HOUSTON | Development Thread II

[rellott]

^^^Totally agree. I love how many different colors our skyline has. I can't remember if it was Philip Johnson or Gerald Hines that once said the "Houston Skyline is like a canvas waiting for the next brushstroke"

[toxteth o'grady]

Originally Posted by HoustonHorns

Houston actually has more unique buildings than most, they just don't dominate the skyline.

Case in point, the old Pennzoil Place, now obscured by taller buildings.

[toxteth o'grady]

Hot off the BisNow press, it's Skanska's second phase development at West Memorial Place. It's 14 floors and 381,000 sf. And it just broke ground (did every project in town decide to break ground on September 8, or am I imagining things?):

[toxteth o'grady]

BisNow also has an advance preview of their September 17 multifamily summit, including these tidbits:

"Quick resales

Typically, multifamily owners have projected hold periods of at least three years, but Russell tells us his team (which has done 560 property tours this year) has 33 assets it’s sold twice in the last two years. (You know things are hot when it's necessary to keep the deed in your back pocket for quick access.) Most were distressed or value-add deals that were fixed up and able to hit projected exit pricing more quickly than owners thought. (Cap rates have dropped 25 to 50 points in the last nine months—not on interest rates, Russell says, but purely on Houston’s fundamentals.) Look for the number of transactions this year to surpass 2013.

High density takes over

ARA principal David Marshall, Tom Dosch, principal Tim Dosch, and Clark Dalton say the future of Houston multifamily is high-rise. Tom tells us there are 20 such projects under construction or in the pipeline (ARA's handled 10 high-rises so far this cycle), spread throughout the city—not just the Inner Loop. He says the barrier to entry to multifamily development now is finding a site big enough. One year ago, very few developers would look at sites smaller than one and a half acres, and most wouldn’t consider high-rise. Now developers will consider tracts as small as 30k SF, and almost everyone is talking high-density. Pictured below, TDI's planned development on 1.47 acres near Memorial and Houston Avenue. The ARA gents handled the site acquisition.

Clark says single-family is going higher-density, too. The ARA team has closed 60 single-family deals this cycle totaling 5,000 acres. The passing of Chapter 42 last year increased permitted single-family units per acre from roughly 16 to 27, and now multifamily and single-family buyers are competing for the same tracts. Tom tells us he handled a four-acre site in the Heights recently that had a number of multifamily offers but ended up being bid up by three (and closing to one) townhome developers. It’s happening all over town: Clark also just closed a five-acre site in Kingsland that’ll become high-density townhomes, something that hasn’t happened so far west before."

And apparently properties are being flipped at a faster pace than anticipated:

"...investors are willing to pay premium pricing to lock in a deal early because they believe strongly in Houston’s job growth and next few years of rent growth..."

[shakman]

Originally Posted by toxteth o'grady

It's the 15-story hotel proposed next to their office tower atop the GRB garage. It only needs an operator.

I thought that development was on the north end of GRB. If is that case, the object on right of photo would block the view.

[toxteth o'grady]

Originally Posted by shakman

I thought that development was on the north end of GRB. If is that case, the object on right of photo would block the view.

The Alessandra is west and south; the GHP hotel is west and north.

[toxteth o'grady]

Demo date set for the Houston Club building - October 19:

Downtown high-rise to be demolished next month

[toxteth o'grady]

This outfit is not well known in Houston, but that could change. Northstar Healthcare considers building a 100k sf hospital building up near Exxon Mobil.

New hospital under consideration near Exxon campus

[Urbannizer]

Originally Posted by CultureMap Houston

Houston's new park place? Seven-story condo building to rise over Buffalo Bayou with views Galore

Riva at the Park, a seven-story, 22-unit condominium mid-rise developed by Sims Luxury Builders, is set for construction at 3331 D’Amico St. off Allen Parkway with views of Buffalo Bayou Park.

Starting in the $700s, Riva at the Park homes will be available with nine different floor plans ranging from 2,100 to 3,600 square feet. Details include custom-designed Eggersmann kitchen cabinetry and Miele appliances for the kitchens, as well as a spacious guest lobby, controlled access to the building, a fitness facility and climate controlled storage units. The building also features energy-efficient windows and doors and a private parking garage on the first two floors.

The neighborhood offers amenities such as waterfront dining, entertainment venues and shops. Condo balconies and walls of glass overlook the park and some units will feature views of the downtown skyline.

The 160-acre Buffalo Bayou Park — which underwent a $58 million renovation — is a short walk from the condos. Lost Lake at Dunlavy, the much-anticipated private event restaurant from the Clark Cooper team; a dog park and a skate park are some of attractions nearby.

“When I saw the site, I immediately recognized its potential,” Sims said in a statement. “RIVA at the Park is our opportunity to give Houstonians something that currently doesn’t exist — an innovative and sophisticated urban home within a tranquil environment featuring expansive views of the city while the best amenity of all lies right outside the lobby doors — Buffalo Bayou Park.”

Sudhoff Companies is handling the marketing and sales of the Sims Luxury Builders project. The sales office will hold a grand opening Wednesday at 3331 D’Amico St., from 5 to 7 p.m.

http://houston.culturemap.com/news/r...ce=sf_facebook

[Nucleareaction]

Originally Posted by Urbannizer

There is a big apartment complex there, is that coming down for this? Or maybe they are tearing down those small buildings next to the complex, shaded by the tall apartment tower...

[toxteth o'grady]

Originally Posted by Nucleareaction

There is a big apartment complex there, is that coming down for this? Or maybe they are tearing down those small buildings next to the complex, shaded by the tall apartment tower...

Well, sort of big. There are 22 units, ranging from 2100 to 3600sf, so few units but generous floor plans. Sounds like the Belfiore, only shorter and with fewer units.

[Nucleareaction]

Originally Posted by toxteth o'grady

Well, sort of big. There are 22 units, ranging from 2100 to 3600sf, so few units but generous floor plans. Sounds like the Belfiore, only shorter and with fewer units.

Perhaps I was unclear

In trying to figure out the location of this one, there is a complex at the intersection of Allen Parkway/Dunlavy/D'Amico. Is this going next to that complex?

[toxteth o'grady]

Not sure. Google's not helpful, but I'm guessing it's that vacant lot.

Meanwhile, some fresh evidence that buildings Downtown will find tenants. A small expansion.

Energy private equity firm to move its HQ to Houston

HBJ reports on 9/12 that they are looking to move into new and probably larger space, probably outside BG Group Place.

[Urbannizer]

Originally Posted by Nucleareaction

Perhaps I was unclear

In trying to figure out the location of this one, there is a complex at the intersection of Allen Parkway/Dunlavy/D'Amico. Is this going next to that complex?

The project will go up where the former dentist office and bridal shop building sits.

http://swamplot.com/signs-of-a-plann...vy/2014-08-20/

[AviationGuy]

Riva at the Park appears to be a very handsome looking building (the rendering). Love the design.

[toxteth o'grady]

Keep that residential going!

August another hot month for housing

"...Housing inventory remained low in August with a 3-month supply. Fewer houses to buy meant higher prices and faster closings.

The median price for a single-family home in August was $206,000, up 10.4 percent over a year earlier. And homes stayed on the market an average of 46 days. In July, that number was 45 days, the lowest on record..."

I'm trying to figure out how a 3 month supply of homes translates into a 46-day time on the market for homes. But the median home price of $206,000 is stunning.

[toxteth o'grady]

I forgot to mention this one...



The Buckingham community for seniors is about to get bigger

When I mentioned this one, I had no idea the addition was going to be ten stories tall...

Now with 323 units, The Buckingham to add 10-story tower on adjacent property

No renders, though...

[Urbannizer]

Another SkyHouse is planned for Houston, SkyHouse Main is proposed for the block next to SkyHouse Houston (Block 368). Construction will begin in mid-2015. No word on the floor count, or which top will be used.

http://www.houstonarchitecture.com/h...-2#entry475309

SkyHouse Uptown - Charlotte, NC

[JoninATX]

It's great to see another Skyhouse in Houston, but why build it right beside one another?

[Double L]

Probably they need more space. Some new twin towers for Houston!