HOUSTON | Development Thread II

[JManc]

Originally Posted by toxteth o'grady

An interesting day in the oil business could boost Houston's demand for office space - or consolidate it. AMEC and Foster Wheeler just merged, and identified Houston as their hub for the Americas. And Halliburton may be buying Baker Hughes...

Energy engineering giants merge, will base Americas unit in Houston

Halliburton Said to Be in Talks to Acquire Baker Hughes

I get called for an interview with Baker Hughes for a pretty good job this afternoon and this is announced this evening. FML

[Urbannizer]

Originally Posted by toxteth o'grady

Very nice; it clears up a few mysteries. Any start dates for both?

Camden Conte: (Phase One) - 1Q 2015 Start Date - 1Q 2017 Completion. (Phase Two) - 1Q 2017 Start Date - 1Q 2019 Completion

Cosmopolitan of Houston: 3Q 2015 Start Date - 3Q 2017 Completion

[toxteth o'grady]

Originally Posted by Urbannizer

New Downtown Development Map Released:

http://www.downtownhouston.org/site_...11x17_cond.pdf

Well. what do you know - a render of the Hamilton. Five stories of residences on one level of parking. And not bad looking, considering the rumors it would have affordable residences.

And 5 Allen Center is back to 50 stories again (assuming that image is not outdated).

[toxteth o'grady]

What, me worry? (says Swamplot, citing many sources)

DON’T Y’ALL GO WORRYING ABOUT THE FALLING PRICE OF OIL NOW

[Clev]

Wow, so many new renderings! I really like the Marlowe. The Camden project looks like the Catalyst, but that's a good design, so I'm not complaining. The Cosmopolitan will fit in nicely around the ballpark.

[Urbannizer]

1800 San Jacinto (Block 384): They've altered the design.



The Hamilton:

[toxteth o'grady]

So is the Cosmo Downtown any relation to the Cosmo Uptown?

I like the design for the Hamilton; it could have been a lot worse.

[toxteth o'grady]

Houston is about to experience a Surge...

New developer launches 10 residential projects in central Houston


And it will all be needed.

Transwestern forecasts strong Houston commercial real estate market in 2015

[N90]

If all these DT developments happen, you guys realize that's a 30% reduction in the surface parking lots right?

Infill nation in DTH.

[toxteth o'grady]

I do not want to see any stories on The Shortage of Surface Parking...

[N90]

Originally Posted by toxteth o'grady

I do not want to see any stories on The Shortage of Surface Parking...

What kind of a person could actually miss those flat, concrete, and ugly abominations?

BTW love the renderings. Yes, yes, lots and lots of infill. That's all that matters. Infill.

[Monarch]

THE HAMILTON, seems to boast a strong, well put together, tasteful, along with very clean lines.. prospective edifice. i am happy as per this strong design as per that particular vicinity of the cbd... well done indeed!

[N90]

Technip pre-leases more office space:

Technip just signed a huge expansion at Mac Haik's Energy Plaza, taking down 104k SF in the soon-to-deliver Energy Tower IV. Just last year, Technip leased the full 438k SF Energy Tower III, also inking its deal before the building delivered. Mac Haik director of leasing Steve Bryant (whom we snapped with the two buildings Technip will call home) repped the landlord with colleague Brandon Poynter, and tells us ETIV will be complete by Jan 15, but Technip and Spectrum are building out their spaces now, with plans to open for business in March. He and Brandon still have 284k SF available. CBRE's Steve Hesse, Brandon Clarke and Jeff Cairns sat at the other side of the table.

https://www.bisnow.com/houston/news/...es-Again-40464

[toxteth o'grady]

This is another reason why I'm not as concerned about overbuilding in the office sector. There still seem to be plenty of tenants, some of whom are looking to increase the size of their staffs.

BisNow also had a brief mention of Verde Parc and the changing pattern of outlet mall development. If this happens, it's going to be very close to Katy Mills (though it was originally mapped out as a mall development before it got sold by Simon Properties):



"To keep up with demand, retailers have started manufacturing MFO (made for outlet) merchandise. Next on Ed’s agenda: leasing the retail components of Verde Parc (120 acres along the Grand Parkway in West Houston that’ll feature office, multifamily, restaurants, hotel and retail). The site (pictured) actually used to be owned by Simon but was purchased by Parkside Capital at the beginning of the year. He’ll start talking with users and site developers in early 2015"

[toxteth o'grady]

Incidentally, Houston seems like a good place for MFO manufacturers to locate, and if there are hints the energy industry is slowing down, a few of these will help with the job creation and space absorption. The GHP should be talking to prospects, especially those who use oil-based plastics and related products.

[The Best Forumer]

Originally Posted by toxteth o'grady

This is another reason why I'm not as concerned about overbuilding in the office sector. There still seem to be plenty of tenants, some of whom are looking to increase the size of their staffs.

BisNow also had a brief mention of Verde Parc and the changing pattern of outlet mall development. If this happens, it's going to be very close to Katy Mills (though it was originally mapped out as a mall development before it got sold by Simon Properties):



"To keep up with demand, retailers have started manufacturing MFO (made for outlet) merchandise. Next on Ed’s agenda: leasing the retail components of Verde Parc (120 acres along the Grand Parkway in West Houston that’ll feature office, multifamily, restaurants, hotel and retail). The site (pictured) actually used to be owned by Simon but was purchased by Parkside Capital at the beginning of the year. He’ll start talking with users and site developers in early 2015"

Sounds like a lot of sexual harassment cases.

Originally Posted by toxteth o'grady

Incidentally, Houston seems like a good place for MFO manufacturers to locate, and if there are hints the energy industry is slowing down, a few of these will help with the job creation and space absorption. The GHP should be talking to prospects, especially those who use oil-based plastics and related products.

Are you saying that jobs associated with retail outlets will replace jobs in the energy industry?

[toxteth o'grady]

Nah - they will probably be in addition. The MFO's are manufacturing jobs.

Oil was up $2 a barrel today. We'll see if it's a mirage.

[AviationGuy]

Originally Posted by N90

What kind of a person could actually miss those flat, concrete, and ugly abominations?

BTW love the renderings. Yes, yes, lots and lots of infill. That's all that matters. Infill.

Last time I saw those parking lots, they also had weeds growing through the cracks in the asphalt, with plenty of broken glass and other trash. That was about 5 years ago. I'm really looking forward to seeing the infill progress in person next time I get a chance to see that side of downtown.

[toxteth o'grady]

More details on the Marlowe have been provided by Swamplot - including an address - 1211 Caroline Street. Meanwhile, inflation being what it is, 20 is now 18 (though it could still be 20)...

Here’s a First Glimpse of the Actual Design for the 100-Unit Condo Tower Randall Davis Wants To Put at the End of GreenStreet Downtown

[toxteth o'grady]

And in a bit of unfortunate news, Tilman Fertitta of Landry's went on a rant and claimed Houston could be at the epicenter of a real-estate bubble popping and that inflation is incredible (probably because he's priced building materials recently). I wonder if he is getting ready to quietly back-burner his hotel proposal...

TILMAN FERTITTA SEES AND SMELLS A NATIONWIDE REAL ESTATE CRASH, STARTING IN HOUSTON