AN APARTMENT DEVELOPER’S NEW MIDTOWN PEARLS ARE MISSING 
The Morgan Group’s Pearl Midtown apartment building is still under construction at the corner of Elgin and Smith streets in Midtown, but a couple of follow-on projects have recently drifted away from the process for gaining city approval — for now, at least. Signs announcing a variance request for the Pearl on Smith went up last month in front of the 1940 building at 3100 Smith St. that used to house the Social Security Administration’s offices (pictured at top), across the street from the Pearl Midtown. And on the block surrounded by Helena, Dennis, Albany, and Drew, a sign is still up for a variance request to allow construction of the Pearl on Helena. On that block is the building that until last fall housed the Kindred Hospital Midtown (bottom photo) — along with this 1930 mansion. Applications for both projects showed similar 5-story apartment complexes built around a small courtyard on top of 2 garage levels. But both projects have now gone quiet in the city’s tracking system. The variance application for the Pearl on Smith was withdrawn before its scheduled April 17th hearing. And the Pearl on Helena is listed as an “inactive application” in the city database, even though it was originally scheduled for a hearing on the same date. Photos: O’Connor & Associates (3100 Smith St.); Swamplot inbox (Kindred Hospital)
Sign up for the Newsletter
I wonder if oversupply of new apartment units has something to do with it. I live close to 8 projects going up and countless ones proposed, there has to be a breaking point coming soon.
DROD:
I am curious about this too. I was looking to change my living situation recently. At the apartment quality I wanted, places started at roughly $1500 – for that much I chose to buy instead.
Certainly I think single home rental market will suffer from this oversupply., but at the same time, the op co’s for the apartments must be facing some steep competition with so many new builds all at roughly the same pricepoint all within 610. One can only guess the only saving grace is new population influx. We’ll see how long that holds up.
I remember another time in history when the developers were in such a building frenzy, and what became after the implosion, Sharpstown anyone?
The Morgan Group has made an offer to purchase The Ambassador On Post Oak, 5050 Ambassador Way, Houston, TX 77056. The offer is for $19,250,000.00. The Ambassador On Post Oak is a 57 unit condominium building built in 1967.
Perhaps The Morgan Group is putting those two Pearls in hibernation since they had to spend $19.5+ million for the Ambassador on Post Oak condo complex. I don’t know about you but, if I spent $19.5 million, my wallet would be a bit tired and need some recharge time.
.
On the other hand, they could be pulling their chips from the table having seen the landscape filled with apartment projects across the city – waiting to gush out supply all at the same time.
.
Personally, I wouldn’t mind if they slowed down the pace a bit since all of those units come with tenants with cars. All of those cars mean my Inner Loop travel is becoming more of a nightmare.
@texmexo1
I too remember another time and place that reminds me of this.
Greenspoint anyone?
The Pearl on Helena application is active again with a hearing scheduled on Thursday. The drawings are in the agenda document on the Planning Commission web site.