Drewery Place: Multifamily High-Rise At 2850 Fannin St.

[TheSirDingle]

https://www.smh.com.au/business/companies/major-property-developer-caydon-caught-up-in-alleged-korean-investment-fraud-20190927-p52vn3.html
 

Article statements 

Quote

The chief executive of major property developer Caydon has claimed his signature was forged as part of an alleged $400 million fraud against a Korean investment house by another developer...

Documents filed in court by the Korean investors allege LBA Capital paid Joe Russo’s development company Caydon $30 million for 48 one-bedroom units in its Moonee Ponds apartment project in Melbourne. Caydon is one of the largest private developers in Melbourne, with large-scale apartment projects in Brunswick, Collingwood and St Kilda, and at the old Alphington paper mill...

Mr Russo insists Caydon was not paid for any units and no property was transacted with LBA Capital, alleging instead somebody in the company forged documents with his signature...

“I can guarantee to you they have not bought anything from us. They have fraudulently used my signature. They have not bought one apartment,” he said...Mr Russo said LBA Capital had conversations with Caydon staff about purchasing apartments. “The next thing I know I get a phone call and my signature was forged,” he said...

 

 

Y'all should read the full article, I just put the parts where it talked about Caydon. It honestly looks like LBA forged one of Russo's signatures, and tried to write it off as a sell of those units or something. It doesn't seem like it's going to effect Caydon at all, but hopefully they're cleared of this BS caused by LBA. 

Edited January 23, 2020 by TheSirDingle

[Luminare]

9 minutes ago, TheSirDingle said:

https://www.smh.com.au/business/companies/major-property-developer-caydon-caught-up-in-alleged-korean-investment-fraud-20190927-p52vn3.html
 

Article statements 

 

Y'all should read the full article, I just put the parts where it talked about Caydon. It honestly looks like LBA forged one of Russo's signatures, and tried to write it off as a sell of those units or something. It doesn't seem like it's going to effect Caydon at all, but hopefully they're cleared of this BS caused by LBA. 

 

This was the only article I could find as well, but since it was published over 100 days ago, I didn't think it was what was being discussed.

[TheSirDingle]

53 minutes ago, Luminare said:

 

This was the only article I could find as well, but since it was published over 100 days ago, I didn't think it was what was being discussed.

same, I know foreclosure action has to deal with the lender taking legal action on a borrower who failed to make their mortgage payment. But for a company the size of Caydon, it doesn't seem like they would default on a loan. I'm still wondering where @Vy65 got his information from. Also there hasn't been any recent news stating that Caydon was being sued for a unpaid loan. I have a feeling this isn't really going to affect them at all though. 

[Atx78702]

@Vy65 is right. Suit was filed by Hoar construction per the Harris County District Clerks website. Case Number 2020-03308

[houstontexasjack]

1 hour ago, TheSirDingle said:

same, I know foreclosure action has to deal with the lender taking legal action on a borrower who failed to make their mortgage payment. But for a company the size of Caydon, it doesn't seem like they would default on a loan. I'm still wondering where @Vy65 got his information from. Also there hasn't been any recent news stating that Caydon was being sued for a unpaid loan. I have a feeling this isn't really going to affect them at all though. 

It looks like a suit to foreclose a mechanic’s lien. Dispute between a contractor and a developer over payments to the contractor. $6 million or so in dispute.

 

 

[hindesky]

[Brooklyn173]

[dbigtex56]

This being an Australian company, I wonder if the overlapping forms are a sly reference to the Sydney Opera House.

[KinkaidAlum]

These guys are from Melbourne. Them's shooting words.

[Twinsanity02]

On 3/26/2020 at 6:30 PM, KinkaidAlum said:

These guys are from Melbourne. Them's shooting words.

Mate.

[CREguy13]

It looks like this project has been delayed (Q1 2021) and scaled back considerably (31 floors now).  Still a great project for Midtown when it happens, but hoping they add back a few floors by the time they break ground.

 

https://caydonproperty.com/us/properties/laneways-condos

[H-Town Man]

40 minutes ago, CREguy13 said:

It looks like this project has been delayed (Q1 2021) and scaled back considerably (31 floors now).  Still a great project for Midtown when it happens, but hoping they add back a few floors by the time they break ground.

 

https://caydonproperty.com/us/properties/laneways-condos

 

I think the mythology around this guy is going to go away.

 

Edited April 6, 2020 by H-Town Man

[X.R.]

44 minutes ago, H-Town Man said:

 

I think the mythology around this guy is going to go away.

 

 

What the mythology? I have a few friends who work for Caydon. They are not your typical real estate developer in terms of breadth of projects. It seems like these types of clusters are their thing, but I've head it does get boring because of how detailed their information models are and how they basically have to line everything up before a project breaks ground. Some developers will begin the development without all of the retail tenants are lined up, not them. I did have a friend leave Caydon because despite the projects making bank, the work lifestyle doesn't have the same breakneck, get the deal done, some flying by the seat of the pants feel as other developers do.

 

Different strokes, I think. Caydon will be fine, if any developer is going to weather this it'll be them. 

[H-Town Man]

4 hours ago, X.R. said:

 

What the mythology? I have a few friends who work for Caydon. They are not your typical real estate developer in terms of breadth of projects. It seems like these types of clusters are their thing, but I've head it does get boring because of how detailed their information models are and how they basically have to line everything up before a project breaks ground. Some developers will begin the development without all of the retail tenants are lined up, not them. I did have a friend leave Caydon because despite the projects making bank, the work lifestyle doesn't have the same breakneck, get the deal done, some flying by the seat of the pants feel as other developers do.

 

Different strokes, I think. Caydon will be fine, if any developer is going to weather this it'll be them. 

 

The mythology that was common on this forum a few years ago, that this guy was somehow immune to market cycles, that he had his own financing, that he would build 3 or 4 towers simultaneously here, and that they would break height records for residential. When the reality is, he needs financing just like everybody else and has as difficult of a time getting it, he is impacted by the same Houston market metrics as everybody else, his product is generally par for Midtown/Downtown highrises, and he won't build another one until the previous one is built and well on its way to leasing up. I do appreciate his pushing the frontier with a location east of Main and the focus on building a neighborhood instead of just selling views.

 

Edited April 6, 2020 by H-Town Man

[houstontexasjack]

9 minutes ago, H-Town Man said:

 

The mythology that was common on this forum a few years ago, that this guy was somehow immune to market cycles, that he had his own financing, that he would build 3 or 4 towers simultaneously here, and that they would break height records for residential. When the reality is, he needs financing just like everybody else and has as difficult of a time getting it, he is impacted by the same Houston market metrics as everybody else, his product is generally par for Midtown/Downtown highrises, and he won't build another one until the previous one is built and well on its way to leasing up. I do appreciate his pushing the frontier with a location east of Main and the focus on building a neighborhood instead of just selling views.

 

I think Joe Russo gets a lot of credit (deservedly) for pushing forward with the first highrise in Midtown. I agree, however, that a Q1 2021 groundbreaking on a project involving hotel as a significant component looks *very* optimistic under the current circumstances. 

[zaphod]

The good news is that midtown now has a beach-head of sorts with the two highrises in place. So whatever happens, it is established as a busy area now.

[phillip_white]

It looks like their northernmost parcel (same block at Greensheet remodel) is being using as a coronavirus testing site.

 

Haven't seen anyone post this signage yet:

 

 

[Brooklyn173]

testing site as mentioned above

 

 

 

[Brooklyn173]

From the 3rd Ward

 

[TheSirDingle]

Found a permit for Water/Waste Water Application for the Phase 2 block. It's the only one I could find that doesn't focus on the already built tower. 

I'm sure this means something is going to happen soon, what specifically idk, but something is happening. 

 

Also here's an example Water/WasteWater application for Houston Public Works:

007-commercial_service_application.pdf

Edited May 20, 2020 by TheSirDingle

[cloud713]

On 4/6/2020 at 10:11 AM, CREguy13 said:

It looks like this project has been delayed (Q1 2021) and scaled back considerably (31 floors now).  Still a great project for Midtown when it happens, but hoping they add back a few floors by the time they break ground.

 

https://caydonproperty.com/us/properties/laneways-condos

From possibly 48 stories, down to 31.. at least it looks like they're still keeping the design. But Q1 2021 groundbreaking? Ouch.. not holding my breath.

[Bassclef]

I knew it was coming. Nothing, as far as high rises gets over 45 stories, and cutting off some floors was to be expected. 48 floors would have been shocking.

[H-Town Man]

20 minutes ago, Bassclef said:

I knew it was coming. Nothing, as far as high rises gets over 45 stories, and cutting off some floors was to be expected. 48 floors would have been shocking.

 

Welcome to the forum, Bassclef. What is your prediction as to whether this breaks ground in Q1 2021? I think it was originally scheduled for Q1 2020.

 

[CREguy13]

12 hours ago, cloud713 said:

From possibly 48 stories, down to 31.. at least it looks like they're still keeping the design. But Q1 2021 groundbreaking? Ouch.. not holding my breath.

I couldn't find any info. on Kimpton's website re Houston, so hopefully they haven't pulled out... If they are still committed, I actually believe this will break ground in Q1 2021 since the hotel now is a larger part of the equation with the reduced project scope.

 

What is becoming more clear is that Houston just isn't quite there yet in terms of high-rise for-sale units.  We're seeing developers propose larger scale projects with condos a part of the mix, and after their sales office tests the market over a period of time, they reduce the number of units accordingly as we've seen with the Allen and now Laneways.  While much smaller in scale, Moderne at Rice Village is a great example of the current market.

 

Of course, this will change over time, but for now it seems buyers are still more interested in actual homes or town homes then vertical living when it comes to for-sale units.

[Houston19514]

34 minutes ago, CREguy13 said:

I couldn't find any info. on Kimpton's website re Houston, so hopefully they haven't pulled out... If they are still committed, I actually believe this will break ground in Q1 2021 since the hotel now is a larger part of the equation with the reduced project scope.

 

What is becoming more clear is that Houston just isn't quite there yet in terms of high-rise for-sale units.  We're seeing developers propose larger scale projects with condos a part of the mix, and after their sales office tests the market over a period of time, they reduce the number of units accordingly as we've seen with the Allen and now Laneways.  While much smaller in scale, Moderne at Rice Village is a great example of the current market.

 

Of course, this will change over time, but for now it seems buyers are still more interested in actual homes or town homes then vertical living when it comes to for-sale units.

 

The Moderne seems more an anomaly than a great example.

 

There are at least a dozen condo building that were completed in the same time range as The Moderne.  So far as I can tell, The Moderne is the only one of the bunch that has failed to make a sale.

 

 

 

Edited May 21, 2020 by Houston19514

[Avossos]

14 minutes ago, Houston19514 said:

 

The Moderne seems more an anomaly than a great example.

 

There are at least a dozen condo building that were completed in the same time range as The Moderne.  So far as I can tell, The Moderne is the only one of the bunch that has failed to make a sale.

 

 

 

 

 

 

I know this is off topic some.. 'The Moderne' has not made one single sale?

Edited May 21, 2020 by Avossos

[JBTX]

 

1 hour ago, Avossos said:

 

I know this is off topic some.. 'The Moderne' has not made one single sale?

 

I have a buddy who lives closeby. We discuss it often.

 

There seem to be issues a plenty. Overpriced, too small, no amenities, etc. I know of one person who was pending on a unit, but I think it fell through, so there may also e management issues afoot.

[Moore713]

2 hours ago, CREguy13 said:

I couldn't find any info. on Kimpton's website re Houston, so hopefully they haven't pulled out... If they are still committed, I actually believe this will break ground in Q1 2021 since the hotel now is a larger part of the equation with the reduced project scope.

 

What is becoming more clear is that Houston just isn't quite there yet in terms of high-rise for-sale units.  We're seeing developers propose larger scale projects with condos a part of the mix, and after their sales office tests the market over a period of time, they reduce the number of units accordingly as we've seen with the Allen and now Laneways.  While much smaller in scale, Moderne at Rice Village is a great example of the current market.

 

Of course, this will change over time, but for now it seems buyers are still more interested in actual homes or town homes then vertical living when it comes to for-sale units.

 Don't think that it at all, it seems Developers have a habit of dragging their feet till Houston  falls right back into another  Boom and Bust cycle.  Seems like by the time they actually put shovels to ground it when the city runs into a economic downturn 

[H-Town Man]

20 minutes ago, Moore713 said:

 Don't think that it at all, it seems Developers have a habit of dragging their feet till Houston  falls right back into another  Boom and Bust cycle.  Seems like by the time they actually put shovels to ground it when the city runs into a economic downturn 

 

Developers sink or swim by their ability to beat other developers in the race to build. It's all the requirements of government entities and financing sources that slow things down. If you've ever gotten a mortgage on a house and put up with request after request for more detail and explanation of your financial history and current job, you can imagine what the process is like on a $100 million loan. That being said, Houston's developers built 20 million square feet of office space in the early 2010's and got 5,000 apartments off the ground in the downtown area alone before the bust, so not too shabby.

 

 

[Bassclef]

Thanks Htown Man, hopefully soon. I can see ground being broken in 2021, especially with all that's going on now.

Edited May 21, 2020 by Bassclef