Greyhound Bus Station At 2121 Main St.

[IntheKnowHouston]

12 hours ago, wilcal said:

Was reading a twitter discussion and evidently when Greyhound was sold to Flixbus, the sale did not include the terminals.

FirstGroup PLC have sold off all but two of the stations in the US and is using the cash for stock buybacks.

https://www.morningstar.co.uk/uk/news/AN_1671206718863524900/firstgroup-to-launch-share-buyback-amid-greyhound-us-property-sale.aspx

Thanks for the correction and article. How interesting.

[IntheKnowHouston]

On 1/8/2023 at 2:10 AM, IntheKnowHouston said:

Walking Houston posted the Midtown property at 2121 Main St is for sale. The tag in Friday's Instagram story seems to suggest Cushman & Wakefield is brokering the sale. I don't know for sure. I also don't know if Walking Houston's post is accurate. The property isn't listed on Cushman & Wakefield's site, though if the land is for sale again, it's possible it could be a private listing.

2121 Main St is where the Greyhound Bus terminal is located. 

County records indicate the property was sold to Taconic Asset Trust last month. I think it's a trust affiliated with Stamford, Connecticut-based Twenty Lake Holdings.

Twenty Lake Holdings purchased several Greyhound Bus terminal properties in the US and UK in 2022. Terminals in Nashville and Cleveland are among them.


Below is a screenshot of Walking Houston's Instagram story:

 

On 1/11/2023 at 7:32 PM, CREguy13 said:

This site is 100% For Sale, listed by Cushman & Wakefield.

Walking Houston and @CREguy13 are correct. 2121 Main St, the site of the Greyhound Bus terminal / Central DDE Autobuses is on the market.

I'm assuming Taconic Asset Trust, a trust affiliated with Stamford, Connecticut-based Twenty Lake Holdings, is the seller? County records indicate Taconic Asset Trust purchased the property in December, or at least it was added to the county's database that month.

Realty News Report published news of the listing two days ago:


"The bus station property, 2121 Main, is now for sale. It’s 1.4 acres on a block bounded by Main, Fannin, Gray and Webster streets, a half-block south of the Pierce Elevated."

"The site offers 'a unique opportunity to be part of a major Midtown upgrade,' says a sales brochure from Cushman & Wakefield."


https://realtynewsreport.com/bus-station-departure-could-transform-midtown/
 

Edited January 14, 2023 by IntheKnowHouston

[IntheKnowHouston]

On 1/8/2023 at 2:10 AM, IntheKnowHouston said:

The property isn't listed on Cushman & Wakefield's site, though if the land is for sale again, it's possible it could be a private listing.

2121 Main St is listed on Loopnet. I missed it before. The Loopnet listing appears as 2121 Main St, League City in Google search results. But clicking on the link directs to the listing for 2121 Main St, Houston.

 

Included in the listing:

A unique opportunity to be part of a major Midtown upgrade.

The Greyhound Bus Station, originally built in 1979, is now available.

Located where Midtown and Downtown Houston intersect, the site has excellent access by way of the METRO Rail Red Line connecting all the way to the Texas Medical Center, or by the major thoroughfares bordering the tract: Main St., Fannin St., Webster St., and Gray St.

Midtown has experienced a continued transformation, which will be amplified by the transition from the Greyhound Bus Station to its future use. New developments surrounding the site include residential high rises, mid-rise multifamily, grocers, restaurants, and bars, creating an all-encompassing experience to live, work, and play. 



Property details:

• Land Acres: 1.43 AC
   
• Building Size: 30,797 SF
   
• ±1.44 acres in the heart of Midtown, includes existing Greyhound Bus
  Station building, which is ±33,053 SF
   
•  Situated on the METRO Light Rail Main Line, the property is three
  blocks either direction to a Metro Station. The tract has 2 curb cuts
  on Main St. and 4 curb cuts on Fannin St.
   
• Greyhound leaseback expires October 2024, positioning the property 
  as a covered land play. The Property is ripe for redevelopment or
  adaptive reuse, utilizing the unique space of the existing station.
  Potential uses may include multifamily, office, retail, hospitality, mixed
  use, or specialty uses. 

 

https://www.loopnet.com/Listing/2121-Main-St-Houston-TX/27469813/

https://images1.loopnet.com/d2/MTylAm4BFq33zCLhuZa5sVqud1aPFWuwo_UmtQz18GQ/Marketing BrochureFlyer.pdf

 

Edited January 12, 2023 by IntheKnowHouston

[IntheKnowHouston]

Google Maps Streetview of 2121 Main St.


Corner of Gray St and Fannin St; May 2022








Fannin St; May 2022





Fannin St and Webster St; May 2022





Webster St; May 2022





Webster St and Main St; December 2022





Main St; December 2022







Main St and Webster St; December 2022

[Houston19514]

9 hours ago, IntheKnowHouston said:

Greyhound leaseback expires October 2024

Most noteworthy part of the listing  ^

[kennyc05]

I think Midtown is about to be booming in the next few years with all these new lots coming available and the stuff that's going on at the ion too!

[BEES?!]

13 minutes ago, kennyc05 said:

I think Midtown is about to be booming in the next few years with all these new lots coming available and the stuff that's going on at the ion too!

Not to mention all the med center development will likely mean more demand for housing, and I could see Midtown picking some of that up for sure. Its location on the red line is a boost for it imo

[Ross]

When we moved to Midtown in 1998, we wanted the bus station gone. 25+ years later, it may actually happen. I recall my wife saying the station needed to move, and I asked her where it should go. Her preference is somewhere out near IAH. That's a bit drastic, but far better than Midtown.

[Triton]

15 hours ago, BEES?! said:

Oh snap. Is 2023 the year that we lose not one, but two infamous Houston landmarks?

What's the other one? The Holiday Inn site?

[BEES?!]

24 minutes ago, Triton said:

What's the other one? The Holiday Inn site?

Midtown McDonalds next door. Apparently it’s getting torn down.

The last thing I saw about the abandoned days inn was in early 2021. Apparently someone is interested in doing a conversion to residential on it (a firm out of Chicago iirc) but that was the last I’ve read on that one. 

[Houston19514]

3 minutes ago, BEES?! said:

Midtown McDonalds next door. Apparently it’s getting torn down.

The last thing I saw about the abandoned days inn was in early 2021. Apparently someone is interested in doing a conversion to residential on it (a firm out of Chicago iirc) but that was the last I’ve read on that one. 

Where did you hear this about the McDonald's?

[kennyc05]

1 hour ago, BEES?! said:

Not to mention all the med center development will likely mean more demand for housing, and I could see Midtown picking some of that up for sure. Its location on the red line is a boost for it imo

You know I was just wondering that I've asked the question on here before in the past is there really that much demand for high-rise residential in Houston I guess it is. And not to mention high rise apartments in the galleria Do you think we are over building?

[BEES?!]

14 minutes ago, Houston19514 said:

Where did you hear this about the McDonald's?

There is a thread about it on here, here it is.  Sounds like it’s coming down, but I’m not sure if there’s word on if the site sold or what.

[nate4l1f3]

I wonder if the value of that condo building on main will go up?

[jermh]

21 minutes ago, kennyc05 said:

You know I was just wondering that I've asked the question on here before in the past is there really that much demand for high-rise residential in Houston I guess it is. And not to mention high rise apartments in the galleria Do you think we are over building?

I'm just speculating, but if you build it, they will come to an extent. There's always flight to higher-quality / new buildings.

It's not exactly highrise projects in demand. It's residential projects that are transit-oriented and near parks and other walkable places. The more people realize you can structure your life to be less car-centric, the more people here will do it. I'd much rather have things closer to me and allocate more of my money to housing instead of transportation costs than have a yard in the burbs, but I have no plans to have children, so my view is biased. 

Highrises/midrise buildings are just the vehicles to deliver dense housing near stuff at current land prices. If someone has access to Co-Star they could look lease-up / occupancy trends in newer Class A highrise apartments and determine if demand is still strong to give a less speculative answer to your question.  

Edited January 12, 2023 by jermh

[BEES?!]

19 minutes ago, nate4l1f3 said:

I wonder if the value of that condo building on main will go up?

Ha, I was browsing HAR and they have a 3.8k sqft penthouse going in the 300s. That’s a steal. 

I’m betting whatever they do to the Pierce is gonna help their values. Tear it down, make it a park, make it a boulevard- literally anything would be better than what they have now haha

 

(some condo buildings have weird problems, or weird association issues or whatever. so it may not just be its unfortunate neighbors dragging the value down, but I have a feeling it’s a big part of it)

Edited January 12, 2023 by BEES?!

[004n063]

1 hour ago, jermh said:

It's not exactly highrise projects in demand. It's residential projects that are transit-oriented and near parks and other walkable places. The more people realize you can structure your life to be less car-centric, the more people here will do it. I'd much rather have things closer to me and allocate more of my money to housing instead of transportation costs than have a yard in the burbs, but I have no plans to have children, so my view is biased.   

I share your bias and would love to agree, but I don't think much of that has really set in here as a driver of demand. A lot of the highrises are going up in areas that are still very car-centric (Galleria-west), and all of them - and the ones in more walkable and bike-friendly areas are still being built with huge parking podia. And all of the big mixed-use projects seem to start with colossal parking structures.

I think most of the recent development inside the loop has been of the "a step in the right direction" variety, but drivers' convenience still seems to be right at the top of developers' priorities.

[BEES?!]

5 hours ago, Triton said:

What's the other one? The Holiday Inn site?

I may have spoken too soon. It may have sold on 12/31 (though I don’t know for sure. The TIRZ meeting document was vague), but I posted about it in the Days Inn thread just in case.

(Edit- it may have been 800 Bell, not the Days Inn property)

4 hours ago, kennyc05 said:

You know I was just wondering that I've asked the question on here before in the past is there really that much demand for high-rise residential in Houston I guess it is. And not to mention high rise apartments in the galleria Do you think we are over building?

I don’t think so. We’re a rapidly growing city with several very large projects in progress or on the horizon that will drive more jobs to the area- namely TMC3/Biopark and the ION District. We’re also at the forefront of energy transition, and have a big presence in the aerospace industry.

Building housing isn’t a bad thing at all. IMO we have a very bright future and should keep it up on building housing to keep prices affordable.

Edited January 13, 2023 by BEES?!

[j_cuevas713]

On 1/12/2023 at 3:05 PM, kennyc05 said:

You know I was just wondering that I've asked the question on here before in the past is there really that much demand for high-rise residential in Houston I guess it is. And not to mention high rise apartments in the galleria Do you think we are over building?

Absolutely! I just watched a video from Peter Zeihan talking about how Houston is going to one of the top 5 most important cities in the world over the course of the next 30 years. Outside of Texas people automatically think Austin and Dallas before Houston because we don't fit the Texas stereotype those other two cities embrace whole heartedly. Houston is really an island to itself in the southern United States, which is really a good thing because we're coming in to our own and that doesn't fit the stereotype people expect; horses, cowboys, etc. Yes we still have those things of course but we're becoming a serious urban powerhouse. I've said this before, the "haphazard" approach to development Houston has shown over the course of the past 30+ years has actually laid really nice groundwork for denser urban development. I had a conversation with a guy from Dallas recently about how different Houston is from Dallas and how they're developing. He said he really liked how Houston's neighborhoods sort of just melt together cohesively. Him using the words cohesive and Houston in the same sentence made me realize how far we've come. 

Edited January 13, 2023 by j_cuevas713

[Amlaham]

On 1/12/2023 at 3:05 PM, kennyc05 said:

You know I was just wondering that I've asked the question on here before in the past is there really that much demand for high-rise residential in Houston I guess it is. And not to mention high rise apartments in the galleria Do you think we are over building?

Based off of the conversations I've had with my group of friends (mostly married in their late 20s/ early 30s), most of them lived in suburbs their whole life and were traumatized by the drive into the city. The suburbs is a nice place to raise a family, but lets face it, you can't do everything you want in the suburbs. Odds are you're going to have to drive into the city for school/ work/ fine dinning/ shopping/ entertainment/ etc. The other day, I drove from Hillcroft to Katy off of Westpark Tollway & 99..... it took 1 hour. Honestly, from what I've been hearing, my generation is sick of traffic. Living in these high-rises/ closer to the city is becoming more appealing IMO. 

Also, am I crazy or does traffic on local street around the loop not compare to death traffic on the highways? I feel like driving local in the loop during rush hour doesn't feel as bad as being stuck on a 12 lane highway bumper to bumper traffic for an hour straight. :) 

[004n063]

4 minutes ago, Amlaham said:

Also, am I crazy or does traffic on local street around the loop not compare to death traffic on the highways? I feel like driving local in the loop during rush hour doesn't feel as bad as being stuck on a 12 lane highway bumper to bumper traffic for an hour straight. :) 

Depends on where you are. Places where the grid of side streets is fairly continuous tend to be more comfortably navigable in all modes; places with a lot of gated superblocks that eat up formerly public ROWs and force everybody onto main arteries (lookin at you, Greenway) tend to be unpleasant for everybody.

But obviously density is also a factor. It seems to me like that's rhe main reason why streets (including side streets) in Montrose and the Heights are more intense than streets in Eastwood or 3rd Ward.

[j_cuevas713]

9 hours ago, Amlaham said:

Based off of the conversations I've had with my group of friends (mostly married in their late 20s/ early 30s), most of them lived in suburbs their whole life and were traumatized by the drive into the city. The suburbs is a nice place to raise a family, but lets face it, you can't do everything you want in the suburbs. Odds are you're going to have to drive into the city for school/ work/ fine dinning/ shopping/ entertainment/ etc. The other day, I drove from Hillcroft to Katy off of Westpark Tollway & 99..... it took 1 hour. Honestly, from what I've been hearing, my generation is sick of traffic. Living in these high-rises/ closer to the city is becoming more appealing IMO. 

Also, am I crazy or does traffic on local street around the loop not compare to death traffic on the highways? I feel like driving local in the loop during rush hour doesn't feel as bad as being stuck on a 12 lane highway bumper to bumper traffic for an hour straight. :) 

No you're absolutely right. This generation is embracing the old charm of the city. That's why so many developers are choosing to save older buildings because they know the younger generation is going to gravitate to something with history and good classic design. I mean we have so many examples of that now here in Houston from the old Houston Post building, Iron Works in East End, POST HTX, etc.  

Edited January 14, 2023 by j_cuevas713

[loon]

Regarding 2016 Main (disclaimer, i rent here) take a peek at those HOA fees before you think about buying... or just for a laugh. Its about $1 per sq ft, per month. Like the aforementioned penthouse for sale for 300k... its HOA fee is $3500 a MONTH... its just kinda crazy. This is why we stil haven't pulled the trigger on buying one of these yet. 1 and 2bd aren't as step, but even $1500 a month on top of mortgage is steep.. even factoring in All Bills Paid. (internet (fast), basic HD cable, water, electricity, waste, etc etc). Anyway, just pointing out, I think other buildings in the area will probably do better than this one, as long as they keep these crazy HOA fees. (unless this is normal, but looking around I haven't seen anything close to these fees in the area)

[loon]

oh, one thing i was wondering, since it is for sale, does that mean they found a new place? or as noted that the lease runs out Oct 2024 they are just getting an early start on selling the property and greyhound doesn't intend to stay. either way, curious where it would end up.

[Ross]

17 minutes ago, loon said:

Regarding 2016 Main (disclaimer, i rent here) take a peek at those HOA fees before you think about buying... or just for a laugh. Its about $1 per sq ft, per month. Like the aforementioned penthouse for sale for 300k... its HOA fee is $3500 a MONTH... its just kinda crazy. This is why we stil haven't pulled the trigger on buying one of these yet. 1 and 2bd aren't as step, but even $1500 a month on top of mortgage is steep.. even factoring in All Bills Paid. (internet (fast), basic HD cable, water, electricity, waste, etc etc). Anyway, just pointing out, I think other buildings in the area will probably do better than this one, as long as they keep these crazy HOA fees. (unless this is normal, but looking around I haven't seen anything close to these fees in the area)

2016 is a condominium, so that monthly fee includes all of the money that needs to be saved for future maintenance. The stuff that keeps the building from collapsing. That's similar to fees in other buildings I've looked, which is by no means a comprehensive look.

[loon]

13 minutes ago, Ross said:

2016 is a condominium, so that monthly fee includes all of the money that needs to be saved for future maintenance. The stuff that keeps the building from collapsing. That's similar to fees in other buildings I've looked, which is by no means a comprehensive look.

Fair enough. Yeah they have board meetings with the owners every month to talk about that stuff. We just got a new building mgmt company as well... https://www.fsresidential.com/texas/offices/houston/ so changes could be coming with that. 

 

Its a great building, been here over a decade, just seems high but as you said, condos I guess. Thanks for the insight! 

 

 

[Brooklyn173]

My condo is down the road a bit. About 50 cents per sq foot maintenance fees, but a much smaller building.

We had FSresidential until about a year ago. Best of luck...

[kennyc05]

Midtown and that part of downtown is about to boom. We really haven't even mentioned the CVS lot on Main that closed down either!

[IntheKnowHouston]

57 minutes ago, kennyc05 said:

Midtown and that part of downtown is about to boom. We really haven't even mentioned the CVS lot on Main that closed down either!

I'm wondering why Houston Chronicle has yet to report on the property changings hands last month and the recent sales listing? 

[wilcal]

36 minutes ago, IntheKnowHouston said:

I'm wondering why Houston Chronicle has yet to report on the property changings hands last month and the recent sales listing? 

I was tweeting about the Greyhound/McDonald's closings the other day and one of the HBJ writers liked my tweet, so I'm hoping for some proper reporting! Still have a gut feeling that the McD property is getting rebuilt.