- Houston Has Added Nearly 26M SF in New Office Inventory Since 2011, More Than Austin and Dallas Combined [HBJ]
- KB Home Launches 2 New Communities in the Spring Branch Area [HBJ]
- Allied Orion Group Multifamily Project Seeking Variance Near Midtown Superblock Dubbed McGowen Project [HBJ; previously on Swamplot]
- Morgan Group Adds More Than 500 Units with Opening of Midtown’s Pearl at the Mix, Pearl Washington on Wash Ave [Houston Chronicle; previously on Swamplot]
- The Halal Guys Opening Second Houston-Area Location at Vintage Marketplace ‘Soon’ [Culturemap]
- Rice University Campus Courtyard Getting Charles Renfro-Designed Flying Saucer-Esque Lounge [Houston Chronicle; previously on Swamplot]
Photo of Buffalo Bayou: Marc Longoria via Swamplot Flickr Pool
Headlines
Yet another multi family residential development? Ok NOW is when this is getting ridiculous. Rents are falling all over town, occupancy rates are down, insentives are up to 6 months. I understand projects that were already mid stride are getting finished by why in the world would you START a new one? I could even excuse the developer for doing this, after all building is what they do, but what insane financier still giving them the money?
My understanding is that the ATMA at McGowen project is “multi-family” condos, one and two bedrooms for sale. It is also clear that the other ATMA project not mentioned in the article is the one owned by ATMA at Midtown, which was varianced in on Elgin, between Crawford and La Branch, for 17 townhomes, of which they have built only 4. Those 4 are still on the market as far as I know. There appears to be a disconnect between the building projects and the EB-5 investors of those projects, between the needs of the market and the needs of the investors.
Soon, Houston will be covered with a pearl necklace.
commonsense: I can’t speak for financing of new properties, but I can tell you that financing is plenty easy to get to acquire existing properties. I get that they’re different — but where they’re the same is in that banks don’t look at multifamily and automatically think “risk”