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Aris Market Square: Multifamily High-Rise At 409 Travis St.


Mab

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This cycle was awesome,  we got some nice infill. This and 609 Main are two of my favorites and both are from Hines. 

 

And it going up on a surface lot makes it so much better.

 

Can't Wait To See What Goes Up Next cycle. Its going to be tough to beat this on the residential department and even tougher to beat 609 Main in the commercial department.  

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8 hours ago, Texasota said:

Um, I don't think those classrooms are going anywhere.

 

Oh hey, there's a standalone garage with retail. And it's terrible. 

 

Um, they will if the land value increases enough. UH-Downtown will sell and move them someplace else. Concept of highest and best use, principle of substitution.

 

I don't understand the second line of your post. Whose voice are you mimicking?

 

 

Edited by H-Town Man
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35 minutes ago, Texasota said:

I wasn't mimicking anybody - I was referencing the Lyric Center garage thread.

 

And no, I don't really see UH Downtown selling - that building is not very old and their location is increasingly going to be marketable to students for them. 

 

Not sure what I said in the Lyric Center thread to draw your ire. I am not a fan of parking garages and hope this one goes away. The comment on parking garages driving new construction in downtown retail was an ironic observation, not an endorsement of parking garages.

 

A classroom building will only sit on land that is worth so much. When value of the land as vacant, minus demolition cost, exceeds the value of the improved parcel, it is usually just a matter of time. Lots of industrial operators probably liked their sites near Washington Avenue, but when land values skyrocketed in that area, guess what they did? God knows the Chronicle probably liked Texas Avenue. I'd say that, assuming downtown continues to develop in popularity, the over/under on this is about ten years.

Edited by H-Town Man
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UHD's footprint is more likely to keep expanding than to contract as it gains more recognition as an institution.

 

Public educational institutions tend to be pretty stable landowners, not given to selling off chunks just because they're now worth more than before (HCC notwithstanding).

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No ire dude. I just happened to notice the garage in that picture right after posting in the other thread.

 

But speaking to mollusk's point, a school is very different from an industrial operator. Why did HSPVA *just* start building downtown despite the high cost of land? Why are there any public schools in any CBDs anywhere? I'm not going to say that UHD absolutely won't sell this lot, but I would be very surprised. 

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