HOUSTON | Development Thread II

[Trae]

Originally Posted by Wattleigh

I see what you mean, at least judging from the Live map of the area.

Yet on the site they say...



I've used Grisby to cut across the area when the feeder has been backed up in the past. Wouldn't be shocked to see that become a bit more of a headache in the future since it empties out to 6 and might be congested at times when the buildings are complete.

They need a light at Highway 6.

[Wattleigh]

Originally Posted by toxteth o'grady

Say, does anybody have an idea of what's going to happen to the 2 million sf of office space HP is trying to sell up in the Compaq corridor?

Possibly office space?

It seems like a number of small (below 6 story) office buildings are popping up around there anyway. It would make sense to build in an established office park that is landscaped and has freeway access.

[Xeelee]

Originally Posted by Wattleigh

That would be this project:
http://www.opuscorp.com/pages/projec...20I%20and%20II





I don't think I've seen much of anything on it except for a small blurb in the Business Journal a couple of weeks back.

Ah.. just another suburban office "tower".

[Xeelee]

Originally Posted by toxteth o'grady

Say, does anybody have an idea of what's going to happen to the 2 million sf of office space HP is trying to sell up in the Compaq corridor?

When I was there they were in talks with Shell and UH. Rumors where they were pretty close to moving in. There were at least 3 buildings and possibly 6 in total to go to Shell. The first 3 are 10 floors each and are right next to each other. The others are 5 or 6 floors - I cant remember now. They just needed to move everyone working in them to different parts of the campus. Going to take a while I think... if it is indeed going to happen.

[Wattleigh]

http://www.globest.com/news/1082_108.../167822-1.html

Last updated: January 28, 2008 08:09pm
Legacy, CalPERS Starting $75M Residential Tower
By Amy Wolff Sorter

HOUSTON-Legacy Partners Residential Development Inc. and equity partner CalPERS have cleared the site and are preparing to break ground on their 330-unit Legacy at Memorial. The project, which will exceed $75 million of all-in costs, has 15% of the apartments dedicated for affordable housing.

The partnership acquired the 3.3 acres at Studemont Street and Memorial Drive in April 2007, with plans to break ground last September. "It took awhile to redesign the building and rework the plans," explains Spencer Stuart Jr., senior vice president and Texas partner for the Foster City, CA-based Legacy Partners tells GlobeSt.com.

"There used to be an old brickyard factory on the site, then it was a paper recycling plant," Stuart explains. "All of that was long gone by the time we bought the land, but we had to excavate the soil and remove it because it was filled with old pieces of brick. It wasn't suitable as a foundation for the project."

With the project nearing its groundbreaking, Stuart estimates completion will be November 2009. Legacy's plan is to hold onto the high rise through lease-up, but Stuart says he'll look at viable offers.

"This is a great luxury project that will give some people a very nice place to live at an affordable rate," Stuart adds. Legacy at Memorial will have a three-bedroom penthouse, totaling 3,568 sf, and the balance will be one- and two-bedroom units, starting at 868 sf. Projected rents are $1.26 per sf to $2.20 per sf.

Milestone Management LP in Dallas will be the property manager. Houston-based EE Reed Construction LP is the general contractor for a tower designed by WDG Architecture Inc., also from Dallas. Capmark Financial Group Inc. of San Mateo, CA is the lender for the construction loan.

[Wattleigh]

A couple of photos from earlier today. First the series of HP's skybridges crossing Fannin...



Also, the progress on One Park Place. Working on the 17th & 18th floors now. Already installing the windows on parts of the 8th 9th floors as well.

[KevinFromTexas]

Looking good. One Park Place seems to be going up pretty quick. I think back in October they were only on the 4th or 5th floor when I saw it.

[Wattleigh]

Originally Posted by KevinFromTexas

Looking good. One Park Place seems to be going up pretty quick. I think back in October they were only on the 4th or 5th floor when I saw it.

I checked back in my photos and it looks like they'd started on the 8th floor in October. The part of the base fronting La Branch took a while to rise, but the Austin side took has taken longer since the ramps that are part of the parking garage were figured into the work. I think they're only on the 2nd or 3rd level on that side of the project.

This is actually one of the first projects I've been able to actually track close-up as it happens, so I'm excited regardless! The location and the spark it's kicked off to the other planned projects is just an added bonus in my case.

[CALMSP]

when was Mercer Tower II cancelled??

[Xeelee]

Originally Posted by CALMSP

when was Mercer Tower II cancelled??

Not sure... I thought they were going to build it facing the other way... perhaps the monolithic look and lack of any real design talent forced them to reconsider?

[Wattleigh]

Originally Posted by CALMSP

when was Mercer Tower II cancelled??

Several years ago. At one point, I believe there wast talk of having four, which became two and finally just the one.

[vjhe]

Originally Posted by CALMSP

when was Mercer Tower II cancelled??

It doesn't matter WHEN, just as long as it was cancelled. I absolutely LOATHE that building and the thought of additional buildings just like it, makes me physically ill. I'm glad it's cancelled.

[Xeelee]

Originally Posted by vjhe

It doesn't matter WHEN, just as long as it was cancelled. I absolutely LOATHE that building and the thought of additional buildings just like it, makes me physically ill. I'm glad it's cancelled.

Oh come now... it wasn't that bad, eh?

[KevinFromTexas]

Originally Posted by Wattleigh

I checked back in my photos and it looks like they'd started on the 8th floor in October. The part of the base fronting La Branch took a while to rise, but the Austin side took has taken longer since the ramps that are part of the parking garage were figured into the work. I think they're only on the 2nd or 3rd level on that side of the project.

You're right. I went back and looked at the photo I took (from 10/7) and it looks like it was up to the 8th floor, working on the 9th. Kind of hard to tell, we were on US 59. But nonetheless, construction is moving along nicely.

Originally Posted by Wattleigh

This is actually one of the first projects I've been able to actually track close-up as it happens, so I'm excited regardless!

Haha, I know what you mean. The first time I got to really follow a project in Austin was great. I hadn't really followed any construction until then, so it was neat.

[Wattleigh]

This week's Houston Business Journal has a couple of interesting tidbits.

One is the rumor of a highrise coming to S. Shepherd, south of W. Alabama on the site of the Fly High Little Bunny jewelry store. The property is being acquired by someone but it hasn't been closed on yet, nor has the buyer been disclosed.

The foundation work for MainPlace is scheduled to begin in March according to an article on the development of Downtown office space. The current vacancy rate in the district for all class-types is at 12.8 percent, according to a survey by Integra Realty Resources Inc's "IRR Viewpoint Report".

Not in the HBJ, but an interesting infill development is "One Origin Center". It was approved yesterday, and will be at the corner of Westheimer and Hazard St. The rendering below was included as part of the submission to the council by the developer.

[Boris]

Was in the Post Oak area today for a lunch meeting at Restaurant Ronit (delicious). So I took these shots including shots of the Cosmopolitan after the lunch:





























Adios

..

[Xeelee]

Nice. Thanks for the pics.

[Great_Hizzy]

The foundation work for MainPlace is scheduled to begin in March according to an article on the development of Downtown office space. The current vacancy rate in the district for all class-types is at 12.8 percent, according to a survey by Integra Realty Resources Inc's "IRR Viewpoint Report"

The last building on the block to be razed was put down completely today. Now they're "sweeping up" the trash to be hauled off. It looks as if the March 2008 start up is indeed on track.

[Wattleigh]

Thanks for the photos Boris. It was an awesome day out and it's always interesting to see a closer view of the Cosmopolitan. Seems like it blends into the Uptown skyline from pretty much each angle from a distance.

Originally Posted by Great_Hizzy

The last building on the block to be razed was put down completely today. Now they're "sweeping up" the trash to be hauled off. It looks as if the March 2008 start up is indeed on track.

Excellent news! I was wondering how long that one was going to stay around partially broken up.

I've thought of heading to the garage across the street to get an overview of the site. Haven't been up there so far, but this might be the time to check it out.

[Complex01]

Great news. I am gonna try and take my bike downtown tommorw to see if i can get some pics. It was a great day today...