GreenStreet: Mixed-Use Development At 1201 Fannin St.

[Tumbleweed_Tx]

the first induction ceremony for the Houston Sports HoF was at HoB today. Honestly, it was sad watching Earl Campbell ride in on a wheelchair scooter. (H)Akeem was looking well, and Nolan Ryan sent his son to accept his ring.

[Tumbleweed_Tx]

[mattyt36]

14 hours ago, Tumbleweed_Tx said:

the first induction ceremony for the Houston Sports HoF was at HoB today. Honestly, it was sad watching Earl Campbell ride in on a wheelchair scooter. (H)Akeem was looking well, and Nolan Ryan sent his son to accept his ring.

 

How, er, nice of Nolan Ryan.  Kind of tacky . . .

[lockmat]

16 minutes ago, mattyt36 said:

 

How, er, nice of Nolan Ryan.  Kind of tacky . . .

 

What's kinda tacky to me is putting HOF plaques in a severely under-performing outdoor mall.

[lockmat]

On 5/14/2018 at 0:02 PM, H-Town Man said:

 

It looks as though they will be adding some small retail spaces opening on Dallas Street. I talked to someone involved with this a couple months ago who said they were planning on down-leasing the building in order to perform renovations aimed at opening the project up to Dallas Street more.

 

 

What is down leasing? Lowering the rates?

 

The CBRE shows of a few things that are somewhat ambiguous to me and interesting things already pointed out by others.

 

It says there are four emerging food halls downtown. I know of two, are there others we know of?

Forever 21 doesn't look like they're renewing their lease or the tapas restaurant across from HoB

Looks like they're the old bookstore spot is exclusively being marketed as a gym, it's just a matter of who.

 

http://ucr.com/wp-content/uploads/2018/02/greenstreet-property-flyer-053018.pdf

Edited June 5, 2018 by lockmat

[Angostura]

 

 

 

59 minutes ago, lockmat said:

 

It says there are four emerging food halls downtown. I know of two, are there others we know of?

 

 

 

Conservatory (Prairie St), Finn Hall (Main & Rusk), Bravery (Aris Mkt Square), Lyric Market (Lyric Center)

 

 

[H-Town Man]

1 hour ago, lockmat said:

 

What is down leasing? Lowering the rates?

 

The CBRE shows of a few things that are somewhat ambiguous to me and interesting things already pointed out by others.

 

It says there are four emerging food halls downtown. I know of two, are there others we know of?

Forever 21 doesn't look like they're renewing their lease or the tapas restaurant across from HoB

Looks like they're the old bookstore spot is exclusively being marketed as a gym, it's just a matter of who.

 

http://ucr.com/wp-content/uploads/2018/02/greenstreet-property-flyer-053018.pdf

 

No, letting tenants go without renewing. Vacating space.

 

[CaptainJilliams]

Whenever I read anything on GreenStreet, it always seems like they have a hard time holding onto tenants for a significant amount of time.

 

What's the reason? Poor location? Lack of demand?

[Tumbleweed_Tx]

their plan is to eventually have the Houston Sports Museum between the HoB Gear Shop and Guadalajara

[Tumbleweed_Tx]

I never posted a finished picture of the light wall at HoB.

 

 

http://imgur.com/gallery/huDlpxi

 

[UtterlyUrban]

Every time I come to this thread and look at the renderings of what Greenstreet was proposed to be vs. what it is, makes me sad.

 

 

[MarathonMan]

Greenstreet is so inward-focused.  It is very unwelcoming from the street.  For the life of me, I don’t know why they designed it that way or why they can’t change it.  At the very least, if the businesses can’t all open to the street, give the outside some pizzazz— cool lighting displays, LED Jumbotrons, anything to bring some electricity (no pun intended) and excitement to an otherwise BLAH development.  Make it a destination, not an afterthought.

[MarathonMan]

11 hours ago, Tumbleweed_Tx said:

I never posted a finished picture of the light wall at HoB.

 

 

http://imgur.com/gallery/huDlpxi

 

By the way, the light wall at the HOB is a perfect example of the various “swing and a miss” efforts at Greenstreet.  It’s arbitrary and underwhelming.  If you want to make a statement, you’ve got to SPEAK UP.  This is a half-hearted whisper.

[Timoric]

-

Edited July 12, 2019 by Timoric

[Tumbleweed_Tx]

actually it wasn't a GS project, it was MY project.

you need to see it in action.

[Chi-Char-Hou-Dal]

I heard Liftime fitness is coming to Greenstreet - has that been posted here

[Houston19514]

23 minutes ago, Chi-Char-Hou-Dal said:

I heard Liftime fitness is coming to Greenstreet - has that been posted here

 

Interesting.  Their current retail leasing brochure shows a three-level, 117,000 square foot "Fitness" tenant where the bookstore used to be.  Then, in further detail, it says that 117,000 square feet is comprised of:

-- 37,000 square feet Fitness Space

-- 35,000 square feet Coworking Space

-- 25,000 square feet Spa & Personal Care

-- 20,000 square feet Rootop Amenity Space

 

Definitely sounds like Lifetime Fitness.

[H-Town Man]

Hopdoddy would kill it here, I'm telling you. Lines of office workers.

 

[rechlin]

16 minutes ago, H-Town Man said:

Hopdoddy would kill it here, I'm telling you. Lines of office workers.

 

 

Hard to say.  There's a lot of competition.  Downtown has so many good burger places, in the full range of prices, with Vic and Anthony's at the top end ($21ish with tax and tip), and then the new Craft Burger (in Finn Hall) and upcoming Shake Shack (next door), plus plenty of more affordable popular long-time favorites such as Hubcap Grill and Miller's Cafe.

[H-Town Man]

1 hour ago, rechlin said:

 

Hard to say.  There's a lot of competition.  Downtown has so many good burger places, in the full range of prices, with Vic and Anthony's at the top end ($21ish with tax and tip), and then the new Craft Burger (in Finn Hall) and upcoming Shake Shack (next door), plus plenty of more affordable popular long-time favorites such as Hubcap Grill and Miller's Cafe.

 

Yeah, but Hopdoddy is a sensation. An overrated sensation. When I worked in Preston Center in Dallas, we had some good burger places. Then Hopdoddy came in and it's the only place anyone wanted to do lunch. I would sometimes convince people to avoid the line and go back to Snuffer's, and the place would be nearly empty at lunch on a Friday.

 

[HoustonBoy]

There is a rooftop soccer field that I see almost anytime Tokyo is featured in a movie and seeing that Houston might be getting one is a childhood dream come true 

[UtterlyUrban]

Midway acquired the Pavillions in 2012, I think.  In the last 7 years midway has created lots of pretty pictures and installed some grass on some roofs and some patch of AstroTurf called a “lawn” to hold events on.  They have also built a hotel.

 

the pretty pictures that they published look nothing like what they built.  Remember that grand hotel edifice and the “value engineered structure” that they actually built?  Meet me in the Sky lobby, anyone?   How about those expansive dry goods shopping spaces?

 

They own the property and they are free to do as they wish.  And I am free to not believe that they will ever do anything at this property remotely like what they describe in their pretty pictures and flowery prose.

 

oh, and I hope, I desperately hope, that one day, they prove me wrong.

[C List]

12 hours ago, UtterlyUrban said:

Midway acquired the Pavillions in 2012, I think.  In the last 7 years midway has created lots of pretty pictures and installed some grass on some roofs and some patch of AstroTurf called a “lawn” to hold events on.  They have also built a hotel.

 

the pretty pictures that they published look nothing like what they built.  Remember that grand hotel edifice and the “value engineered structure” that they actually built?  Meet me in the Sky lobby, anyone?   How about those expansive dry goods shopping spaces?

 

They own the property and they are free to do as they wish.  And I am free to not believe that they will ever do anything at this property remotely like what they describe in their pretty pictures and flowery prose.

 

oh, and I hope, I desperately hope, that one day, they prove me wrong.

1

To be completely honest, Midway does not own the property. They are the General Partner so they probably own 5% of the property and would not be putting up the majority of the capital for renovations, all they do is provide the vision and programming. It is up to the Limited Partner (Lionstone) to decide when and what actually gets funded. 

 

I know everyone likes to think designing, programming, and construction are the epicenters of buildings but I promise it is finance. I'm willing to bet that when the team got their hands on the property in 2012 and then sat through the downturn 2014, that the property needed a whole lot more money infused and that the returns weren't worth it. Sometimes you have to sit on a property and find the right time, sometimes you have to admit you got it wrong and sell. 

 

If it was easy to flip/build a property I'm sure you would be doing it yourself. 

[cloud713]

18 hours ago, HoustonBoy said:

There is a rooftop soccer field that I see almost anytime Tokyo is featured in a movie and seeing that Houston might be getting one is a childhood dream come true 

 

Houston has a rooftop soccer field.. it’s just on top of a parking garage at Phillips 66 campus on Beltway 8 west. 

I was oddly excited when Phillips 66 announced it, after seeing the Tokyo rooftop soccer field in movies for years.

[H-Town Man]

3 hours ago, C List said:

To be completely honest, Midway does not own the property. They are the General Partner so they probably own 5% of the property and would not be putting up the majority of the capital for renovations, all they do is provide the vision and programming. It is up to the Limited Partner (Lionstone) to decide when and what actually gets funded. 

 

I know everyone likes to think designing, programming, and construction are the epicenters of buildings but I promise it is finance. I'm willing to bet that when the team got their hands on the property in 2012 and then sat through the downturn 2014, that the property needed a whole lot more money infused and that the returns weren't worth it. Sometimes you have to sit on a property and find the right time, sometimes you have to admit you got it wrong and sell. 

 

If it was easy to flip/build a property I'm sure you would be doing it yourself. 

 

I commented a while back in this thread that a leasing broker for this property told me that they were letting leases run out and occupancy fall so that they can do further renovations. This was approximately one year ago. It is the same thing going on with the Shops at Houston Center. You have to let leases run out so your hands aren't tied.

 

The fact that the hotel was built and that Midway was the winning bidder to redevelop the Sakowitz garage a couple years ago suggests to me that they do not have any regrets about decisions that were made in 2012.

 

[Houston19514]

16 minutes ago, H-Town Man said:

 

I commented a while back in this thread that a leasing broker for this property told me that they were letting leases run out and occupancy fall so that they can do further renovations. This was approximately one year ago. It is the same thing going on with the Shops at Houston Center. You have to let leases run out so your hands aren't tied.

 

The fact that the hotel was built and that Midway was the winning bidder to redevelop the Sakowitz garage a couple years ago suggests to me that they do not have any regrets about decisions that were made in 2012.

 

 

Is that news?  Did we know about Midway wining the right to redevelop the Sakowitz garage?

[H-Town Man]

8 minutes ago, Houston19514 said:

 

Is that news?  Did we know about Midway wining the right to redevelop the Sakowitz garage?

 

There was an RFP and Midway came away as... maybe "winning bidder" isn't the right term but, in the driver's seat. This was hinted but not confirmed at the time by another poster on here. That project seems to have gone at least temporarily cold, however.

 

[Houston19514]

4 minutes ago, H-Town Man said:

 

There was an RFP and Midway came away as... maybe "winning bidder" isn't the right term but, in the driver's seat. This was hinted but not confirmed at the time by another poster on here. That project seems to have gone at least temporarily cold, however.

 

 

I just went through that thread and the primary hint was by you and it indicated that Hines was the winner.  I'm sure there must have been a follow-up article about that in the Chronicle, just like the follow-up articles about the RFPs for development of the block being the Marriott Marquis, right?  Right?  Why can't I find them?   (Yes, of course I'm joking.)

[H-Town Man]

Just now, Houston19514 said:

 

I just went through that thread and the primary hint was by you and it indicated that Hines was the winner.  I'm sure there must have been a follow-up article about that in the Chronicle, just like the follow-up articles about the RFPs for development of the block being the Marriott Marquis, right?  Right?  Why can't I find them?   (Yes, of course I'm joking.)

 

Read more carefully. I guessed Hines and was wrong. The hint was from swtsig, (that a "very well known and respected local developer won out") and posts appear to have been deleted, but out of numerous guesses someone guessed Midway and he liked that post. Take from it what you will, he has been wrong about things before.

 

[Houston19514]

7 minutes ago, H-Town Man said:

 

Read more carefully. I guessed Hines and was wrong. The hint was from swtsig, (that a "very well known and respected local developer won out") and posts appear to have been deleted, but out of numerous guesses someone guessed Midway and he liked that post. Take from it what you will, he has been wrong about things before.

 

 

How can I read deleted posts?   

 

Edit:  I see it now. That swtsig's initial post and "like" was all in a different thread from the one I was looking at (there are two threads on the Sakowitz block redevelopment).  Good tea-leaf-readiing there, H-Town Man. 

Edited January 25, 2019 by Houston19514