strickn Posted October 24, 2023 Share Posted October 24, 2023 On 10/16/2023 at 8:14 PM, __nevii said: They could at least make the garage less conspicuous, if not drastically reduce/eliminate it outright. Am considering taking X Houston private at pennies to dollars. Funding secured. Quote Link to comment Share on other sites More sharing options...
MidCenturyMoldy Posted October 27, 2023 Share Posted October 27, 2023 It occurred to me that the French pronunciation of X is “eeks,” which, oddly enough, is the third most common reaction upon seeing this building for the first time after “Yikes!” and “Oh no…” 7 Quote Link to comment Share on other sites More sharing options...
Popular Post cityliving Posted October 29, 2023 Popular Post Share Posted October 29, 2023 10 1 Quote Link to comment Share on other sites More sharing options...
strickn Posted October 30, 2023 Share Posted October 30, 2023 On 7/10/2019 at 8:31 AM, Nate99 said: Yep. Up in Kingwood when the plans for the ridiculously overwrought development on the lake came out, everyone was instantly convinced of any and every calamity that they could imagine ruining their lives because of the impact of towers, offices and some shopping. There were even some high school kids looking to burnish their college applications trying to "organize" the noble opposition. It's a cultural thing, what will we accept happening around us and what rights will eventually be legally recognized if they are not delayed and harassed out of feasibility. There are many places in this world where laws are vague and what will be permitted is anyone's guess. This dynamic is on a spectrum, but unless you are that incumbent in a comfortable position or become wildly rich elsewhere and like the scenery, you don't go anywhere near the least predictable jurisdictions and they stagnate or bifurcate into extremes of luxury and poverty as a result. Some of the "rights" to zero traffic increase that people know don't exist ought to be codified just the same: if you want to pay an absolute ton of money the city to guarantee a super low speed limit placement on your street for 10 years, you can, but if you don't want to, then we're clear that you haven't opted in to a traffic diminishment contract And if you haven't, then don't go fishing for an expectation of that at the planning commission meetings by threatening to make your world unsafe for density Quote Link to comment Share on other sites More sharing options...
strickn Posted October 30, 2023 Share Posted October 30, 2023 The city didn't pave every block for as few people to enjoy it as possible. So it didn't do that for yours in particular just because you bought a house or asked nicely. Quote Link to comment Share on other sites More sharing options...
cityliving Posted November 8, 2023 Share Posted November 8, 2023 6 Quote Link to comment Share on other sites More sharing options...
monarch Posted November 8, 2023 Share Posted November 8, 2023 ^^^ why does the HOUSTON X look seemingly taller... didn't they stop construction? Quote Link to comment Share on other sites More sharing options...
hindesky Posted November 11, 2023 Share Posted November 11, 2023 8 1 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted November 18, 2023 Popular Post Share Posted November 18, 2023 I count 30 floors high when they stopped work. 11 Quote Link to comment Share on other sites More sharing options...
hindesky Posted November 25, 2023 Share Posted November 25, 2023 8 Quote Link to comment Share on other sites More sharing options...
cityliving Posted December 4, 2023 Share Posted December 4, 2023 6 Quote Link to comment Share on other sites More sharing options...
Popular Post Brooklyn173 Posted December 17, 2023 Popular Post Share Posted December 17, 2023 13 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted January 14 Popular Post Share Posted January 14 I talked with a security guard from S.E.A.L Security while he was in his patrol car. He knew nothing about the property and what is going on so I filled him in on what happened and why it was shut down. He said they have one person during the day time and two at night, one for both sides. He also mentioned that people come around every so often and walk the property and building to make sure things are ok. https://sealsecurity.com 12 Quote Link to comment Share on other sites More sharing options...
Popular Post Highrise Tower Posted January 14 Popular Post Share Posted January 14 Skyline view: 10 Quote Link to comment Share on other sites More sharing options...
bobruss Posted February 23 Share Posted February 23 Hindesky, why hasn't the company that owns the crane taken it down? If I lived across the street from that I would not feel comfortable with an unattended crane across the street. Quote Link to comment Share on other sites More sharing options...
hindesky Posted February 23 Share Posted February 23 I'm guessing they paid for its rental up to a certain date. If this doesn't continue it will probably be taken down. It's secured to the ground base and has several tie in's to secure it to the building. They have it in weather vane mode so it points in the direction of the prevailing wind. I operated tower cranes at shipyards that stood for decades and never had a problem as long as the last operator has it in weather vane mode. 8 Quote Link to comment Share on other sites More sharing options...
cityliving Posted February 26 Share Posted February 26 3 1 Quote Link to comment Share on other sites More sharing options...
pacarlson Posted February 27 Share Posted February 27 What's the most likely long-term future outcome for this project? Demolished? Completed at originally planned height? Completed at current abbreviated height? Left unfinished? Quote Link to comment Share on other sites More sharing options...
Buy-U-City Posted February 27 Share Posted February 27 I don't know, but the old Holiday Inn / Heaven on Earth Inn gives much inspiration on the possibilities for this pile of dung. 1 Quote Link to comment Share on other sites More sharing options...
Popular Post houstontexasjack Posted February 27 Popular Post Share Posted February 27 3 hours ago, pacarlson said: What's the most likely long-term future outcome for this project? Demolished? Completed at originally planned height? Completed at current abbreviated height? Left unfinished? Long-term, my guess would be "completed at originally planned height." The basic summary is that there's potentially value in the project that another party could buy at pennies on the dollar depending on how things play out (if the developer is unable to get financing to finish). We have the tower crane still up. The site is secure and one would not expect any theft. The developer was self-financing and is estimated at about $100MM into the project. Thus far, the prime contractor, Hoar Construction, has filed a lien affidavit with a claim totaling about $38 Million. To date, Hoar Construction has not yet filed suit seeking foreclosure of its lien, indicating they are giving the developer a bit of time to try to get financing. Hoar would have records of work that's been done and work that's remaining and has an incentive to play nice with a potential lender or other party that might step in to complete the project. This is not a "black box" like the Heaven on Earth--where floor heights would not be appealing to modern luxury units anyways. However, Hoar can't wait forever to let the developer try to get financing. The latest date by which they would be able to file suit is November 15, 2024. Other subcontractors have also filed mechanic's liens against the property for their work. I candidly do not know whether Hoar's claim encompasses those amounts or not (they need to file the affidavits to protect their rights and don't just want to have to rely on Hoar). A couple subcontractors have already filed lawsuits. As time goes on, the developer will be faced with hard choices. An order of foreclosure would wipe out it's interest in the subject property and it would lose everything it put into the property. So, if the developer cannot get financing on its own and the process starts moving faster toward foreclosure, it has an incentive to sell the project (incl. the plans, permits, etc.) to another party at a hefty discount to pay its lienholders and try to salvage some value. It would lose a bit chunk of what's put in but might at least be able to to retain some equity that way. The purchase price would need to cover all lien amounts, however. If no buyer is interested at taking over above that amount, then it goes to foreclosure--I'm skipping the court process and getting an order for foreclosure on that, but that's where things would head. The buyer at foreclosure would end up owning the property without having to worry about any lien claims and could buy it at an even heftier discount. Procedurally, the process would be a bit messy getting there with all the subcontractors involved, but given the money, things would get worked out. 10 2 Quote Link to comment Share on other sites More sharing options...
aachor Posted February 28 Share Posted February 28 (edited) 11 hours ago, pacarlson said: What's the most likely long-term future outcome for this project? Demolished? Completed at originally planned height? Completed at current abbreviated height? Left unfinished? I think @houstontexasjack is correct. I was curious and did some reading and it seems that It's not too uncommon to see high-rise and skyscraper projects that have run into this kind of trouble before. Especially condominium developments. Sometimes they end up as an eyesore while stuff gets sorted out. And then, often, the original developer secures some new funding or some other developer ends up taking over the project and completing it. Unless the building is found to have construction defects (e.g. Ocean Tower on South Padre Island), acquiring a half-finished building for pennies on the dollar seems to be usually too good to pass up. I know it isn't the best comparison, but there are multiple very large projects on the Vegas strip, for example, that stalled out due to the original developer running out of funds or some other issues, and then later resumed. Apparently, Miami also had a number of projects that were stalled by the 2008 financial crisis, but ended up resuming within a year or two. Some other examples: https://en.wikipedia.org/wiki/The_Vue https://en.wikipedia.org/wiki/Brickell_World_Plaza What I can't find is any building in the United States achieving anything close to this height and then being demolished because of funding issues. https://en.wikipedia.org/wiki/List_of_tallest_voluntarily_demolished_buildings Edited February 28 by aachor 4 Quote Link to comment Share on other sites More sharing options...
hindesky Posted February 28 Share Posted February 28 It could be worse, they could have built 3 buildings and then stop work like the Oceanwide Plaza in Los Angeles. https://en.wikipedia.org/wiki/Oceanwide_Plaza https://www.bisnow.com/los-angeles/news/construction-development/oceanwide-involuntary-bankruptcy-los-angeles-cleanup-122917 7 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted March 3 Popular Post Share Posted March 3 11 Quote Link to comment Share on other sites More sharing options...
hindesky Posted March 16 Share Posted March 16 The 3 high rise buildings that stopped work at Oceanwide Plaza in Los Angeles. Mural artist come from around the world to tag the buildings. https://www.photopilot.com/blog/oceanwide-plaza-graffiti-art-concrete-canvases-urban-expression-dtla/ 3 1 1 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted March 17 Share Posted March 17 (edited) Another lien affidavit was recorded yesterday, March 15th, against the project (contractor claimed they furnished materials through February 2024, so would be timely if true). Edit: in reviewing the pleadings of the two lawsuits seeking to foreclose the mechanics lien, the prime contractor Hoar Construction obtained extensions to file its answers to April 3rd. That was back in February. My guess is Hoar is giving the X Company a bit of time to try to get financing to get things paid up. If there’s nothing indicating a realistic path to financing in April, we might see Hoar try to consolidate all claims into one lawsuit, with Hoar also bringing its own claim against the X Company. Edited March 17 by houstontexasjack 3 1 Quote Link to comment Share on other sites More sharing options...
Highrise Tower Posted March 17 Share Posted March 17 Photo I took today from the Texas Medical Center Leland Anderson Campus at 3002 South MacGregor Way. 5 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted April 1 Share Posted April 1 Both the currently filed lawsuits got non-suited today. I saw an agreement among the pleadings in one case indicating the sub-subcontractor would get paid and the subcontractor got assigned those claims and would agree not to refile until July 1, 2024. So, July 1st is our new deadline for getting information. 7 1 Quote Link to comment Share on other sites More sharing options...
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