Shamrock Tower At 617 Main St.

[H-Town Man]

I hope that this information is helpfull and we have been reading and watching this forum for the past year.

<{POST_SNAPBACK}>

You have more patience than I have. I can only come on this thing once every few weeks.

[The New Juniper]

I hope that this information is helpfull and we have been reading and watching this forum for the past year.

Your participation in the forum should be very helpful. You can shed light on rumors that have been haunting the project.

I have been told that the developer does not own the building that sits on the northeast corner of the site. Also, I have been told that McDonalds must be reconstructed sooner than what your current construction schedule shows.

Are either of these true?

Thanks again.

TNJ

[kzseattle]

You have more patience than I have.  I can only come on this thing once every few weeks.

<{POST_SNAPBACK}>

I hope this was posted by someone who actually represents Shamrock Tower and that it isnt a hoax! However, the specific information provided in the post seem convincing enough. If this was indeed from Shamrock Tower, then I appreciate them for addressing our concerns and clarifying the current status of the project. People on this forum have high hopes for this project and would really like to see it come to fruition.

[shamrock_twr]

I hope this was posted by someone who actually represents Shamrock Tower and that it isnt a hoax! However, the specific information provided in the post seem convincing enough. If this was indeed from Shamrock Tower, then I appreciate them for addressing our concerns and clarifying the current status of the project. People on this forum have high hopes for this project and would really like to see it come to fruition.

<{POST_SNAPBACK}>

This is not a hoax, as we have seen in the past with respect to several other "new project".

The building on the block, Texas Tower, is currently for sale. The asking price makes it cost prohibitive to convert to condos. The building has been empty for some time. There has been vandals who have removed copper pipe and each floor has quite extensive damage to supply pipes. I have walked the building's 21 stories and it will require extensive work to rehab to condos and could olny make a max of 84 units.

McDonalds will be purchasing a ground floor unit, seperate from the residential unit, and the current agreement give more that ample time once "construction begins".

[london0868]

Oh my God, I am so sick of this thread. For God's sake can we not write anymore in this thread until someone actually sees some movement at the site?

[kzseattle]

Oh my God, I am so sick of this thread.  For God's sake can we not write anymore in this thread until someone actually sees some movement at the site?

<{POST_SNAPBACK}>

Well, the last couple of responses from shamrock_twr is something that we really needed. I would think of those as some kind of "movement" at the site.

[Lowbrow]

This is not a hoax, as we have seen in the past with respect to several other "new project".

The building on the block, Texas Tower, is currently for sale.  The asking price makes it cost prohibitive to convert to condos.  The building has been empty for some time.  There has been vandals who have removed copper pipe and each floor has quite extensive damage to supply pipes.  I have walked the building's 21 stories and it will require extensive work to rehab to condos and could olny make a max of 84 units.

McDonalds will be purchasing a ground floor unit, seperate from the residential unit, and the current agreement give more that ample time once "construction begins".

<{POST_SNAPBACK}>

Makes me happy to see someone from your organization posting here.

You can expect that email.

[jt16]

Lowbrow, a report on your response. I'm optimistic that there is a demand for this type of project downtown, and being a first mover would be a clear advantage and distinction for any developer downtown. But, like Ronald Reagan said, trust, but verify.

[DowntownBrown]

This is not a hoax, as we have seen in the past with respect to several other "new project".

The building on the block, Texas Tower, is currently for sale.  The asking price makes it cost prohibitive to convert to condos.  The building has been empty for some time.  There has been vandals who have removed copper pipe and each floor has quite extensive damage to supply pipes.  I have walked the building's 21 stories and it will require extensive work to rehab to condos and could olny make a max of 84 units.

McDonalds will be purchasing a ground floor unit, seperate from the residential unit, and the current agreement give more that ample time once "construction begins".

<{POST_SNAPBACK}>

A good friend of mine is a realator representing a former buyer of this project. He told me the listing agent has even pulled out of this. For a real estate company to just drop millions of dollars worth of listings says a lot about the viability of this project.

My friend has taken his business elsewhere. I hear that even people closely associated with the project are backing out on their reservations. There's no way they'll get financing for this dog. Maybe if the two sales bozos had been more professional, they could have motivated people better to put up with this nonsense, but people's patience wears thin. Put that on top of a shady developer and a "ground-floor" retail that consists of a crappy mcDonalds and nothing else and you have a big pile of nothing in the middle of downtown.

[H-Town Man]

I hope that this information is helpfull and we have been reading and watching this forum for the past year.

<{POST_SNAPBACK}>

Fun activity for a slow afternoon in the sales trailer: get drunk and take turns reading these posts out loud.

[Lowbrow]

From their website it looks like they are about 60% sold. What is the goal again to get financing?

The base price for a one bedroom is 192k and the cheapest two bedroom was 283k. That just seems like a larger than normal jump in price compared to other units I've been looking at but then again the way the Shamrock is laid out I guess you are essentially taking up the space of 2 one bedrooms to have a two bedroom. *shrug*

I pm'd them since I didnt notice a email address supplied. We will see.

[DowntownBrown]

I am sorry that you did not get back the information that you requested.  The web site should have the most current list of available units, floor plans, unit prices and locations.  If you would like to send a private email I would be happy to get back to you.

A development of this size does take a considerable amount of time, energy and money.  The developer has retained the Irvine Team as project coordinators.  EDI Architecture has been meeting with City code enforcement and should have the Foundation drawings, utilities drawings, and other required drawing to the city the end of Fed.  The current workload of the city is 21 days to review the drawings and issue work site permits.

C.D. Henderson, Dallas TX, has been selected as the General Contractor and will be working with Dallas based High-Rise Concrete for the shell construction.  They indicate that once the foundation is set it will take approx. 40 weeks to top-out the building.  The construction funding is ready to go, we are just waiting on the 40% at the title company to fund the construction  loan.

We have always tried to be as forthright as possible with people who ask for a time-line or projected build date, but can only go on what the other parties tell us.  The current estimate for move-in is Summer of 2006 and all of the current buyers are aware of this and understand.

I hope that this information is helpfull and we have been reading and watching this forum for the past year.

<{POST_SNAPBACK}>

The funding is in question and this guy seems to just brush it off! They need 40%? On a project that has been mismanaged from day one? HAHAHAHA!

Seriously, people -- this is dead. I considered reserving a unit about a year ago when I first heard about it on this site. After meeting with these two, I came away with no faith in the project at all. Not only were they rude and unprofessional, they acted like they were doing me a favor by offering me an oppotunity to give them my money! Now I hear that the "60% sold" people are dropping like flies on their flimsy $1000 reservations and not putting up real earnest money to make the units "sold". No wonder!

What's really funny to me is that all I've heard has been bad news about the developer being shady. But, I made up my mind against this thing after 20 minutes with the two buffoons in the reservation trailer. If one or the other had been respectable or at least competent, maybe this thing might have worked, based on its own momentum. With two parties being clueless, there was no chance from the beginning.

Let's look at some evidence:

The realators have done nothing but lie about start dates and criteria. first it was 30% reserved, then after environmental assessment, then after city permits, now after financing. Meanwhile, no progress is being made on any of these issues. sources have told me there isn't even a building contractor awarded, contrary to what the realators say. It wouldn't surprise me. We have been hearing "next month" for a year now.

They are not 30%, 40% or 60% sold. How many earnest money contracts have been signed? I'd be surprised if they have funding for 5 or 6 condos, if any.

The building on the site was never in play, from the beginning. Why is shmrk_twr talking about it now? It's a diversion to try to make them look competent. I assure you they are doofuses.

The real estate company those guys work for is dropping them! Millions of commissions are on the line! Why would they walk away? Simple, it's not going to happen.

I do hope I'm wrong. I hope there's one sliver of a chance left for this. Downtown needs a project like this. One by another team would be ideal. I wanted one of these in March of last year. I even pulled my checkbook out at one point. I'm glad I didn't write the check.

[houston-development]

C.D. Henderson, Dallas TX, has been selected as the General Contractor and will be working with Dallas based High-Rise Concrete for the shell construction.  They indicate that once the foundation is set it will take approx. 40 weeks to top-out the building.  The construction funding is ready to go, we are just waiting on the 40% at the title company to fund the construction  loan.

cd henderson? i know they built a garden deal in austin a couple of years ago but was unaware of their high-rise experience.

also, im shocked a lender would allow a 40% groundbreaking. the developer does not have the development background most lenders would require for such a low %. but hey, lenders are still allowing another 15K units to be dumped on our already over saturated market, so you never know

We have always tried to be as forthright as possible with people who ask for a time-line or projected build date, but can only go on what the other parties tell us.  The current estimate for move-in is Summer of 2006 and all of the current buyers are aware of this and understand.

i don't agree with you being that forthright, but whatever.... i wish you guys the best of luck and hope everything works out in the end.

just my $0.02, get those reservations hard before the former days inn announces their prices.

[The New Juniper]

just my $0.02, get those reservations hard before the former days inn announces their prices.

<{POST_SNAPBACK}>

The former Days Inn is a dog, isn't it? And, move in Summer 06 is so laughable that I am surprised it was written.... That would mean, if you broke ground today, you would have a 18 month construction period and finish in October 06, which would miss summer. No way. But again, good luck.

[marc]

I have just been told the following:

1. Ground breaking should start at the end of December.

2.  All currently "reserved" units are going to contract within the next 30 days.

3.  Prices on available units have been increased 3%.

<{POST_SNAPBACK}>

Any pix. of what it will look like?

Thanks

[kjb434]

Look at the first few pages of this topic. There should be some pics are at least a link to the official website.

[houston-development]

The former Days Inn is a dog, isn't it?

[marc]

Look at the first few pages of this topic.  There should be some pics are at least a link to the official website.

<{POST_SNAPBACK}>

Thanks............

[LTAWACS]

I didnt think this would happen.

[shasta]

Go to www.shamrocktower.com and click on unit list, more than half of the units appear to be sold. This just takes time. Personally, I think they are going about this all wrong- the prices are too high and this type of clientelle will not interject too much energy into the street. They should have gone after the young recent graduate/ professional market and then cash in on a development later -AFTER they established a vibrant urban neighborhood. But, honestly, this is better than nothing- I just hope it doesn't kill any of the momentum that we have.

[Talbot]

welcome to the forums shasta, I really like the pictures that you take and post on SSP, hopefully you will do the same here?

And back on topic, unfortunately, since Shamrock has taken so long, im afraid that the momentum of this project for most has been reduced quite a bit. They just took too long getting this project off the ground.

[77017]

This question had to be asked. I would start taking bets but I don't do that kind of stuff. If any of you do, ill give you ten to one odds.

[LTAWACS]

Go to www.shamrocktower.com and click on unit list, more than half of the units appear to be sold. This just takes time. Personally, I think they are going about this all wrong- the prices are too high and this type of clientelle will not interject too much energy into the street. They should have gone after the young recent graduate/ professional market and then cash in on a development later -AFTER they established a vibrant urban neighborhood. But, honestly, this is better than nothing- I just hope it doesn't kill any of the momentum that we have.

<{POST_SNAPBACK}>

hi there. not see you in a while.

[citykid09]

If they don't build, someone will in that spot.

[SpaceCity]

I sure hope someone builds there. That is a GREAT location.

[bachanon]

have you ever been so excited or concerned about something and then when it happened you were underwhelmed, or it didn't happen and were extremely disappointed? personally, i don't want to follow the issue of whether or not shamrock is built. just let me know when the foundation is being poured, they top it out, etc. or when it is ultimately scrapped.

[jmancuso]

i thought they were starting on it. that area is fenced in with a leasing trailer.

[marc]

I doubt it.  It looks to be similar in height to 1000 Main which is barely noticeable even in arial skyline shots from the southeast.  However, it will increase the canyon effect on Main st.

<{POST_SNAPBACK}>

Yaga..........

Thanks for the "sun bouncing off buildings effect" on Downtown Houston...........

m.

Any more such photos?????????

[111486]

i thought they were starting on it. that area is fenced in with a leasing trailer.

<{POST_SNAPBACK}>

That has been there since the MLB All Star Game came to Houston. Maybe longer than that.

[dalparadise]

I have purposely resisted commenting on this subject, because I represented clients who had investment interests in seing this project happen. As I am now no longer representing clients looking to buy in Shamrock Tower, I can now say that I am highly skeptical of its feasibility.

Keller Williams did, in fact, drop the listing, forcing the listing agent to seek representation by another broker. Their reasons for doing this are their own. I will not speculate as to why dropping tens of millions of dollars worth of listings makes better business sense than seeing them through to sales. You can make your own determination. I can only say that in every case I've ever been involved with, Keller Williams has shown itself to be of the highest standards of integrity. Their exit from this can in no way send a positive message about the project. I lost faith in the developer's listing agents a long time ago, but was hopeful for something good to come of this. At that time, they were Keller Williams agents. Losing this mark of credibility was the final strike, in my opinion.

I am no longer a Realtor, nor am I affiliated with Keller Williams in any way. The last bit of information I got on the project was that converting the reservations to contracts was still going on, though many reservations were falling out. Last I heard, they were nowhere near breaking ground on the tower. This, in itself, should be troubling, since the development team, in telling us on several occasions to expect groundbreaking in June, July, November and December has been shown to be unreliable.

Based on the scant numbers of reservations that I speculate are being converted to contracts, it seems that the only people who believe in this project are the listing agents. Like I said, I stopped seeing eye-to-eye with those guys a long time ago.