Quote:
Originally Posted by cloud713
the 650 million is spread across 3 different Uptown properties..
and while the Palazzi is underwhelming, it was only supposed to be around 28 stories.
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The larger article does appear to flesh out the proposed investments in more detail. Apparently, when AmREIT dropped the partner, they reconfigured the project. That initial investment is $80 million.
"...Its agreement with Crimson Real Estate Adivsors to develop a high-rise in Uptown Park expired and was terminated. After negotiating for development rights on a parcel adjacent to the high-rise site, AmREIT now plans to develop an $80 million project with 200 high-end rental units and 40,000 square feet of retail. Construction is expected to begin next year.
›› It is negotiating a joint venture with a multifamily developer to build a 40-story, 365-unit residential tower with two stories of retail on a 1.58-acre site at the northwest corner of Post Oak Boulevard and San Felipe. AmREIT would retain ownership of the land and ground-lease the site to the anticipated venture. Total costs are estimated to be $142 million. Construction could begin in the next 12 months.
›› It has acquired a 20.3 percent ownership interest in the Inverness Townhomes at the northwest corner of Post Oak Boulevard and Uptown Park Boulevard and plans to purchase the entire site and form a joint venture with Trammell Crow Co. to develop 560,000 square feet of office space and 16,000 square feet of retail space. Estimated project costs are more than $225 million, and construction could begin within the next 12 to 15 months.
›› It is in negotiations with a four-star hotel brand and development partner for a mixed-use project at the southeast corner of Uptown Park. The project could include 243 hotel rooms, 234 residential units and up to 20,000 square feet of retail space. Total project costs are estimated at around $204 million, and construction could begin within the next 18 months..."
None of these projects starts moving dirt until 2015, so we'll wait to see what happens.