HOUSTON | Development Thread II - Page 379

toxteth o'grady · #**7561** Posted **Aug 30, 2014, 2:05 AM**

Getting deep in here...

Latest count is just under 24,000 apartments under construction in this town, along with 30,000 homes. Including this one...

3400 Montrose

Multifamily construction projects spread over Houston region

"Data from the Greater Houston Partnership also shows the the city of Houston hit another record in July for building permits issued. This includes a 27 percent increase for residential permits.

Under construction (red dots on map):
Projects: 85
Total units:23,781

Recently opened (Green on map):
Projects: 72
Total units: 19,923

Proposed Construction (yellow on map):
Projects: 61
Total units: 18,065"

(Let's see if we can add the nifty map)

Where All the New Apartments Are Going Up in Houston

toxteth o'grady · #**7562** Posted **Aug 30, 2014, 2:10 AM**

Here's yet another example of why Houston needs more office space downtown.

Dynegy expanding in Houston after big deals

"...Flexon told the Houston Business Journal that Dynegy plans to option a second floor at its 601 Travis St. headquarters by the end of the year and likely add about 50 local jobs or so within six months..."

Dariusb · #**7563** Posted **Sep 2, 2014, 7:57 AM**

With all the office buildings under construction in the Energy Corridor do you one day see this area's skyline rivaling Uptown or TMC?

H-town_Rep · #**7564** Posted **Sep 2, 2014, 1:23 PM**

Quote:

Originally Posted by Dariusb

With all the office buildings under construction in the Energy Corridor do you one day see this area's skyline rivaling Uptown or TMC?

No I don't believe so. Uptown skylive has the one thing the Energy Corridor will never have.... Transco Tower and the area will keep building. Same for TMC, it will keep buiilding especially with the State of Texas accepting the affordable Health Care Act.

toxteth o'grady · #**7565** Posted **Sep 2, 2014, 6:22 PM**

More on Dynegy - they may be looking to bid for Energy Future Holdings. Which means they will need even more office space downtown.

After bold moves, Dynegy could eventually eye Energy Future Holdings

oscarinhouston · #**7566** Posted **Sep 2, 2014, 10:24 PM**

I drove around Uptown and the captured this.

Astoria Building

BHP Billition Building

toxteth o'grady · #**7567** Posted **Sep 3, 2014, 6:14 PM**

I don't think either the party's over for real estate development or that Downtown will get overbuilt. Evidence is in today's BisNow:

"Cassidy Turley executive managing director John Pruitt is a self-proclaimed zealot for the Allen Center, which he leases for Brookfield. (You don't choose your passion, it chooses you.) Memorial Resource Development must’ve caught his signature enthusiasm—it just inked 125k SF to move into the complex....John tells us Allen Center is 95% occupied overall with only one full floor available."

Memorial Resource Development is a fairly new player in the oil and gas exploration business, having IPO'ed in June. That they're already taking 125,000 sf of office space off the books (and taking it Downtown) says that demand is coming from the most unlikely of places. Which may be why so many new office towers are being proposed Downtown.

More from BisNow. Taken from their Future of Downtown conference:

"The excitement about Downtown is palpable these days, but the future isn’t a straight shot. Cushman & Wakefield executive vice chairman Tim Relyea said at Bisnow's Future of Downtown event that we have 6M SF coming back to the submarket soon. Big names like Exxon, Pennzoil, and Devon are gone or going. But Tim’s not worried—he says we have the best Downtown in America, and major corporations love us and will continue to expand in the market and come here from the ‘burbs."

"Colvill Office Properties prez Chip Colvill (here with colleague Clark Thompson and HFF’s Danny Miller) says Downtown is known as a market where companies stick around and grow. So he’s not worried about the big upcoming vacancies—he says lots of new companies (many you haven’t heard of yet) are starting that cycle, and users are already finding that there isn’t room for expansion in their current building. Besides these little (but will one day be big) tenants, he also knows of a number of companies larger than 200k SF eying Downtown. Tim says we need to get those big deals done now (“if you’re not doing it now, you’re not going to do it”). One interesting factor to watch going forward: Tim says there are only about three good office sites left in the CBD."

toxteth o'grady · #**7568** Posted **Sep 3, 2014, 6:41 PM**

Hope you're not tired of new apartment projects. Alexan CityCentre:

Luxury apartments planned near CityCentre

toxteth o'grady · #**7569** Posted **Sep 3, 2014, 7:45 PM**

Seems like many of you have lamented the deplorable condition of the former Days Inn in Downtown Houston. Something seems to be happening here, but what it is ain't exactly clear, according to SwampLot.

What’s Getting Thrown Out the Window at the Abandoned Days Inn Downtown?

"...Last week, a reader spotted a small yellow crane on the roof, and noted that the windows on the building’s side had been taken out. And yesterday another reader noted that more windows were open and “construction workers were throwing items out the windows.”..."

toxteth o'grady · #**7570** Posted **Sep 4, 2014, 12:59 AM**

From an old hotel to a new one...

Hilton debuts new hotel brand to Houston market

HoustonHorns · #**7571** Posted **Sep 4, 2014, 3:39 AM**

Quote:

Originally Posted by Dariusb

With all the office buildings under construction in the Energy Corridor do you one day see this area's skyline rivaling Uptown or TMC?

No. The Energy Corridor is just a bunch of buildings spread out along a freeway. I don't even consider it a skyline. Uptown is only marginally better because the buildings are a little closer together. The TMC, on the other hand, actually looks like it could be a CBD.

HoustonHorns · #**7572** Posted **Sep 4, 2014, 4:01 AM**

Quote:

Originally Posted by toxteth o'grady

I don't think either the party's over for real estate development or that Downtown will get overbuilt. Evidence is in today's BisNow:

"Cassidy Turley executive managing director John Pruitt is a self-proclaimed zealot for the Allen Center, which he leases for Brookfield. (You don't choose your passion, it chooses you.) Memorial Resource Development must’ve caught his signature enthusiasm—it just inked 125k SF to move into the complex....John tells us Allen Center is 95% occupied overall with only one full floor available."

Memorial Resource Development is a fairly new player in the oil and gas exploration business, having IPO'ed in June. That they're already taking 125,000 sf of office space off the books (and taking it Downtown) says that demand is coming from the most unlikely of places. Which may be why so many new office towers are being proposed Downtown.

More from BisNow. Taken from their Future of Downtown conference:

"The excitement about Downtown is palpable these days, but the future isn’t a straight shot. Cushman & Wakefield executive vice chairman Tim Relyea said at Bisnow's Future of Downtown event that we have 6M SF coming back to the submarket soon. Big names like Exxon, Pennzoil, and Devon are gone or going. But Tim’s not worried—he says we have the best Downtown in America, and major corporations love us and will continue to expand in the market and come here from the ‘burbs."

"Colvill Office Properties prez Chip Colvill (here with colleague Clark Thompson and HFF’s Danny Miller) says Downtown is known as a market where companies stick around and grow. So he’s not worried about the big upcoming vacancies—he says lots of new companies (many you haven’t heard of yet) are starting that cycle, and users are already finding that there isn’t room for expansion in their current building. Besides these little (but will one day be big) tenants, he also knows of a number of companies larger than 200k SF eying Downtown. Tim says we need to get those big deals done now (“if you’re not doing it now, you’re not going to do it”). One interesting factor to watch going forward: Tim says there are only about three good office sites left in the CBD."

Great news about the Allen Center lease! Could we possibly see 5 Allen Center starting soon?

I've always wondered why so many big names moved out of Downtown. Maybe it's because, while there is space Downtown, there aren't large chunks available in single buildings for a company to immediately move into or expand. Or energy companies could just prefer a campus environment, which is probably the correct reason.

Clev · #**7573** Posted **Sep 4, 2014, 4:28 AM**

Quote:

Originally Posted by toxteth o'grady

Tim says there are only about three good office sites left in the CBD."

What? I thought there were still plenty of parking lots in the skyscraper district of downtown. How could there only be three good office sites left?

Nucleareaction · #**7574** Posted **Sep 4, 2014, 1:37 PM**

Quote:

Originally Posted by Clev

What? I thought there were still plenty of parking lots in the skyscraper district of downtown. How could there only be three good office sites left?

Perhaps they mean there are only 2-3 sites left that are along major transport corridors, or that the other sites available are too far away/are not connect-able to the tunnel system.

Urbannizer · #**7575** Posted **Sep 4, 2014, 2:47 PM**

Quote:

Originally Posted by Market Watch

HFF arranges financing for high-rise mixed-use development in downtown Houston

(Thomson Reuters ONE via COMTEX) -- CHARLOTTE, NC - September 3, 2014 - HFF announced today that it has arranged financing for the development of Market Square Tower, a 40-story, mixed-use tower that will include 463 luxury residential units and 21,000 square feet of retail in downtown Houston.

HFF worked exclusively on behalf of the borrower, Woodbranch Investments (Woodbranch), to secure the long-term construction/permanent loan through Pacific Life Insurance Company.

Full Article: http://www.marketwatch.com/story/hff...ton-2014-09-03

Bailey · #**7576** Posted **Sep 4, 2014, 5:35 PM**

Quote:

Originally Posted by Clev

What? I thought there were still plenty of parking lots in the skyscraper district of downtown. How could there only be three good office sites left?

A "good office site", in developers terms, is defined as a block with access to the tunnel system.

toxteth o'grady · #**7577** Posted **Sep 4, 2014, 6:31 PM**

I thought the tunnel system often reached out to the buildings, not the other way around.

I'm hoping this item doesn't generate another round of ill feeling. Them damned foreigners are buying homes in Texas.

Mexico leads international home buying activity in Texas

toxteth o'grady · #**7578** Posted **Sep 4, 2014, 7:33 PM**

The Greenway Inn (which was once a Best Western which was once the Roman Inn) on the south side of 59 has bitten the dust. No word on what's replacing it. Details from Swamplot:

The Last Days of the Greenway Inn and Suites

toxteth o'grady · #**7579** Posted **Sep 4, 2014, 8:02 PM**

Another shout-out for Houston: the mayor makes the Politico Top 50. Guest appearance on House of Cards next?

Annise Parker

AviationGuy · #**7580** Posted **Sep 5, 2014, 1:55 AM**

Quote:

Originally Posted by toxteth o'grady

I thought the tunnel system often reached out to the buildings, not the other way around.

I'm hoping this item doesn't generate another round of ill feeling. Them damned foreigners are buying homes in Texas.

Mexico leads international home buying activity in Texas

Is the foreign homebuying in Houston really anything new?