HOUSTON | Development Thread II

[JoninATX]

Originally Posted by toxteth o'grady

The recesses mimic Hines' Bic Lighter building. Right down to the trees.

That what I thought we I first looked at it! Anyways it looks great, better that the original design they proposed back in 2008 imo.

[natenate]

[QUOTE=Urbannizer;6471119]





So Hines tower had a baby.

Looks nice though

[TXLove]

6 Houston Center looks nice and should compliment BG Group really well! Looks like its in the 450ft-500ft range!

[timoric]

-

[N90]

Apparently Downtown Houston is well over 90% occupancy.

http://www.bisnow.com/commercial-rea...er-deal-sheet/

[JoninATX]

That's real good, taken how large downtown Houston is. This may make way for the International tower, and Skanska tower.

[Urbannizer]

Originally Posted by HBJ

Judge denies request for temporary restraining order against River Oaks tower

A Harris County judge has denied residents’ request for a temporary restraining order to halt construction of an office tower in the River Oaks area.

Residents filed a lawsuit last week aiming to prevent the construction of Hines’ 167,000-square-foot office building at 2229 San Felipe. The lawsuit cited private nuisances, such as the height of the building, as well as public nuisances, such as additional traffic in the area.

Hines disputes the plaintiffs’ claims, saying the 17-story tower is not out of place in the area — which also includes the 34-story Huntingdon residential tower and the 13-story River Oaks Bank Building — and that it is designed to minimize the impact on factors such as privacy and traffic in the area.

http://www.bizjournals.com/houston/n...straining.html

[Zapatan]

Originally Posted by timoric

Houston's existing skyline really ages well (except for maybe the old Texas Commerce Tower). These smaller buildings really complement the bigger towers from the 1980's but fills everything in and add new colors and angles and combinations that are striking.

Agreed, good to see all these filler buildings, Houston needs a ton of those more than a few really tall ones, with the massive population increase I feel someday it will see another supertall

[Reverberation]

Originally Posted by Urbannizer

That was a good call. Yeah, it's out of place in the neighborhood...... Just like the thing that is twice as tall and one block west, and the other thing that is the same size that is also one block west..... as shown in the picture of the building we are providing.....

[TexasPlaya]

Originally Posted by N90

Apparently Downtown Houston is well over 90% occupancy.

http://www.bisnow.com/commercial-rea...er-deal-sheet/

That's pretty interesting, especially this part:

Crescent CEO John Goff tells us technology has advanced so quickly in the last five years that it'll be nearly impossible for existing buildings to renovate and be as nice and efficient as new construction can be. That's why Class-AA buildings are nearly full in Houston and why it's worthwhile to launch this newest property.

[toxteth o'grady]

Originally Posted by Reverberation

Yeah, it's out of place in the neighborhood...

So let them vote for a zoning ordinance if they don't like it.

[toxteth o'grady]

Originally Posted by TexasPlaya

That's pretty interesting, especially this part:

96%, according to the article. Though I don't know if that's everything or just the Class A space.

[glowrock]

Originally Posted by toxteth o'grady

96%, according to the article. Though I don't know if that's everything or just the Class A space.

Sounds like just Class A space, given the number of Class B and C buildings downtown that look like they're at least half vacant. Unfortunately, office vacancy rates are extremely easy to manipulate based entirely on the criteria of exactly which buildings and which areas you choose to include. It can make any comparisons of numbers between various companies that discuss said figures an exercise in futility.

Aaron (Glowrock)

[TexasPlaya]

Originally Posted by toxteth o'grady

96%, according to the article. Though I don't know if that's everything or just the Class A space.

Originally Posted by glowrock

Sounds like just Class A space, given the number of Class B and C buildings downtown that look like they're at least half vacant. Unfortunately, office vacancy rates are extremely easy to manipulate based entirely on the criteria of exactly which buildings and which areas you choose to include. It can make any comparisons of numbers between various companies that discuss said figures an exercise in futility.

Aaron (Glowrock)

Article is definitely referring to class A space. The article suggests that companies are hungry for new class A space because of the modern conveniences and technology.

[N90]

Originally Posted by TexasPlaya

Article is definitely referring to class A space. The article suggests that companies are hungry for new class A space because of the modern conveniences and technology.

It goes without saying. DTH's overall vacancy is 12% but class C space and lower end class B space are 8% of that. These were built primarily in the 60's, 70's, and 80's. They're all obsolete and inferior to today's standard.

Like Dallas' DT, you'll see a lot of these old class B and class C space office buildings renovated, abesetos removed, and repurposed as residential or hotel. Or just torn down for something usable if they're nonrepairable.

DT's healthy ATM and the new construction is desperately needed to keep the rents leveled but there's 415k about to enter the market with 2 Shell that we also have to consider. Although I've heard it'll be off the market because of an expensive renovation?

Hines' marketing team has a solid reputation, I have no doubt in my mind that his 609 Main moving forward this month that he has big tenants with the pen in their hand. I know the HC and Skansha people have been actively marketing their newer spaces too. I think we'll see some signings before these buildings even finish construction.

[N90]

Also I couldn't help but notice that the Block 98 residential tower easily exceeded most our expectations. We had assumed it would be 34 floors, turns out 38 that's better.

I like that building. It's slim but it uses the land in a smart way. I hope infill introduces more land conserving residential towers like that.

[shakman]

Originally Posted by N90

Also I couldn't help but notice that the Block 98 residential tower easily exceeded most our expectations. We had assumed it would be 34 floors, turns out 38 that's better.

I like that building. It's slim but it uses the land in a smart way. I hope infill introduces more land conserving residential towers like that.

Now we know the facts.

[toxteth o'grady]

If the rumors of lot shortages in the region for single-family development are true, I expect a lot more vertical development. I would expect the desire to cut commute times will drive more density closer to downtown.

At the same time, I'm seeing a lot of empty car dealerships north along I-45 between 610 and Beltway 8, and I have to wonder if those aren't ripe for redevelopment.

[N90]

Belfiore is 60% sold out:

Luxury in Houston is about to get more spacious, causing buyers to quickly pull out their checkbooks.

Houston-based Interfin Cos. broke ground last week on its joint venture, a luxury high-rise condominium in Uptown, which features floor plans larger than any other in Houston.

It's already 60 percent sold out.

The tower will sit on 2 acres at the southeast corner of Post Oak Lane and South Wynden Drive, between San Felipe Street and Woodway Drive.

Designed by Houston-based Kirksey Architecture, Belfiore, a 26-story tower, will feature only 46 residences, including two penthouses, with two homes per floor. Each home spans about 4,650 square feet, in addition to 700 square feet of terrace, starting at $2.5 million. Construction is expected to be completed by spring of 2016.

http://m.bizjournals.com/houston/blo...lf-before.html

[toxteth o'grady]

Originally Posted by N90

Belfiore is 60% sold out:

That's pretty good. Earlier I recall seeing it was half-subscribed. I assume we'll see a crane there soon.