Studio Red Architects

[KinkaidAlum]

Studio Red has an excellent new website. On there, I stumbled across several neat projects. Does anyone have more info on the following?

2003 Houston Avenue- Proposal for 25,000 square ft of retail with residential above

Galveston Bay Hotel- A 425 room hotel, full sevice marina, and 2 residential towers...

America's Plaza- 7 acre urban property with 1800 residential units, 100,000 square feet of office and retail space, and an outdoor amphitheater. Said to be in the "shadows of downtown..."

[citizen4rmptown]

link to website: http://www.studioredarchitects.com/index.php

nice renderings, but sorry, i have no info on them.

[swtsig]

americas plaza was mentioned a few months ago (in one of those houston social rags, no less)... it's gonna be on the east side of 59 just north of the new (hopefully) dynamo stadium. they had a site plan for it but no rendering... nice to see. let's hope it has some legs.

[KinkaidAlum]

americas plaza was mentioned a few months ago (in one of those houston social rags, no less)... it's gonna be on the east side of 59 just north of the new (hopefully) dynamo stadium. they had a site plan for it but no rendering... nice to see. let's hope it has some legs.

Thanks for the reminder. I knew I remembered something about it. I was hoping it was planned for the East side of 59. I really hope this has legs too.

Also, I think I see water (bayou) in the rendering. Look just to the right of the towers on the right hand side... Is that water? Could the amphitheater be part of the Buffalo Bayou master plan? I am sure I am just dreaming too big.

[Montrose1100]

Absolutely Beautiful! All of their projects look really modern. I hope America's Plaza gets built. I wonder what the Hotel in Galveston will be?

[NewMND]

In that America's Plaza rendering, looks like a rail line going through the middle. Or maybe it's just a row of trees, I can't tell.

[swtsig]

In that America's Plaza rendering, looks like a rail line going through the middle. Or maybe it's just a row of trees, I can't tell.

that sounds about right because the dynamo site is supposed to be situated right on the rail, iirc.

[lockmat]

America's Plaza- 7 acre urban property with 1800 residential units, 100,000 square feet of office and retail space, and an outdoor amphitheater. Said to be in the "shadows of downtown..."

Is this the one that was going to incorporate older buildings into the project? We need to find that thread. I think I remember it sounding like a project that was well on it's way to getting done and not just some conceptual deal.

edit: found this so far, but it doesn't sound like the same thing...

http://www.houstonarchitecture.info/haif/i...st&p=240373

[Vertigo58]

Used to meet many of the group from Studio Red at the ARCH events. Great crowd!

[citizen4rmptown]

In that America's Plaza rendering, looks like a rail line going through the middle. Or maybe it's just a row of trees, I can't tell.

well since its green its most likely a row of trees.

[archinspired]

Used to meet many of the group from Studio Red at the ARCH events. Great crowd!

are you kidding? are you referring to employees or partners? i've met some of the partners from studio red and i wasn't impressed a bit.

[archinspired]

i just checked their website and i dont see anything, are they even still in business?

[Houston19514]

i just checked their website and i dont see anything, are they even still in business?

Not sure what you mean by "i dont see anything". Their website is chock-full of information and gives no hint of a firm not in business.Studio Red Architects

[archinspired]

Not sure what you mean by "i dont see anything". Their website is chock-full of information and gives no hint of a firm not in business.Studio Red Architects

thanks houston, i know i'm not crazy but when i typed it in it didn't work. maybe i mistyped. i asked around and found out that yes they are still in business. "barely surviving" from what i understand. apparently they recently had a round of lay-offs and the staff has been cut more than half.

[CALMSP]

the America's Plaza will be the start of Navigation turning into teh next "washington ave"!!! THis would be outstanding to have this just down the street!!

[archinspired]

the America's Plaza will be the start of Navigation turning into teh next "washington ave"!!! THis would be outstanding to have this just down the street!!

how is america's plaza related to studio red? are they doing that project or is it a project that has fallen through the cracks?

[Houston19514]

how is america's plaza related to studio red? are they doing that project or is it a project that has fallen through the cracks?

It's a project that is on their website.

[TheNiche]

It's a project that is on their website.

Yep, they had done a conceptual rendering at one point for land owned by Alan Atkinson. It's not really an active project though, at least in the form that is pictured. I've talked with him about his plans, and he made no mention of highrises. There are some similarities as far as site planning is concerned, though. His wife Valentina actually operates Canal Street Gallery out of a warehouse that's on the western parcel.

[Urbannizer]

Rendering of the Galveston-Bay Hotel

Also here's the old thread for America's Plaza.

http://www.houstonarchitecture.info/haif/i...showtopic=17109

[lockmat]

Is this the one that was going to incorporate older buildings into the project? We need to find that thread. I think I remember it sounding like a project that was well on it's way to getting done and not just some conceptual deal.

edit: found this so far, but it doesn't sound like the same thing...

http://www.houstonar...i...st&p=240373

Here is the America's Plaza project website. Either that rendering was just a proposal or it's next to the real American's Plaza and they're just calling it the same thing.

http://www.americasplaza.net/

[lockmat]

Looks like this project is not dead after all!!! I don't think we're out of the "pipedream woods" just yet, but I doubt this guy has been acquiring land for 10 years just for grins and giggles. (picture of a model at the link below)

http://www.bisnow.com/houston_commercial_real_estate_news_story.php?p=10019

The East End isn’t just tacos anymore (but break it to Ninfa's gently), or so AVA managing director Alan Atkinson tells us. And he should know—he’s been acquiring and repositioning land there for more than a decade.

We snapped Alan, second from left, at a CREN luncheon. He thinks rising energy prices will drive people closer to the city, creating great opportunities in the East End. He believes the area is one of the last quadrants that can be bought up cheap and appreciate, and it has the vacant space to establish amenities like bike trails that infilled areas cannot. Alan’s first property in the East End was the Mercado Del Sol, which he bought in ’97, converted into high-end lofts, and sold to Trammell Crow in ’02. Alan received recognition for the Buffalo Bayou Heritage Corridor, when he bought 35 acres in 27 separate transactions to create bike trails and green space. He tells us his goal was to convert historically industrial properties into land that can be redeveloped into master-planned, mixed-use space. The hike and bike trails link the area together and facilitate public access to the natural habitat along Buffalo Bayou.

Now Alan is master planning 10 acres in the East End in a project called Americas Plaza. We found this model in his office located at One Americas Plaza, a 35k SF elementary school built in ’66 that he redeveloped into an office building in ‘08. The property features an open-air courtyard and the former cafeteria has been converted into a reception hall that can be rented out. The building houses the Attorney General, and he recently bought an adjacent tire shop and plans to convert it to a coffee shop.

Alan is also redeveloping Two Americas Plaza, a 29k SF former warehouse, into retail space. Shell conversion and infrastructure work is mostly done, and Canal Street Gallery, Trentino Gelato, and Mallie's Bakery occupy the building, but 25k SF is still available. He thinks this project is particularly important because 900 new residents have moved into the two-block area in recent years, but no new retail has been built to keep up. Alan handled the “recycling” first—the rest of the master plan is primarily residential space and will be new construction on vacant land. There will also be a park with underground parking and a mini amphitheater oriented toward the downtown skyline. Alan is open to selling land or partnering with developers to build apartments consistent with his master plan.

Alan says his development is a slow, incremental process, but one crucial to making sure the amenities keep up with the increase in density. The East End is getting other upgrades, too—there’s a $5.1M streetscape project in the works. (The RFP went out for the design team a few weeks ago.) The project is through the East End Management District and federally funded (but predates stimulus money). The streetscapes will run down Navigation and Sampson and meet the planned metro station on Harrisburg.

[Howard Huge]

The East End isn’t just tacos anymore

Lol, wow. Isnt that kind of like saying "The Third Ward isnt just fried chicken and watermelon anymore"

[Porchman]

Lol, wow. Isnt that kind of like saying "The Third Ward isnt just fried chicken and watermelon anymore"

Thank you.

In all fairness, I don't think Lockmat is conjuring ill-will. We can leave that to Lockmat.

[lockmat]

Thank you.

In all fairness, I don't think Lockmat is conjuring ill-will. We can leave that to Lockmat.

Those are not my words. They're from the article. I'll go put the article in quotes.

edit: nevermind, for some reason I cannot edit my old post, there's no option. The article begins after the bisnow.com link. My words are before it.

Also, here is the model that I could not cut and paste from work:

[TheNiche]

Thank you.

In all fairness, I don't think Lockmat is conjuring ill-will. We can leave that to Lockmat.

No, that was verbatim from the article. He should've put it up in quotes.

With all respect to Mr. Atkinson, I can't really see highrises penciling out financially for decades.

[lockmat]

Studio Red Architect renderings:

Niche...do you think he did his homework on the before he started collecting land? I'm sure he did, and I'm sure his analysis would tell him something different today. The article does mention that he would sell land off, basically if the buyers intentions were to follow his vision. Maybe that is his way out? At the same time, I'd be a little surprised if he gave up on his "dream" for this spot so easily after this recession. I'd put my money on him being patient and waiting til high-rises are en vogue again.

http://www.studioredarchitects.com/our-projects/commercial/americas-plaza.html

[LegacyTree]

I think the area hangs more heavily on what happens with the KBR industrial site before projects like this can even be realized. Also agree that high rises are a ways into the future, perhaps mid-densities are more desirable and achievable in the short term of this new decade. Now is the time to contract renderings and programming exercises on the cheap.

[Porchman]

Those are not my words. They're from the article. I'll go put the article in quotes.

No, that was verbatim from the article. He should've put it up in quotes.

Something seemed askew about the comment. Damn those quote marks.

[lockmat]

Something seemed askew about the comment. Damn those quote marks.

no worries

[TheNiche]

Niche...do you think he did his homework on the before he started collecting land? I'm sure he did, and I'm sure his analysis would tell him something different today. The article does mention that he would sell land off, basically if the buyers intentions were to follow his vision. Maybe that is his way out? At the same time, I'd be a little surprised if he gave up on his "dream" for this spot so easily after this recession. I'd put my money on him being patient and waiting til high-rises are en vogue again.

Atkinson's land plays have been remarkably successful over the years. He and a handful of other investors played up expectations and bid up market prices several fold along the eastern segment of the Buffalo Bayou.

But given the history of apartments in 77003 needing to be subsidized, achieving low stabilized rents, and leasing up slowly with crazy concessions (at one point, Atkinson's really cool apartments were offering three months free rent and a free plasma screen TV when those were new and expensive)--highrise residential is out of the question. People who can afford highrise residences have a world of options open to them; there's no reason that they'd be in a cramped dwelling on the "wrong" side of 59.

And as for highrise office space in the East End, the story only gets worse. New Class A office space has never sold above replacement cost. ...even pharmaceutical-grade R&D facilities haven't sold above the replacement cost of standard Class A office space. Granted, there's a first time for everything, but the first time won't be a new highrise. Atkinson's current project is 25.6% occupied according to his listing on Loopnet. If he can fill it up at his asking rates, he'll be able to sell it and set a new record east of 59...and even then, it'd likely be at at a cap rate that'd be considered extraordinarily high in any other part of town. (I'm fairly knowledgeable about this because my own investment is similarly constrained. And FWIW, my own business model hasn't changed from pre-recession. I've had plenty of opportunities to step back and reassess, but my findings are the same.)

Don't get me wrong, I think that the East End is an excellent long term opportunity. A creative investor willing to buy and hold can achieve respectable cash flow (which is awesome), but they're going to have to wait for rents and cap rates to rise before opportunities for new commercial construction open up. ...and only then will land prices really lift off in such a way as makes a selling an especially attractive exit strategy for prospective new investors (or for me).