Atlanta’s Post Properties has announced that it’s ready to get started with a third phase of its Midtown Square mixed use development, notes Houston’s InnerLooped blog. A rendering of the project on the front cover of a recent company financial report (above) may not be the latest, though — that looks like a 2005 date scribbled in the bottom right corner. The $21.8 million development will include 124 apartments and 10,864 sq. ft. of street-level retail and should begin opening mid-to-late next year, the company says. The apartment units should run a little smaller on average than those in the existing Post Midtown Square complex at 302 Gray St. Post Properties hasn’t responded to our request for details about the development’s exact location, but the rendering appears to show the view looking east from the narrow corner of West Gray and Webster in the Fourth Ward, a few blocks west of Post’s existing outpost of street activity.
- Post Properties Announces First Quarter 2011 Earnings and Development of Post Midtown Square(R) – Phase III in Houston, Texas [Post Properties]
- Post Midtown Phase III [InnerLooped]
- Post Midtown Phase III [HAIF]
Rendering: Post Properties
Post Midtown is the best looking complex in Midtown and a perfect example of what Midtown should be like….The rendering for the next phase look great as well….
Excellent news! This will be perfect and hopefully spark more.
‘Bout time!
I was nervous about renting at Post Midtown, but I have been very happy. The residents are not the friendliest, but the atmosphere is not as lound and crazy as I thought it might be. Having retail on the bottom floor is nice, in case you want to grab a spur of the moment appetizer or drink. The apt definitely has a community feel…even if the neighbors aren’t the most outgoing. Glad to see this place expanding!
Apparently the artist of that rendering thinks we have entire days below 20 in Houston, because that’s the only time you need a jacket that intense with a blue sky.
Fantastic! We must put a stop to home-owners and their BS about property rights. More coffee shops & dry-cleaners!! Yahoo!!! And don’t forget to take the trolley to your favorite restaurant so you can keep fellow renters working at their minimum wage jobs.
Now’s the time for them to snap up that last chunk of land they need on Jack St for the stalled Courtyard on Richmond project.
http://www.har.com/34598845
OMG, kilray, I lived there 9 years ago!!! What a nightmare. The interior walls doubled as the exterior walls and the windows were made of plastic wrap. I didn’t sleep for a year. Cute place, though. Would make great duplex, if redone.
Mel, was it the screams of the neighbors having variety night or the screams of the fatally wounded on Richmond that kept you awake? Yep, it does look nice and it seems like a bargain as compared to the giant Home Depot clearance bin at 717 Alabama. I wonder if the Jack St owner held off selling until historic designation was official and Post had to keep their bulldozers to themselves?
Great development. Sad to think about the lost opportunities in so much of Midtown. Hopefully, it isn’t too late.
Kilray: The price they’re asking for is not realistic, unless a buyer is buying just on looks (many do), as the property looks great.
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I own the building across the street from 4205 Jack St. It’s a triplex that I have rented out. Boring 1902’s single family look on the outside (= low taxes), super nice inside. I bought it mostly as a hedge to see what might happen with the rail and with that huge lot. I had it listed for a while but pulled it last week.
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So when *IS* Post doing something with that lot and any drawings yet?
Cody, when I lived on Jack, a rather flamboyant elderly man lived there with his “house boy.” I agree with your assessment of the home. He kept a lovely garden in the back, which was frequently overrun with frogs. That drove me CRAZY!
Killray,
I just google earthed the address and see that the worst problem was leveled, apparently some time ago. Our neighbors on Richmond were a frequent source of “issues”, ranging from borderline muggings (is it technically a mugging if the scary man asks politely for $5?) to noise violations. That, coupled with the loud drunks making their way “home”, the shopping carts squeaking their way down the street and the frogs loudly croaking, at all hours, made that place a nightmare. Further, the landlord was the owner’s son, and he was interesting…
Cody: As far as I know, Post still has that property on hold. With 8 apartments (maybe $750 each?), the asking for 4205 might not be too far off, but If I was considering purchasing it, I’d be pretty nervous about what might end up next to me.
Mel: Don’t forget those frogs were eating mosquitoes! But yeah, some of my tenants nearby have talked about the can collectors that go along at 5 am and dump the trash cans out in search of treasure, followed by the stomping of each can they find to flatten it for easier transport. So much for sleeping with the windows open on nice nights.
Kilray, pretty sure I paid mote than that 9 years ago. They are sweet apartments, need some insullation for noise and energy control. I’d buy it if the price was right. Great location, IMO– but that’s why I lived there. Cute building, close to everything, great neighbors. Scratch the last one.
kilray: A *very* general rule of thumb when looking at a commercial multifamily (5+ units) is having rent be about 1%/month of purchase price.
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So that $685k purchase price should bring in at *least* $6,800/month. That factor can be raised/lowered based on how much land, quality of building, ‘all bills paid’ or not, etc.
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Also, that Jack property is priced at over $100/SF on the land, which is high for the area, esp for commercial properties where you don’t get the same premium as on 1-4 families (which have a larger pool of buyers due in large part to availability of financing)
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The person that buys it won’t be an investor with several multifamily properties that buys them for a living. It’ll be someone that loves the look of the place and will not be buying based on financials (nothing wrong with that).
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With the income I assume it has and the lot size, I’d be at about $500k if I had to get financing or pay cash, or maybe $575k if the seller would seller finance (or had an assumable loan)
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This has made me re-list my own Jack property at $100/SF. Maybe I can piggy back this guys sale :)
does anyone know whats going up in the vacant lot across from Junciton bar and grill next door to the new post phase? I heard it was going to be a midrise but that fell through and now its just an overgrown lot behind 3 pink “historical” homes