so there’s a place for that, and we have coworking spaces in the building. And then we wanted to have corporations in the building that was part of that full value chain — for entrepreneurs with ideas that want to get into the tech ecosystem to collide with people that are looking for a talent pipeline and looking for new companies and startups.

We wanted to build the entire ecosystem and then repeat it across the district and actually add even more dimensionality to it so that it truly becomes a place where you want to never leave. You want to come here, be here, live here, work here, play here, so that’s an important part of what we do.

The initial build-up was done as a strategic investment by Rice’s endowment. Future ones will be done more as a joint venture with developers where we’re looking that they will invest in most of the vertical while we kind of do land leases and some ground plane activation

 

Why do you think multifamily living options need to be included in the Ion District?

I think this is what people are looking for. You’re looking for that place where your office is next door and you have access to things that you wouldn’t have access to otherwise. I think all of these spaces are amenities that actually create value even for residential spaces. If I think about myself, I want to live in a place where I have access to restaurants and people that are changing the world and whatnot, and I don’t want to get in my car. I’d rather leave my car in the garage. I may be biased because I’m European.

We’re already making significant investments. We’re continuing to make those investments in the city. We’re going to be announcing a couple of other things and strategic investments in that portfolio very soon. There’s more coming and we’re one year in with that report, we’ve just started year two deployment. So there’s a lot more to come there, but we are seeing that traction, we’re seeing the engagement.

1 hour ago, houstontexasjack said:

@ChannelTwoNews or @CREguy13 - would either of y’all be able to quote snippets from the article?  It’s paywalled.

Here are a couple of snippets that jumped out to me

Edited May 25, 2023 by 79ta

[Houston19514]

21 hours ago, CREguy13 said:

HBJ released an interview this morning with Jan Odergard, Executive Director at the Ion.  Maybe the above architect source was referring to Rice walking away from having a lead role in future development of the District? Jan mentioned they were going to JV and essentially get out of the way on the development side.  Pretty clear from the article they are extremely bullish on the area's growth potential in the near to long term. This has been my experience of working in the building, the energy is palpable and constantly buzzing with activity.

Lot of talk on Multifamily in the interview... I'm guessing this is next.

I think joint venturing the development of the district has always been the plan.

[CREguy13]

2 hours ago, Houston19514 said:

I think joint venturing the development of the district has always been the plan.

Definitely, just wasn't sure if that may have been where a possible disconnect was on Rice's course correction/reorg as it relates to their involvement in the District going forward.

[bobruss]

I hope that's the case.

[toxtethogrady]

On 5/25/2023 at 9:56 AM, CREguy13 said:

Definitely, just wasn't sure if that may have been where a possible disconnect was on Rice's course correction/reorg as it relates to their involvement in the District going forward.

Given the news I've seen of new participants, the Ion itself is nearly fully subscribed, Oxy's come on board as a partner and the Greentown Labs are acquiring new tenants. It seems like 3 million sf is an achievable number. 

[hindesky]

[hindesky]

[004n063]

1 hour ago, hindesky said:

"Welcoming" - unless you want to sit on a bench at 9AM on a Sunday...

[ChannelTwoNews]

https://perscholas.org/news/per-scholas-expands-tech-training-to-houston/

"National tech training nonprofit Per Scholas today announced its expansion to Houston, joining Ion District, Houston’s 16-acre innovation district developed by Rice University. Through an innovative relationship with Ion, Per Scholas Houston will offer its tuition-free technology skills training from its newest campus located at 4201 Main Street."

[ChannelTwoNews]

https://www.bizjournals.com/houston/inno/stories/news/2023/07/31/carbon-capture-scs-ion-houston.html

"SCS Technologies, a provider of carbon dioxide measurement and compression systems operating out of Big Spring, opened the office as part of the company’s plan to find partners in the energy transition space. A company representative confirmed to Houston Inno that SCS would begin its first phase in a 1,200-square-foot space with a planned expansion in November. The company will have six Houston-based employees in the Ion with plans to expand headcount to 20 in 2024."

[Caribomoa]

I recently went to Technology Square in Atlanta which is essentially Atlanta’s more established version of this. It would be hard to see Midtown Houston becoming as great as Atlanta any time soon. But I could easily see Ion District being better than Technology square if it does things right and goes to plan with the plaza and everything. 

[ChannelTwoNews]

https://www.bizjournals.com/houston/inno/stories/inno-insights/2023/08/20/greentown-labs-houston-gm-corporate-vc-climate.html

"Greentown Labs named its first-ever Houston general manager in August, and she plans to bring her experience in the corporate world to boost the incubator’s connections to venture capital arms.

Timmeko Moore Love joined the Houston branch of the Somerville, Massachusetts-based climate tech incubator from Louisiana-based Entergy Corp. (NYSE: ETR). She worked in the company’s office in The Woodlands, where she headed up Entergy’s corporate venture strategy."

Also related to Greentown

https://www.bizjournals.com/houston/inno/stories/news/2023/08/17/greentown-labs-kevin-knobloch-new-ceo.html

"After a national search that lasted months, Somerville, Massachusetts-based Greentown Labs has found its new leader.

The largest climatetech incubator in North America, which has its second location in Houston, said Aug. 17 it appointed Kevin Knobloch as its next CEO. He plans to start on Sept. 5."

Edited August 21, 2023 by ChannelTwoNews
CEO link

[Brooklyn173]

Another old Sears, but this time in Chicago. The original building looks similar to the Houston version. Just for your information.

https://chicagoyimby.com/2023/09/facade-work-nears-finish-at-former-sears-in-90m-irving-park-revamp.html

[hindesky]

[ChannelTwoNews]

Greentown Labs picks up another partner - interesting project worth it's own thread.

https://www.bizjournals.com/houston/inno/stories/inno-insights/2023/10/08/sky-h2o-water-generation-stations.html

"The humidity wasn’t the only draw for SkyH2O. The company also joined the Houston branch of climate tech incubator Greentown Labs, where it currently has an office location.

“I think it might be the best of all these different types of incubators,” von Welczeck said. “If you go across the country, most incubating-type facilities are underfunded; they don’t really have true industrial players. In Greentown Labs, you have Chevron, Shell, Aramco all there."

[004n063]

2 hours ago, ChannelTwoNews said:

"..they don’t really have true industrial players. In Greentown Labs, you have Chevron, Shell, Aramco all there."

Ahem this is Fervo erasure.

[Amlaham]

I'm not sure how related this is, but the Jack in the Box building across the street is getting renovated.

Edited November 27, 2023 by Amlaham

[strickn]

On 10/9/2023 at 10:32 AM, 004n063 said:

Ahem this is Fervo erasure.

Fervo is there too but the quotee probably would've gone on to mention Oxy and others before getting to Fervo, if that is your objection

Speaking of Oxy, their landlord who owns the Greenway Plaza complex is in foreclosure, if Rice Mgt Co wants to try to reposition that whole complex bit by bit as Ion Jr.

[strickn]

"[Greenway Plaza] was valued at just over $1 billion during the issuance of a $465 million loan in 2017. The property’s value has dropped to $425 million, $40 million below the current loan balance, which remains at its original level. The new valuation comes in at roughly $98.84 per square foot, a far cry from its previous estimated cost of $239.53 per square foot."

https://therealdeal.com/texas/houston/2023/08/25/greenway-plazas-value-falls-60-percent-as-it-struggles-with-loan-maturity/

That would be a nifty turnaround if RMC thought that the pipeline of startup demand could be created, for sure.

[Brooklyn173]

[IntheKnowHouston]

Recent leasing materials for the Ion indicate Kokoro is coming to The Ion in Midtown. The Japanese restaurant has a location in downtown's Bravery Chef Hall.



Below is a link to the office leasing brochure for the Ion. Stream Realty Partners is the office leasing agent.


https://images1.showcase.com/d2/Tq6Ez6PQu_PfE6l-EQYoKeOtn5GF3SQPBSLuzZV2IDs/document.pdf

Details from the brochure:

 

• Building Details
   
  • 266,000 SF office, academic and retail space
     
  • 1/2 acre plaza space
     
  • 86,000 sf co-working space
     
  • 100% of wireless carriers have dedicated inbuilding services
     
  • Six floors - lower level & five floors above ground
     
  • 50,000 sf amenity space
     
  • 2,000 sf fitness space
     
  • Six eateries - four restaurants, one taproom & a Fridge — with more to come
    
    
     

 

• Amenities  (* located on lower level)
   
  • *Full-service gym
     
  • *10 shower stalls
     
  • Water refill station
     
  • *Mother’s room
     
  • B-Cycle Station
     
  • Ion Investor Studio
     
  • Ion Prototyping Lab
     
  • *64 lockable bike stalls + pump
     
  • UV Light Air  Filtration System
     
  • Additional flex meeting, and presentation spaces
     
  • WiFi connectivity & bandwidth
     
  • Open air plaza, shaded seating  & built in charging  stations

 

• Sustainability
   
  • Adapative Re-use 
    
    Boasting architectural character from the historic Sears Department store built in 1939, as well as minimized carbon waste during construction
    
     
  • Smart, integrated building systems to drive operational efficiency
     
  • On-site composting services available to all our restaurant and office tenants looking to dispose of waste sustainably 
     
  • 2 beehives on the rooftop of the Ion, supporting the pollination of local plants throughout Midtown

 

• Eateries
   
  • Second Draught - 4201 Main St, Suite 130
    
    A craft beer taproom featuring Houston’s incredible lineup of local breweries and talented home-grown brewers.
    
     
  • The Lymbar - 4201 Main St, Suite 100
    
    An all-day neighborhood craft cocktail bar and restaurant with Latin and Mediterranean flavors from local chef, David Cordúa.
    
     
  • Late August - 4201 Main St, Suite 120
    
    Chef Chris Williams is at the helm of the Afro-Asian cuisine, Late August, seeking to feed the future while paying homage to the past.
    
     
  • Common Bond On-the-Go - 4201 Main St Ste 110
    
    This Houston staple offers a core menu of items such as breads, sweets, and pastries along with savory items like sandwiches and salads
    
     
  • Farmer's Fridge 
    
    Farmer’s Fridge sells healthy meals and snacks through fresh food, temperature-controlled, vending machine.
    
     
  • Stuff'd Wings- 401 Richmond Ave
    
    An Ion District offering, serving up traditional chicken wings STUFF’d with a variety of cuisines.
    
     
  • Kokoro - Eagle Street Retail (located on the 4111 Fannin St parcel)
    
    The brain child of Chefs Daniel Lee and Patrick Pham, Kokoro is soon bringing East Asian/Japanese cuisine to Ion District.

Edited December 19, 2023 by IntheKnowHouston

[IntheKnowHouston]

Site plans of the floors at The Ion's main building at 4201 Main St.

The site plans are included in the office leasing brochure for the Ion. Stream Realty Partners is the office leasing agent.

https://images1.showcase.com/d2/Tq6Ez6PQu_PfE6l-EQYoKeOtn5GF3SQPBSLuzZV2IDs/document.pdf

 

Lower Level






Ground Floor






Second Floor






Third Floor






Fourth Floor






Fifth Floor

[IntheKnowHouston]

On 9/8/2022 at 7:32 AM, IntheKnowHouston said:

In the most recent Ion District retail brochure (updated in July), there are building models for future phases. 

The Ion District is a 16-acre, multi-phase district. It will consist of 3-5 million square feet of retail, commercial office, multi-family residential and hospitality  to be built in partnership with best in class developers over the next 10 years. 

 

• Phase 1 (2021/2022) 
• Phase 2 (2023/2024) 
• Phase 3 (2027)
• Phase 4 (2030)

 

Below is a link to the latest retail brochure for The Ion. I think it was updated in November.

There is an updated map of the various phases. The map includes Kokoro, a local Japanese restaurant that currently operates at Bravery Chef Hall.

As noted in a post above, Kokoro has signed on to lease a space in the Eagle Street retail development. I don't know the street address for Kokoro's forthcoming Midtown location. However, the building is located on the 4111 Fannin St parcel. The Japanese restaurant is slated to open Summer 2024, according to leasing materials.


https://www.crexi.com/lease/properties/626631/texas-the-ion-district


 

 

Edited December 19, 2023 by IntheKnowHouston

[IntheKnowHouston]

Updated site plans included in the latest retail leasing materials.



4201 Main St






Eagle Street Retail

[CREguy13]

Kokoro is great, I used to go to the Bravery location frequently and they are great operators.  Good sushi should do well with all of the tenants and visitors to the ION district. Glad that they still show the next phase kicking off in 2024 in these recent leasing materials. 

Securing a great innovative 'corporate tenant' across the plaza to kick off the office and getting the MF on Fannin financed would really set this area in motion.  Hopefully we get an update on the schedule for Phase II when they publicly announce Kokoro is joining the district.

[hindesky]

Architect - https://www.jtarcstudio.com

https://www.instagram.com/cjshortgame/

[IntheKnowHouston]

On 12/19/2023 at 6:12 AM, IntheKnowHouston said:

• • Kokoro - Eagle Street Retail (located on the 4111 Fannin St parcel)
    
    The brain child of Chefs Daniel Lee and Patrick Pham, Kokoro is soon bringing East Asian/Japanese cuisine to Ion District.

 

On 12/19/2023 at 6:51 AM, IntheKnowHouston said:

As noted in a post above, Kokoro has signed on to lease a space in the Eagle Street retail development. I don't know the street address for Kokoro's forthcoming Midtown location. However, the building is located on the 4111 Fannin St parcel. The Japanese restaurant is slated to open Summer 2024, according to leasing materials.

https://www.crexi.com/lease/properties/626631/texas-the-ion-district

 

On 12/19/2023 at 8:30 AM, IntheKnowHouston said:

Updated site plans included in the latest retail leasing materials.

Eagle Street Retail

 

15 minutes ago, hindesky said:

Architect - https://www.jtarcstudio.com

Based on the architectural barriers project filing in the above post, Kokoro's address is 4111 Fannin St, Suite 110. 

As mentioned last month, Kokoro is opening a brick-and-mortar restaurant on the Ion campus. The Japanese eatery currently operates a food stall at Bravery, the chef hall at 409 Travis St. Their forthcoming Midtown location is one of two expansions for the dining concept. Another location is planned for The Woodlands.

 

Below are details from the filing:
 

• Estimated Start Date: April 15, 2024
   
• Estimated Completion Date: September 3, 2024
   
• Estimated Cost:  $400,000
   
• Type of Work: New construction
   
• Scope of Work: Shell space lease interior build out of an restaurant
   
• Square Footage: 2,000 sf
   
• Design Firm: JT Arc Studio

 

https://www.tdlr.texas.gov/TABS/Search/Print/TABS2024009349

Edited January 16 by IntheKnowHouston

[hindesky]

Walkway to and from the parking garage.

Kokoro.

[hindesky]

Windrose Services was doing surveying at the parking garage.

https://www.windroseservices.com