Jump to content

Brava: Multifamily High-Rise At 414 Milam St.


brijonmang

Recommended Posts

15 hours ago, Twinsanity02 said:

To paraphrase part Oliver Cromwell's speech to the rump parliament: It is high time  to put an end to your sitting in this place,
which you have dishonored by your ugliness and defiled by your practice.  Go! Begone!

 

Ha...Never thought I'd read an Oliver Cromwell quote in a downtown Houston thread...

Now NYC..that would make sense since he had the Duke of York's  father beheaded. Yes, that Duke of York that named NYC after himself.

  • Like 3
Link to comment
Share on other sites

  • 2 weeks later...

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

  • Like 2
Link to comment
Share on other sites

29 minutes ago, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

People that choose to pay that much in rent are those for which $3,900 would not get them a home that they'd want to live in. They'd want to live ITL so you're at a minimum spending 700k for anything they'd even consider. Putting 20% on a $700k house would be $2,670 (4% interest) + property taxes puts you at $4k a month. Believe it or not, the people that pay that much in rent are those that are waiting to buy (or just downsized) a home that's more expensive than 700k. 

Edited by LBC2HTX
  • Like 4
Link to comment
Share on other sites

35 minutes ago, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

 

Many people don't want to live in a house and would rather live in a high-rise.  And many people would rather not tie up so much capital in something as illiquid as a house, especially if they don't want to live in the same area for more than 5 years.

  • Like 2
Link to comment
Share on other sites

40 minutes ago, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

People who don’t want the hassle of maintaining a home and prefer the lock and leave lifestyle. I know some people that sold their primary residence and rent a high rise unit - they spend a lot of time at their second home in Colorado and don’t need a large single family house anymore since their kids are grown.  They are in Houston about half the year. 

  • Like 3
Link to comment
Share on other sites

6 hours ago, rechlin said:

 

Many people don't want to live in a house and would rather live in a high-rise.  And many people would rather not tie up so much capital in something as illiquid as a house, especially if they don't want to live in the same area for more than 5 years.

 

When Triton wrote "home," he may also have meant a condo. Of course, condo options downtown are pretty limited and not this nice.

 

  • Like 1
Link to comment
Share on other sites

Quote
Jorge Munoz, Principal, Munoz + Albin Architecture and Planning as Houston-based Hines is announced its newest downtown residential tower, which will be developed on the former Chronicle garage site at Prairie and Milam Streets, Friday, Feb. 1, 2019, in Houston.
 

Photo: Karen Warren, Staff Photographer

M3CpOro.jpg

 

https://www.chron.com/business/real-estate/article/Hines-reveals-designs-for-downtown-apartment-tower-13581222.php#photo-16861603

  • Like 6
Link to comment
Share on other sites

1 hour ago, HtownWxBoy said:

So will this be Houston's tallest residential building when it's done?  Current tallest is 2929 Weslayan at 40 floors / 533 feet. 

 

 

Pretty sure the Huntingdon (503 feet) still reigns as the tallest residential building in Houston.

 

Second place is One Park Place (501 feet)

 

Third place is Market Square Tower (498 feet).

 

I believe 2929 Weslayan at 468 feet is currently the fourth  tallest residential building in Houston.

 

I suspect The Preston will be at least the 2nd tallest residential in Houston, very possibly the tallest

Edited by Houston19514
  • Like 4
Link to comment
Share on other sites

14 minutes ago, MarathonMan said:

2929 Weslayan is 533’

The Huntingdon is 503’

 

Source?  (Emporis had it at 468 feet)

 

34 minutes ago, wxman said:

I think One Park Place is #2 at 501 feet. 

 

You are correct.  I overlooked One Park Place.  Edited my post to correct.

Edited by Houston19514
Link to comment
Share on other sites

Interesting...  CTBUH shows the following:

 

1. 2929 Weslayan. 533'

2. The Huntington [sic]. 503'

3.  Market Square Tower 502'

4.  One Park Place.  501'

  

I'm a little skeptical of CTBUH's 533' for 2929.  I doubt it is taller  than Market Square Tower.  Market Square Tower has more floors. Emporis's 468' seems more likely. 

 

Edit:  after further research, I discovered that according to the FAA filling made by the builders, the final height of 2929  is 468'   https://oeaaa.faa.gov/oeaaa/external/public/publicAction.jsp?action=showDashTwoForm&suppCaseNoticeID=258539117

 

1. The Huntingdon. 503'

2. Market Square Tower 502'

3. One Park Place 501'

4. 2929 Weslayan. 468'. It looks like the incorrect 533' is a leftover from an earlier "estimate" posted on Emporis.

Edited by Houston19514
  • Like 3
Link to comment
Share on other sites

On 2/4/2019 at 3:24 PM, Triton said:

Just curious, what are the type of people who get these units? Are these people that usually move around the country that prefer not to buy a home and want a downtown view? I mean, I'm trying to figure out the math... at $3900 a month, why not just pay a mortgage and own a home?

 

 

People who don't know where they'll be living in a few years.

 

 

Let's say you have $3900/month to spend on housing, and plan on staying in the same place for four years. 

 

If you have $100k on hand for a down-payment, you can buy a $500k townhouse not too far a commute from here (probably EaDo, realistically) for a PITI of $3100. Add $200/month for maintenance, water/sewer and gas, and you're at $3300. Add in the foregone interest income on your down-payment, and it's $3600. Spread your closing costs over 48 months and you're at the same $3900 you'd be paying in rent.

 

"But what about the equity you're building?" OK. After four years, you've paid off about $30k in principal. Guess how much a 6% commission is on the sale of your $500k townhouse? So it's pretty much a wash, UNLESS you see significant appreciation in the sale price four years down the road.

 

Now, if you can live car-free in a $3900/mo apartment, but not in a $500k townhouse...

 

 

  • Like 7
Link to comment
Share on other sites

12 hours ago, bobruss said:

I thought I read somewhere on haif, that those numbers from the FAA included sea level so where does this fit in with these numbers.

I could be confused but I just want to know for sure.

 

The FAA documents include site elevation, height of the building above grade and total height above sea level.  The 549' is the height of the building above grade.

  • Like 3
  • Thanks 1
Link to comment
Share on other sites

  • 2 weeks later...
20 minutes ago, Urbannizer said:

Height of 648' for the crane

 

 

 

 

https://oeaaa.faa.gov/oeaaa/external/searchAction.jsp?action=displayOECase&oeCaseID=396423575&row=16

 

OK, help me out here. Work schedule seems tight - only 2 years to build a 45 story tower. But starting in October? I would think they need to do demolition of the garage and prep work before the crane is needed.

 

So despite being 7 months away, we should see movement on the site probably this summer?

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...