HOUSTON | 1111 Main St. | FT | FLOORS

[Urbannizer]

Developer: ?
Architect: Gensler
Type: Residential or Hotel Use w/ 90,000 square ft. of retail.
Location: 1111 Main St. (Downtown)
Construction Timeline: 2016 Start Date

Originally Posted by Houston Chronicle

City seeks redevelopment proposals for prime downtown parcel

As city officials continue to push for more shops and restaurants to open downtown, they have issued a call to developers interested in building a high-rise residential tower or a hotel, both with retail space, on a site along Main Street.

As part of the proposal, a 35,579-square-foot site at 1111 Main at Dallas - formerly the Sakowitz department store - would be sold and redeveloped. The site now holds a parking garage.

"This property is ripe to be developed into a mixed-use property as it connects the convention corridor to Main Street, which historically has been, and continues to be, the heart of downtown," Bob Eury, president of the Downtown Redevelopment Authority," said Monday in a statement. "Our priority is to see signature retail along with public parking as part of the project, but we also think that residential and/or hotel would be a great fit."

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The group has issued a "request for qualifications" to development teams interested in pursuing the project. It will be seeking developers that can demonstrate experience and financial strength, the ability to secure national retail tenants and a quality building design.

The authority is working with the building owner to administer the process of selecting a firm, or firms, to negotiate a purchase agreement with. The proposal also involves the chosen developer leasing two or three floors in an adjacent office building at 1010 Lamar for additional retail space. Younan Properties owns both buildings.

Requirements include providing 587 parking spaces at market rates and developing 90,000 square feet of retail.

A presubmittal meeting will be held April 15 at the authority's offices in 2 Houston Center. The deadline for submittals is May 26, and officials hope to execute a sale by Feb. 15, 2016.

Full Article: http://www.houstonchronicle.com/busi...me-6168588.php

http://www.mainstreettirz.com/images...in_RFQ_WEB.pdf

[Urbannizer]

http://www.houstonchronicle.com/busi...#photo-8161660

Originally Posted by Houston Chronicle

Downtown retail plan attracts potential developers

A half dozen groups interested in improving downtown Houston's retail options submitted initial proposals to redevelop the former Sakowitz department store building on Main Street, officials said Tuesday.

The responses from the six groups, which the authority declined to name, are based on a formal request issued earlier this year seeking developers that could demonstrate financial capability, experience and the ability to secure national retailers.

The six responses to the request have been reviewed and a committee has identified a shortlist of groups that have been asked to provide additional information before a final decision is made.

The deadline for the final submissions is Aug. 10, and a deal could be finalized early next year.

[Urbannizer]

Downtown RE Update 2Q 2015:

http://downtownhouston.org/site_medi...te_2015-2Q.pdf

The Downtown Redevelopment Authority issued an RFQ seeking a developer to redevelop 1111 Main and 1010 Lamar into a development consisting of the existing office building plus new retail, parking and residential and/or hotel. The DRA received six responses, and three have been shortlisted, with final proposals due August 10.

[Urbannizer]

http://blog.chron.com/primeproperty/...pment-project/

Originally Posted by Chron

City has shortlist for downtown redevelopment project

Downtown officials have narrowed down the list of developers they are looking at to redo downtown’s former Sakowitz building and an adjacent property to three, the latest step in a plan to add more retail options to the city center.

The Downtown Redevelopment Authority hopes to facilitate an agreement between the owner of 1111 Main and 1010 Lamar and a developer that would result in a mixed-use project with some 90,000 square feet of retail space along with residential units or a hotel.

A half dozen groups, which the authority declined to name, submitted initial proposals early this summer. Each of the three groups on the shortlist has been asked to provide additional information, which is expected to come in by Sept. 15, Ryan Leach, executive director of the Downtown Redevelopment Authority, said at a monthly board meeting Tuesday.

“If all goes well … we are hoping we can get that paper work wrapped up before the end of the year and have the project started as soon as possible thereafter,” he said.

[Urbannizer]

The building that will be demolished:



1010 Lamar, the lower levels of this office building will be redeveloped.

[Urbannizer]

A developer has been chosen. More to come soon.

[Urbannizer]

First look, it appears the project will be an expansion of GreenStreet.

http://greenstreetdowntown.com/direc...office-concept

Shifting from the traditional corporate cubicle, The Concept at GreenStreet offers entrepreneurs and big businesses alike the opportunity to create a more collaborative and innovative work environment surrounded by amenities within the heart of Downtown Houston.

With floor plates between 5,000 and 37,000 SF available for a one-of-a-kind office environment, The Concept features 18’ ceilings, rectangular spaces with no core to create efficient and dynamic environments and the opportunity to create mezzanines and indoor and outdoor break areas.

[Wattleigh]

https://www.houstonchronicle.com/bus...y-12935089.php

Former Sakowitz building, adjacent office tower hits market as energy outlook brightens
By Nancy Sarnoff
May 22, 2018 Updated: May 22, 2018 4:39pm

The owner of a downtown office tower and adjacent parking garage that once housed the Sakowitz department store has listed the property for sale, citing an upswing in the energy industry.

Younan Properties, a commercial real estate firm based in southern California, has hired property brokerage HFF to sell the 19-story building at 1010 Lamar and the 1111 Main garage.

“The oil and gas market has been improving and we felt this would be an opportune time to market the property,” chairman and CEO Zaya Younan said in an email.

But even as the energy sector gains strength after years of dragging down the economy, the office market isn’t likely to benefit immediately.

“Office-using employment will see little job growth this year. Without an increase in demand for office space, it could take another three to five years to absorb the surplus in available space,” according to a Cushman & Wakefield report.

Downtown’s office availability rate, including sublease space, is 25.3 percent, compared with 27 percent market-wide, the report stated.

Younan’s 277,991-square-foot building was constructed in 1981. The parking garage was added in 1998 when the Sakowitz department store was purchased and converted. It has 490 spaces.

The office space is 55 percent leased. Offers on the property are expected to be in the the low- to mid-$40 million range.

[The Best Forumer]

awesome. the sooner the better.

[Wattleigh]

May be some positive movement on this site (among others) in the future. Not necessarily guaranteeing a tower, but redevelopment does seem to be in the cards.

This post c/o hindesky on HAIF from 1/30/23 explains further.

Interesting tidbit from this week's City Council agenda regarding the capital improvement plan for the MAIN STREET/MARKET SQUARE REDEVELOPMENT AUTHORITY:

The FY23 – FY27 CIP Budget totals $64,631,000 and includes economic development program provisions for office-to-residential conversion plan and blight removal targeting 901 Main, 801 Jefferson, and 1111 Main; San Jacinto Street reconstruction to connect to Hardy Yards; the installation of enhanced pedestrian lighting through key walkable corridors Downtown; mobility connections to the Near Northside; and infrastructure and improvements in the Warehouse District.

[JMKeynes]

Very nice.