HOW A CANADIAN PENSION FUND FOUND ITS WAY TO SWALLOWING A BUNCH OF HOUSTON OFFICE BUILDINGS 
Ralph Bivins explains how it came to pass that the Canada Pension Plan Investment Board, with its now-completed purchase of REIT Parkway, became the owner of 8.7 million sq. ft. of office space in Houston, including Greenway Plaza, CityWest Place, San Felipe Plaza, the Phoenix Tower, and Post Oak Central: “At one time Cousins and Parkway were separate companies with sizable holdings in Houston. The Houston office market tanked when oil fell from a high of $107 a barrel in June 2014 to less than $30 a barrel in early 2016. Houston energy firms laid off thousands of employees and vacated huge chunks of office space. Publicly traded firms with significant portfolios of Houston office space were under pressure. Security analysts criticized them. So Cousins and Parkway merged, all of the Houston properties were stripped out and placed into a new company, Parkway Inc. Now, the oil markets have stabilized. Houston’s office market is still soft and vacancies are high, but it appears to be on the road to recovery.” [Realty News Report] Photo of Greenway Plaza: Brent Oldbury, via Swamplot Flickr pool
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- 10915 Kirwick Dr. [HAR]
A couple of Houston architects have a proposal for the northern portion of the soon-to-be-shuttered Greenspoint Mall at the northeast intersection of Beltway 8 and I-45: Turning it into a driving range surrounded by 3 golf holes. Why such an abbreviated course? Well, there’s only so much land available. But Paul Kweton and Hidekazu Takahashi of Studio Paulbaut consider the paring down an attractive update to convention that could help to make the sport more accessible:
“It takes up to 5 hours to play a decent round of golf,” they write. Their Greenspoint green would offer a quicker golfing proposition: A round of golf in 60 minutes.Â
COMMENT OF THE DAY: WHAT YOU’RE SEEING AND SMELLING IN FLOODED APARTMENTS 
“I have a question regarding the apartments in Kingwood. There is a statement in the letter from the apartments indicating that there is a clear difference between mold and mildew. I understand it as they are both one and the same when it comes to interior livable spaces. If it smells and-or is visible you have a problem irregardless of the classification of mold or mildew.
Is this not correct? Is there a legal distinction per Texas Law? Can someone please chime in? Thanks.” [It Smells, commenting on The City That Will Be Building and Rebuilding Forever; Houston’s Long Amazon Odds; The Latest Poke Place] Illustration: Lulu
SURVEYING THE SOGGY AFTERMATH OF HOUSTON’S ULTIMATE HOME-TOUR TEST 
Talk about timing: The Rice Design Alliance’s annual home tour this past March opened to inspection 6 structures built in Houston floodplains with some sort of strategy to make it through a major water event. How’d these properties survive the cataclysm that followed only 5 months later? A 1965 Meyerland home on the tour by Houston architects Brooks and Brooks one block north of Brays Bayou was damaged, Jack Murphy reports. And his follow-up story on the RDA’s H2Ouston tour includes no word on the Harvey experiences of François de Menil’s 5-story Temple Terrace townhome or the 3-story butterfly-roof home on Logan Ln. backing up to Buffalo Bayou Taft Architects built in 1996. But 2 more recently built homes on the tour — 2-story structures by architects Brett Zamore in Linkwood and Nonya Grenader in Shirkmere survived without much more than messes in their garages (and a flooded-out car), according to Murphy. Then there’s the Sunset Coffee Building fronting Buffalo Bayou Downtown, which serves as the offices of the Buffalo Bayou Partnership, and which in its recent redo by Lake Flato and BNIM (pictured), was designed to take on water: “All sources indicate that the design performed as anticipated. . . . The staff moved exhibit materials to the second floor and secured the elevator on an upper floor. But there are always issues. The grease trap filled with water, thermostats need to be replaced, and the elevator shaft had five feet of standing water at the bottom, causing electrical issues. Security cameras mounted on the building filled with water and malfunctioned. The fire alarm went off for four days, making the area sound like a war zone, even catching the attention of a CNN reporter. Still, water didn’t crest into the offices on the second floor. (It was almost this high during Allison.) Shortly after the waters receded, the building was habitable again.” But this sort of resilience wasn’t just added to the building by its renovators: “The BBP’s Rebecca Leija and Anne Olson told me their insurance adjuster said the Sunset Building, built in 1910, was well-suited to handle floods due to its height and angle relative to the bayou. Sure enough, in plan the building is set at an angle to the bayou’s flow, presenting a corner to floodwaters rather than a flat face. And, its east façade breaks slightly, perhaps to further reduce the surface area ‘seen’ by floodwaters and therefore reduce their force on the walls and foundation.” [OffCite] Photo of Sunset Coffee Building renovation: Adam Williams
Today’s Sponsor of the Day is the senior-living advisors at Changing Places. Thanks for supporting Swamplot!
Changing Places provides downsizing, decluttering, and move management services to seniors in the Houston metropolitan area. The company is dedicated to making your moving experience as simple and stress free as possible. Its dedicated, knowledgeable staff works closely with seniors, their families, and care providers to develop a moving plan that’s well-suited to individual needs. Whether you’re moving to an Independent Living community, Assisted Living, or downsizing to a condo, Changing Places works hard to make your move easier.
Changing Places can help with:
- Professional home organizing services
- Downsizing
- Hiring a professional moving company
- Digital inventory
- Packing and unpacking services
- Short and long term storage options
- Referrals for estate liquidations and sales and other professional services
- Moving day management and logistics
Although Changing Places works primarily with seniors, the company has also worked with people who are simply too busy to manage the details of their own moves. Let Changing Places get you there and settled in without the hassle! To learn more about the company’s services, check out the Changing Places website — or contact Kelly Goranson (713.305.9454) for a free consultation.
How to reach Swamplot readers: Become a Sponsor of the Day.
- 307 Fall River Ct. [HAR]
There’s a lockout notice posted to the front door of the ground-floor retail space of the 1100 Smith Garage Downtown on the corner of Dallas St. and Brazos St. Droubi Brothers Mediterranean Grill, at 507A Dallas St. — shown open in the older photo above — is now closed; the restaurant’s website has been taken down.
Here’s the notice:
COMMENT OF THE DAY: A SIMPLE QUESTION ABOUT BUYING A HOME IN HOUSTON 
“I’m in the market for a new place. Where can I find if the house was flooded or is otherwise in a compromised zone? It appears in Harris County such information wasn’t recorded or readily available. Thanks.” [Sparta, commenting on What Makes West Houston the Bermuda Triangle of Real Estate Disclosure] Illustration: Lulu
Workers last week removed a few trees in the way of a new partition of Fountain Green, the plaza that stretches between Buildings 9 and 11 in Greenway Plaza just west of Edloe. Included in the scheme: A new separate lawn space on the green’s southern end, separated from the fountain by a covered walkway stretching between the 2 buildings; a separate canopy structure on the new lawn’s east side; and a new patio just behind that and in front of Building 9 — where a new restaurant designed by Austin architect Michael Hsu is planned. The aerial and ground-level views above shows the path being cleared for the walkway. Looking onto the green from the south across City Club Dr. is the former Houston City Club building, currently on its way to being refurbished for its new life as a location of Lifetime Fitness.
Renderings of the space shown by Greenway Plaza owner Parkway in March of this year, before it was announced that the Houston REIT was being bought by the Canada Pension Plan Investment Board, show the general contours of the plan:
- 3641 Inverness Dr. [HAR]
WHAT MAKES WEST HOUSTON THE BERMUDA TRIANGLE OF REAL ESTATE DISCLOSURE 
“None of the more than half a dozen residents interviewed by The Texas Tribune and ProPublica after the floods said they knew they were living inside Addicks or Barker — many of their neighborhoods are several miles away from the dams. Several local officials — including Houston’s ‘flood czar’ and a neighboring county executive — said they had no idea the neighborhoods had been built inside the flood pools. Several real estate agents said they didn’t realize they were selling homes inside the pools.” This from the latest exposé on how 14,000 homes came to be located in designed-to-flood areas inside the Addicks and Barker reservoirs. First, the good news: Of those 14,000 homes, only 5,138 of them flooded this time! Among the many additional OMG-worthy revelations from this latest report from the crack Houston-flooding investigations team of Neena Satija, Kiah Collier, and Al Shaw: Of those homes built inside the reservoirs, at least 4,000 of them were built after Tropical Storm Allison hit in 2001. That’s interesting to note, considering that a Harris County Flood Control District report published in 2003 warned that as many as 2,000 acres of private land inside the reservoirs might easily have flooded in that storm if the rains had fallen in a slightly different location. Also included: this little glance at the area’s real-estate future: “One five-bedroom home in Lakes on Eldridge . . . was listed for $678,000 about two weeks before it flooded during Harvey. The seller’s agent, Moira Holden, tried to put a positive spin on things when she updated the online listing that decreased the asking price by $10,000. ‘Unfortunately this stunning home did flood and is being refurbished to the highest spec!’ it says. ‘Fabulous chance to choose your finishes!‘ When asked if she would disclose to potential buyers that the home was inside Addicks Reservoir, Holden didn’t have a clear answer. ‘I will obviously disclose whatever we are required to disclose,’ she said, pointing out that the home wasn’t in a floodplain. ‘I would hope that the buyer’s Realtor would do their due diligence on that.'” [Texas Tribune; previously on Swamplot] Photo of 13119 Shermons Pond, for sale in Lakes on Eldridge: HAR
COMMENT OF THE DAY: A BETTER IDEA FOR WHAT TO DO WITH THE SPACES UNDER FREEWAYS IN HOUSTON 
“. . . This gave me an idea. That land under freeways isn’t good for retail or anything inhabited. But it could be a perfect place to dig down and create auxiliary stormwater detention facilities.
Yeah the water will be filthy, like your friends bikes usually are, but floodwater usually is. And as auxiliary detention they would only be used in extreme rainfall events (once or twice a year during so-called ‘hundred year’ storms).” [ZAW, commenting on Comment of the Day Second Runner-Up: Things To Think About Before You Start Planning Under-Freeway Developments] Illustration: Lulu
16 months after the Fiesta Mart on site was torn down and 11 months since Heights-area voters approved a modification to longstanding local dry-zone prohibitions to allow alcohol sales for off-premises consumption, H-E-B at last appears ready to begin construction of its store at 2300 N. Shepherd. This week fencing went up around the site, which stretches between W. 23rd and W. 24th streets — and a couple of trailers have rolled onto it. An official groundbreaking is scheduled for October 24th.
The store will sit on the east side of the site but up one level, on top of a concrete parking deck. Here’s a view looking east along 23rd St. toward that part of the site and Lawrence St. beyond:
- 19615 W. Shores Dr. [HAR]
