Mixed-Use Development At 1750 Post Oak Blvd.

[Highrise Tower]

That's a nice JLL For Sale sign on Apache's land! 

1750 Post Oak Blvd - 6.36 Acres For Sale

Prime, and I mean prime real estate here!

[gene]

Until then it is a dog park on prime real estate! 🐕

[kennyc05]

On 12/11/2023 at 8:21 PM, Highrise Tower said:

That's a nice JLL For Sale sign on Apache's land!

Prime, and I mean prime real estate here!

I have a feeling whatever goes here is gonna be great!

[Highrise Tower]

JLL released a new marketing flyer for 1800 Post Oak Blvd. This land is prime real estate. I can't think of any Houston real estate that has the exclusiveness of 6 acres a long POB.

https://www.loopnet.com/Listing/1800-Post-Oak-Blvd-Houston-TX/30070317/

A select few sheets from the new marketing flyer:

[Fortune]

Prime real estate that no one appears to want.

[j.33]

Uptown Galleria-area property on Post Oak sold for mixed-use (houstonchronicle.com)

"Oil exploration company Apache Corp. has sold a prime 6.3-acre parcel on Post Oak in Uptown, where a newly formed real estate venture plans to build a luxury mixed-use development.

The land at 1750 Post Oak is across from BLVD Place, home to Whole Foods and restaurants such as North Italia, True Food Kitchen and Ninfa’s. It was purchased by 1750 Post Oak Partners, which was formed by leaders of real estate firms Crescent Real Estate, Senterra and Doggett Industries, according to Transwestern, the real estate brokerage that represented the buyers.

The partnership didn't detail plans for the property, other than to suggest it could be used for an upscale mixed-use development."

[Ayush]

It's about time! Surprised Hanover didn't secure the property but looking forward to seeing what comes of it.

[MidCenturyMoldy]

2 hours ago, j.33 said:

Uptown Galleria-area property on Post Oak sold for mixed-use (houstonchronicle.com)

 

"The land at 1750 Post Oak is across from BLVD Place."

Chronicle reporters are getting worse by the minute. "Across from BLVD Place" makes it sound like it's across Post Oak. "Next door to..." or "immediately south of..." would be so much clearer. Yes, I'm being a grump. The Chron does that to me.

[j.33]

At 3:30pm, it was updated to include this statement: "The partnership anticipates breaking ground in late 2025. Plans include 1.5 million square feet of "complementary luxury uses" including office, retail, hospitality, multifamily and "ultra high-end" condominiums."

[Bassclef]

A low rise apartment complex

[CREguy13]

52 minutes ago, Bassclef said:

A low rise apartment complex

That'd be something.

 

On a serious note, this will be quite the development. Wow

Edited May 14 by CREguy13

[Urbannizer]

Every forum must have its Debbie Downer.

[houstontexasjack]

1 hour ago, CREguy13 said:

That'd be something.

 

On a serious note, this will be quite the development. Wow

Word is they paid only $125psf so the economics of a wrap might actually work 😂

[astrohip]

On 5/13/2024 at 6:42 PM, Bassclef said:

A low rise apartment complex

Is there a reason you post this same comment in almost every thread about a potential new development?

[Bassclef]

Yes

Yes

[swtsig]

Best new poster award goes to...... @Bassclef!!!

Keep up the good work, friend!

[DotCom]

https://realtynewsreport.com/prime-tract-purchased-for-major-development/

[HTX1121]

this will not disappoint - it is in the right hands

[shasta]

4 hours ago, DotCom said:

https://realtynewsreport.com/prime-tract-purchased-for-major-development/

Meanwhile, the McNair's prime Uptown lot, on Post Oak, still sits undeveloped.

[monarch]

[bobruss]

4 hours ago, shasta said:

Meanwhile, the McNair's prime Uptown lot, on Post Oak, still sits undeveloped.

Breaking news .

The developers of Regent Square have been hired to turn it around for the McNairs>

[houstontexasjack]

12 hours ago, bobruss said:

Breaking news .

The developers of Regent Square have been hired to turn it around for the McNairs>

Kid: Dad, when will the McNairs start construction on Post Oak?

Deadbeat Dad: *looks at NRG Stadium*. I’d say when the Texans win the Super Bowl.

[Houston19514]

HAIFers excel at finding a cloud to wrap around every silver lining.

[bobruss]

It's a joke, so relax! I'm very positive about Houston. Hell Ive lived here 72 years. Some of us can poke fun and some can be curmudgeons. Lighten up a little bit.

[Houston19514]

35 minutes ago, bobruss said:

It's a joke, so relax! I'm very positive about Houston. Hell Ive lived here 72 years. Some of us can poke fun and some can be curmudgeons. Lighten up a little bit.

. Relax, indeed.

[shasta]

40 minutes ago, bobruss said:

It's a joke, so relax! I'm very positive about Houston. Hell Ive lived here 72 years. Some of us can poke fun and some can be curmudgeons. Lighten up a little bit.

I agree..it gets frustrating because we are one of the WEALTHIEST cities on planet Earth yet our developments continue to get VE'd compared to other cities which seem to build these grand districts/buildings.

We are literally one of the richest cities in the World:

https://www.henleyglobal.com/publications/wealthiest-cities-2024

 

[Houston19514]

Just now, shasta said:

I agree..it gets frustrating because we are one of the WEALTHIEST cities on planet Earth yet our developments continue to get VE'd compared to other cities which seem to build these grand districts/buildings.

We are literally one of the richest cities in the World:

https://www.henleyglobal.com/publications/wealthiest-cities-2024

 

What you are missing is that projects get VE'd, delayed and canceled in other cities as well.  I presume you are not seeing it because you don't follow other cities as closely.

[shasta]

2 minutes ago, Houston19514 said:

What you are missing is that projects get VE'd, delayed and canceled in other cities as well.  I presume you are not seeing it because you don't follow other cities as closely.

I do.. A LOT and I'd say our "grand" districts are not as "grand" as other cities in the class we strive to belong with.

Yes, I am referring to the top tier of cities because I believe we are in that class...

[DotCom]

https://www.bizjournals.com/houston/news/2024/06/03/leslie-doggett-john-goff-uptown-apache-land-deal.html

Prominent Houston businessmen share how they acquired one of Uptown's hottest properties

Apache Corp.’s recent sale of a prominent Uptown property to a trio of local businessmen resolved years of speculation about what would become of the highly visible parcel.

But two of the property’s buyers say the deal has been years in the making.

Longtime friends John Goff , who serves as chairman of Houston-based Crescent EnergyCo. (NYSE: CRGY) and Fort Worth-based Crescent Real Estate, and Doug Schnitzer, chairman and CEO of Houston-based Senterra LLC, partnered with Doggett Industries Executive Chairman Leslie Doggett last month to purchase the 6.3-acre parcel at the southwest corner of Post Oak Boulevard and Boulevard Place.

The three businessmen formed a joint venture called 1750 Post Oak Partners, with backing from Crescent Real Estate, the Schnitzer family and the Doggett family, to acquire the property.

The new mixed-use development that Goff, Schintzer and Doggett have planned for the site will be a mix of high-end office, hospitality, residential and retail.  Schnitzer was not immediately available for comment.

Doggett told the Houston Business Journal he had been looking at the property as a potential site for a high-end hotel and condominium building for at least the past three years. So when Apache Corp. listed it for sale, he was eager to make a bid. But just as he was putting a pitch together, he learned Schnitzer, his childhood friend, and his colleague, Goff, were also in the running.

“I called Doug and said, ‘I understand you have an interest in this property. I do, too,’” Doggett said. “'I am committed to buying the tract, and I know you all are too. Rather than bidding each other up, why don’t we go in on it together?'”

Not long after, the three businessmen teamed up via a “virtual handshake” to split the purchase price three ways, Doggett said. They declined to comment on how much they paid for the parcel.

“I was familiar with the property because, at one point, Crescent owned Post Oak Central, where Apache’s headquarters
was,” Goff said. “We had a relationship with the company way back then and even talked to them about developing it for them. I've always thought it was kind of the heart of the watermelon, so to speak. It's just an incredible location — and it's only gotten better with time.”

Part of the reason the three businessmen teamed up was they all had similar visions for the site.

Doggett wanted to develop the property as a combination hotel and condo project, while Goff and Schnitzer saw it as the perfect location for a mixed-use development, possibly with a hospitality element. Together, the three decided it should be a mix of both.

“I’ve always thought of it as a great spot for a hotel,” Goff said. “That part of town is in dire need of a high-end, luxury hotel. But there is also great potential for a mix of multifamily, whether that’s apartments or condos, retail-restaurants and creative office space.”

Goff added that his company has been looking for opportunities to invest in Houston.

"Crescent has had a long history and experience in Houston, having owned The Woodlands, Houston Center, the Four Seasons, Greenway Plaza, Post Oak Central, among many other properties," Goff said. "We love the city and have been looking for the right reentry. This extremely well-located blank canvas in Post Oak is an ideal reentry."

Doggett agreed, saying, “There are so many options for that site. We have an idea of what we want to build, but we’re still very much in the design phase.”

Doggett, Goff and Schnitzer currently are interviewing architects to develop a masterplan for the site, and they hope to break ground within the next few years. But one thing the three agree on is that a luxury hotel will form the cornerstone of the future development.

That said, they haven’t decided on a hospitality brand at this point. But several companies could be an option.

Doggett said he developed a relationship with Hilton Hotels & Resorts and the Ritz-Carlton Hotel Co. when he was looking at the property independently. Meanwhile, Goff ’s company has developed hotels under the Crescent brand in addition to building the Ritz Carlton in Dallas.

“A long time ago, we also owned the Four Seasons in Dallas,” Goff said. “I’m not going to suggest what kind of brand the hotel will be. But we know we want it to be a very high-end property. We feel Houston is ready for a new luxury hotel.”

Whatever the ultimate plan for the site involves, Goff and Doggett said it will complement the nearby Blvd Place development.

The parcel Doggett, Goff and Schnitzer purchased from Apache Corp. is part of the land originally assembled by Houston-based Wulfe & Co. and the late Ed Wulfe for development of Blvd Place.

Over the years, Wulfe & Co. developed 286,000 square feet of retail and office space, while The Hanover Co.
built two 30-story high-rise apartment towers next door.

Key tenants in Blvd Place include Whole Foods Market, the Houston headquarters for Frost Bank, Newmark, North Italia, True Food Kitchen and The Annie Café & Bar, among others.

Houston-based Whitestone REIT (NYSE: WSR) acquired Blvd Place in 2017 in a $158 million cash deal.

Apache Corp. ended up acquiring the 6.3-acre tract between the first two phases of Blvd Place in 2012
in a deal that was recognized as a finalist for the Houston Business Journal’s 2013 Landmark Awards. But the site has remained undeveloped for more than a decade.

“We’re trying to be very thoughtful about what we want to do with the site,” Goff said. “We want to embrace the surrounding area, and we’ve already been in communication with our neighbors, so we can be additive and in no way taking anything away from what already exists there. That process will, obviously, continue as we move forward.”