Almeda Mall Developments

[Trophy Property]

I get the weekly Recon report from the Real Estate Center and the following snipet was in there. I think someone was mentioned that Almeda Mall was being torn down.

Maybe a new owner will be able to bring some fresh ideas to Northwest Mall. That place is a dump (granted I have not been there in 10 years - so it might be nicer).

MALLS FOR SALE

HOUSTON (chron.com)

[native_Houstonian]

I get the weekly Recon report from the Real Estate Center and the following snipet was in there. I think someone was mentioned that Almeda Mall was being torn down.

Maybe a new owner will be able to bring some fresh ideas to Northwest Mall. That place is a dump (granted I have not been there in 10 years - so it might be nicer).

MALLS FOR SALE

HOUSTON (chron.com)

[Guest Plastic]

Pasedena TOwn Sqaure's going to be gone also.

[MarthaG]

Northwest mall needs a total makeover. Maybe something like Meyerland. Any other suggestions?

Native, you took the words right out of my mouth.

For the last couple of weeks I have spent a lot of time at the Meyerland shopping center. They have so many nice places to shop and eat that I was wishing we had a carbon copy of it on our side of town.

I've been going to NW Mall since it opened, and now it is mostly empty and the stores there are not where I choose to spend my money. I do still go on occassion to by tennies for the kids, or check the Palais Royal clearance rack, and pick up a sandwich at Chick fil- a (only one on this side of town).

On the other hand, I know that malls have become a thing of the past, but I have to admit that I like parking the car once and being inside moving from store to store. But if you are like myself and when you do go shopping, it is for some serious purchasing, then I want to be able to drop my bags off at the car after each store so I'm not dragging them around. Can't have it both ways, can I?

Anyway, does anyone know where we could lobby to get a Meyerland type center on our side of town? Who would be the right people to make a plea to?

[Trophy Property]

Anyway, does anyone know where we could lobby to get a Meyerland type center on our side of town? Who would be the right people to make a plea to?

The fact that the center is for sale is great news. I do not see a lot of interest from investors who plan on buying it to hold as is. It seems to me that those interested in pourchasing the center would have bigger ideas for the place. If Gulgate can be brought back fron the dead then surely Northwest Mall can as well.

It will take sameone with deep pockets and a nice vision. Ed Wulf comes to mind, although he might just have his hands full with the BLVD project.

[Guest Plastic]

Yes but Gulfgat isn't really what is used to be. Previously it was a full fledged mall. Now it's just a big strip center.

[musicman]

Yes but Gulfgat isn't really what is used to be. Previously it was a full fledged mall. Now it's just a big strip center.

Gulfgate definitely isn't what is used to be. since the first phase opened it has been successful however phase 2 is still a pile of dirt behind the first phase. I guess finding major tenants beyond the marshall's/ross type stores is difficult even for ed wulfe

i hope the new owners of Almeda put some life into the mall. I grew up in the vicinity and it is still the only "mall" on the se side without having to drive to a burb

Edited June 1, 2006 by musicman

[musicman]

Looks like Almeda has a contract to sell while Northwest is still in limbo.

-- Almeda Mall (Houston, TX) - the Company has a contract to sell this

property and expects to close the transaction in July 2007. Prior to

the sale, the Company plans to pay off the existing mortgage debt

without any significant pre-payment charges.

-- Northwest Mall (Houston, TX) - the Company remains committed to sell

this property and is in discussion with interested buyers.

[Vertigo58]

Looks like Almeda has a contract to sell while Northwest is still in limbo.

-- Almeda Mall (Houston, TX) - the Company has a contract to sell this

property and expects to close the transaction in July 2007. Prior to

the sale, the Company plans to pay off the existing mortgage debt

without any significant pre-payment charges.

-- Northwest Mall (Houston, TX) - the Company remains committed to sell

this property and is in discussion with interested buyers.

Now Baybrook Mall will get even more crowded. Farther to drive but I have been going there anyway opposed to Almeda.

Almeda's glory days have passed it seems. Like an old cruise ship ready for the salvage yard. Have a bad feeling its going to become a huge yugly Mexican flea market. No joke.

[musicman]

Now Baybrook Mall will get even more crowded. Farther to drive but I have been going there anyway opposed to Almeda.

Almeda's glory days have passed it seems. Like an old cruise ship ready for the salvage yard. Have a bad feeling its going to become a huge yugly Mexican flea market. No joke.

Baybrook has really never been appealing to me. i drive by there weekday going to and from work and i can always find somewhere else to go.

[sevfiv]

Almeda Mall bought for $40 million:

Glimcher Realty Trust has completed the sale of Almeda Mall to a joint venture that plans to "refresh" the aging property and add several junior anchors facing the busy Gulf Freeway. The 300,000-sf mall has been sold for $40 million, with the buyer geared to spend up to $80 million more on renovations.

The buyer is Almeda Mall LP, a partnership of Buchanan Street Partners, a real estate investment bank from Newport Beach, CA, and WCF Development Co., a Houston development company with its own management and leasing affiliate, Fox Properties. In a separate transaction, the partners also bought a vacant 200,000-sf JCPenney store at the 90%-leased mall, situated at the intersection of Interstate 45 and Almeda Genoa, for an undisclosed price. A 300,000-sf Macy's store that anchors the 43.5-acre mall was not included in either sale.

"We saw a great opportunity to improve the property," says Buchanan Street senior vice president Kristin Olson. "The mall appears fairly nice already, but we want to freshen it up a bit and re-tenant it. We want to take advantage of the frontage along the Gulf Freeway. Our intent is to create space for junior anchors along the freeway."

http://www.globest.com/news/961_961/gsrsou...t/162780-1.html

[musicman]

Almeda Mall bought for $40 million:

http://www.globest.com/news/961_961/gsrsou...t/162780-1.html

good for almeda. dozing penney's and adding the new section there will hopefully give the mall new life.

[GovernorAggie]

Glimcher is like the slumlord of malls. If they buy a mall, mark it down--that place will be a dump inside of 30 months.

Edited August 1, 2007 by GovernorAggie

[Vertigo58]

Glimcher is like the slumlord of malls. If they buy a mall, mark it down--that place will be a dump inside of 30 months.

Your probably right,

I captured this sentence from the link:

"The mall is well situated between two higher-end centers, the Gulfgate Mall and Baybrook Mall, but Almeda Mall is geared more toward the demographic in Almeda. We're looking for ideas that fit with that."

The demographic tells me the average income of the folks living in the area. I can tell you now, the average income for Almeda vicinity is at or below poverty level. So do you really think they will build a Nordstrom or other upscale stores? More than likely more low rate 5 and dime, rummage type stores.

TJ Max, etc. cheap junk and you can count on a mega-Fiesta or the like.

PS, I was at Macy's just the other weekend and it has lost respect for itself (Almeda local anyway). Most of Men's Dept was in complete disarray and there were hardly any clerks available. None in mens suits at all. They even started marking down most clothing and placing on real cheesy metal racks like you would see in a flea market. No joke. It is going down rapidly. Next they will hang clothes outside on racks like a yard sale and play blaring loud music, sell Corona. Crappy looking but hey, the locals probably would lust after it!

Oh and sell those cool Scarface T-shirts!

Edited August 1, 2007 by Vertigo58

[musicman]

the statement that gulfgate is a higher end center surprises me. with all the new houses in the area, i'm not sure i'd say the average income for the almeda area is at or below poverty level.

[Vertigo58]

the statement that gulfgate is a higher end center surprises me. with all the new houses in the area, i'm not sure i'd say the average income for the almeda area is at or below poverty level.

I wanted to laugh when I saw the Gulfgate higher end center part too. Living in a new house also means very deep in debt for many. Of course there could be 2-3 families in the same house so then I guess they could afford to splurge. Then the local culture historically means they more than likely are raising several children so money is even tighter. I'm just going to buy and wear a Scarface T-shirt and blend in. Can't beat em join em I say! Whad up y'all!

[musicman]

I'm just going to buy and wear a Scarface T-shirt and blend in. Can't beat em join em I say! Whad up y'all!

I'm sure you and KimberlySayWhat would feel right at home!

[flyingman]

I fear for what will become of the Almeda Mall space. I have wanted that place torn down for a while now. I was a little kid when I noticed how it was dying down. One day my mother was taking me for a ride on the mini-train, the next day it was all but a distant memory. I will vomit if it becomes extra space for more of those strip centers.

I hate the "let's gear it towards the demographic" instead of an idea outside the box that would benefit or inspire the area for the better. The planning around there sucks. Damn cookie-cutter houses went up like zits.

Edited August 1, 2007 by flyingman

[Vertigo58]

I fear for what will become of the Almeda Mall space. I have wanted that place torn down for a while now. I was a little kid when I noticed how it was dying down. One day my mother was taking me for a ride on the mini-train, the next day it was all but a distant memory. I will vomit if it becomes extra space for more of those strip centers.

I hate the "let's gear it towards the demographic" instead of an idea outside the box that would benefit or inspire the area for the better. The planning around there sucks. Damn cookie-cutter houses went up like zits.

Little story of Almeda Mall on JC Penney's side last summer or just before it closed.

It was around 2:00 pm in afternoon one day. Parked at Penneys parking lot. I ran in to drop off something and purposely left my car window down since I knew it would be for a short moment. When I was walking back to my car I get out my keys and some guy is glancing around and just about to open the door and jump in. He heard and saw me approaching, so I calmly acted like I was getting into another car nearby.

He walked back real fast to a waiting small truck, they fled. He was even wearing a uniform of a nearby fast lube! I could have been HPD doing a sting! Almeda needs to go, thats it.

Ugh, did some one say implosion? Dynomite!

[musicman]

It was around 2:00 pm in afternoon one day. Parked at Penneys parking lot. I ran in to drop off something and purposely left my car window down since I knew it would be for a short moment. When I was walking back to my car I get out my keys and some guy is glancing around and just about to open the door and jump in. He heard and saw me approaching, so I calmly acted like I was getting into another car nearby.

what mall doesn't have crime? i know yrs ago a friend worked at sears at baybrook. the employees used to park near each other in the parking lot. one day they went out and one of the ladies couldn't move her car. it started just fine evidently but didn't go anywhere. turns out, they stole her transmission right out of the parking lot.

[Vertigo58]

I wouldnt doubt it. Just like that couple that came home to find their huge above ground swimming pool was swiped. TV crew showed aerial view of where it once stood and it was big. Was full of water and inflatable floats, etc. Now that's "Desperate Living" (unlike the John Waters film)

Edited August 1, 2007 by Vertigo58

[djrage]

Suprised no mention of this at all.

from Real Estate Center

Houston-Sugar Land-Baytown Market News

http://recenter.tamu.edu/mnews/mnsearch.asp?AID=10

$40M sale of Almeda Mall; $80M in renovations planned - 8/1/2007

(Houston-Sugar Land-Baytown: Retail)

[Copyrighted content removed by Editor.]

[musicman]

there's a thread on it here.

[editor]

Please do not post copyrighted material on HAIF. We've already been contacted by A&M in the past because of people posting Recon stuff here.

Yes, all they're doing is re-writing stuff from newspapers and trade journals, not actual journalism; but they're still copyrighted re-writes.

[MarthaG]

Native, you took the words right out of my mouth.

For the last couple of weeks I have spent a lot of time at the Meyerland shopping center. They have so many nice places to shop and eat that I was wishing we had a carbon copy of it on our side of town.

I've been going to NW Mall since it opened, and now it is mostly empty and the stores there are not where I choose to spend my money. I do still go on occassion to by tennies for the kids, or check the Palais Royal clearance rack, and pick up a sandwich at Chick fil- a (only one on this side of town).

On the other hand, I know that malls have become a thing of the past, but I have to admit that I like parking the car once and being inside moving from store to store. But if you are like myself and when you do go shopping, it is for some serious purchasing, then I want to be able to drop my bags off at the car after each store so I'm not dragging them around. Can't have it both ways, can I?

Anyway, does anyone know where we could lobby to get a Meyerland type center on our side of town? Who would be the right people to make a plea to?

Hi everyone... I've been out of pocket again...but I heard the recent news about NW Mall...and thought I would drop by and see if anyone was talking about it.