HOUSTON | Development Thread II

[toxteth o'grady]

And BisNow just chimed in with the cheery news that there's little risk of multifamily being overbuilt:

"HFF senior managing director Todd Marix says Houston was projected to add 65,000 jobs this year, but we’ll be closer to 110,000 added. He hasn’t heard of a development not hitting its projected rent and lease up. And although capital sources are regularly asking him about overbuilding, more keep flocking to Houston—he says four years ago, Freddie Mac had 80% of our market share, but now it’s spread out among all types of investors. Above, 375 attendees joined us bright and early at the Houstonian."

The most recent BLS stats put Houston at a 110,000 job gain YOY ending in July, and the numbers for oil and gas hiring are stronger than they were even last year and the year before, so that's a good sign for both multifamily and office leasing.

BisNow is also noting the scarcity of residential lots:

"ARA founding principal Matt Rotan says multifamily is in the 6th inning of an extra-innings game. He says besides our job and population growth, he sees more demand drivers coming down the pipeline, like the Panama Canal expansion, insufficient single-family lots (we’re down to a 2.1-month supply in Houston), and preleased office development. He thinks our market will get more liquid before it gets less. And he’s less concerned about that frothiness Clay sees—he says putting hard money on day one can be the only way to win a deal, and it makes sense for people who already own substantial footprints in Houston and know what they’re doing."

[Urbannizer]

Originally Posted by HBJ

More details unveiled in Houston high-rise projects

Nearly four years after Hines entered the multifamily sector, the international real estate developer is poised to deliver three new projects across Houston.

After building Waterwall Place in the Galleria area, Hines is working on three multifamily projects in three other booming neighborhoods: downtown, the Museum District and Upper Kirby. The Houston-based developer was able to move fast into the multifamily arena because of its longtime experience building office towers and industrial projects.

The Southmore
Location: Southmore Boulevard and Caroline Street, inside the Museum District
Size: 24 stories, including a six-story podium garage
Number of units: 233, ranging in size from 650-square-foot studios to 4,000-square-foot penthouses
Average unit size: 1,300 square feet
Amenities: 24/7 concierge, valet and porter service, gym, grand living room, Internet cafe, gourmet cooking kitchen, movie theater and aqua lounge. Granite countertops, Italian cabinets, stainless-steel appliances, gas stoves and hardwood floors inside the units
Rent price: Not yet released, but will be priced between One Market Square and 21Eleven
Estimated completion: August 2016
Unique feature: Hines is building a park with ground-level retail and restaurant space next to the high-rise.

One Market Square



Location: Travis Street and Preston Street, in downtown Houston
Size: 32 stories, including an eight-story podium garage
Number of units: 274, ranging in size from 650-square-foot studios to 3,000-square-foot units
Average unit size: 1,200 square feet
Amenities: 24/7 concierge, valet and porter service, gym, grand living room, Internet cafe, gourmet cooking kitchen, movie theater and aqua lounge. Granite countertops, Italian cabinets, stainless-steel appliances, gas stoves and hardwood floors inside the units
Rent price: Not yet released, but will be priced higher than Hines’ other two multifamily projects under development
Estimated completion: September 2016
Unique feature: Built in a historic district, the high-rise’s base incorporates historical architectural features, like brick and cast stone, while the tower will be built out of modern glass and steel. The ground level will feature retail — including a restaurant, café and possibly a boutique grocery store — as well as a pocket park.

Full article: http://www.bizjournals.com/houston/n...high-rise.html

[toxteth o'grady]

Is that the new name?

[toxteth o'grady]

Embassy Suites is moving into 3 Hughes Landing.

Another new hotel on tap for The Woodlands

Here's a possible rendering...





More hotel stuff out in Westchase.

Westchase District draws extended stay hotels

[H-town_Rep]

Originally Posted by Houstono

What happened to the 1600 Louisiana Tower? It looks even better now in the skyline than the previous renderings.

Love this picture

[Michi]

Came across the rendering for this today:

http://www.bizjournals.com/houston/n...build-new.html

Anyone have more information? I haven't noticed any previous posts about it.

Amegy Bank N.A. said March 27 it bought a 4-acre site just inside the 610 Loop near the Galleria to build its new Houston corporate headquarters.

The site, 1717 W. Loop South, currently houses Micro Center. The computer and electronics retailer will remain at its current site until it opens a new location near the 610 Loop and Highway 59 Southwest Freeway interchange later this year.

Construction on Amegy's new 350,000-square-foot building is expected to begin early next year...

[Wattleigh]

Originally Posted by Michi

Came across the rendering for this today:

http://www.bizjournals.com/houston/n...build-new.html

Anyone have more information? I haven't noticed any previous posts about it.

http://forum.skyscraperpage.com/showthread.php?t=210989

[Urbannizer]

New website launched for the Convention Center Redevelopment: http://www.houstonconventiondistrict.com/

[Urbannizer]

Construction updates by Triton - 9/20

State National Bank Building



500 Crawford



Texaco Building Redevelopment











JW Marriott







Alexan Midtown





Mid-Main





The Susanne

[toxteth o'grady]

Originally Posted by toxteth o'grady

The most recent BLS stats put Houston at a 110,000 job gain YOY ending in July

Make that 107,000 YOY, through August. The print version of the Chronicle has details which suggest the torrid pace, fueled by engineering and energy jobs, will continue.

Local unemployment rate dipped to 5.4 percent in August

And Siemens buying Dresser-Rand is going to probably generate more demand for office space locally. DR is going to represent Siemens' oil and gas-related businesses, which will be headquartered in Houston.

[toxteth o'grady]

So what's being done with the State National Bank building?

[toxteth o'grady]

Some of you may have noticed I have an interest in local theatres. Progress on the Queensbury Theatre over in Town and Country is coming along. (and this photo doesn't do it justice).

[Urbannizer]

Originally Posted by toxteth o'grady

So what's being done with the State National Bank building?

Cleaning up the exterior and putting the building to use. Office space with ground floor retail.

http://www.houstonarchitecture.com/h...tion/?p=446061

[Urbannizer]

New glass going up on the Central Bank Building. 9/21 by Triton

[toxteth o'grady]

Speaking of donated buildings:



This is going up on Washington Avenue, according to BisNow:

"Houston firms are teaming up to build a new HQ pro bono for Big Brothers Big Sisters that will boost its capacity to mentor Houston’s youth. It’ll have a color-changing, three-story feature wall that should become a new iconic landmark..."

[Urbannizer]

Official Announcment

Originally Posted by HBJ

New SkyHouse residential tower to rise in downtown Houston

Developers are planning to build a second SkyHouse residential tower in downtown Houston.

Novare Group Inc. submitted plans to the city of Houston for SkyHouse Main, a 24-story apartment tower that will be located directly south of the developer’s 25-story SkyHouse Houston project. The projects will be located at 1625 Main Street, between Pease and Leeland streets.

SkyHouse Main will mirror SkyHouse Houston, which broke ground in early 2013. Both projects feature 336 units with floor-to-ceiling glass and 9-foot-plus ceiling heights. The units will boast stainless steel appliances, granite countertops, wood floors, balconies and high-speed Internet.

Common amenities include the “Sky House” on the top floor, which includes a club room, fitness center, pool and grilling area. SkyHouse Main also will have 7,200 square feet of retail space.

Full article: http://www.bizjournals.com/houston/n...-downtown.html

[xbryanisbeastx]

So it will be built?

[JoninATX]

Originally Posted by xbryanisbeastx

So it will be built?

Very likely it will get built.

[JoninATX]

Very nice Urbannizer, definitely liking the new glass on the Central Bank Building.

[pacarlson]

Since this one's proposed for 24 floors and the existing one is 25 floors, it's obvious they're not twins (although they look identical in the photo). I wonder why the proposed tower was not also 25 floors.