“I’ve been in Houston for 3 years and I’ve noticed how many expensive townhouses and condos back up to fast food restaurants and other potentially noisy businesses. It would drive me nuts but I would also look around the neighborhood before I purchased or rented something there. I can’t imagine having to listen to the Jack-in-the-Box drive-through traffic all night long. ‘YA WANT FRIES??’” [Apartment dweller, commenting on 2520 Robinhood Vs. the Merry Men of Hans’ Bier Haus: It’s Come to This]
Real estate agent Sandra Gunn informs us that the Montage, the second glass Almeda St. tower across from Hermann Park, was foreclosed on yesterday. Originally named Mosaic to match its adjacent twin directly to the north, the Montage has been a rental property since it was completed.
Almost exactly a year ago, the developer of both buildings — a limited partnership between Phillips Development & Realty and Florida Capital Real Estate Group — declared bankruptcy in order to avoid foreclosure on the Mosaic, which at the time was officially a condominium tower. And Florida Capital’s chief operating officer expressed hope that the Montage’s separate $71 million loan with Corus Bankshares could be renegotiated.
What’s getting in the way of county commissioners extending the clear zone around Minute Maid Park with a much-needed 27-car county parking lot at the corner of Texas Ave. and Austin St.? Well, there was the owner of a Galena Park chemical business who shouted from the back of the room at yesterday’s commissioners court hearing that he wanted to buy the building sitting on that land — the 1923 Hogan-Allnoch Dry Goods Building at 1319 Texas Ave. — and turn it into a nutcracker factory or something. Plus, darn it, the building is getting less valuable as time goes by!
The building has gone to auction twice. In 2007, the minimum bid was set at its appraised value of $3.25 million. For a September auction, the appraised value was lowered to $1.98 million. There were no takers at either auction.
Lawrence Chapman of the Greater Houston Preservation Alliance said the most recent auction used an outdated 2008 appraisal and that a new appraisal would bring in an even lower price tag that could save the four-story building from demolition.
Art Storey, the county’s public infrastructure director, estimated the building would cost $150,000 to demolish, but as much as $5 million to restore.
And so the latest delay: Commissioners voted to circle the block for another 3 months — and get another appraisal in the meantime.
Driving around North Montrose, a reader is surprised to find the Allen House Apartments still standing. Weren’t those units part of the Allen House that was demolished more than 2 years ago — so the land could rest for a bit while Regent Square tries to get some funding?
I am curious as to why 2 buildings of the erstwhile allen house were left untouched. Was Regent square never expected to cover these lots or is this allen house a new entity with no links to the GID Urban Development Group ? Are these going to be demolished in the future?
Communications director Vance Muse tells the River Oaks Examiner’s Michael Reed that the foundation’s board won’t replace the bargain-rent Richmont Square Apartments in a way that’ll change the character of the Menil campus:
“It’s on our mind that we could, in a low-key Menil way, build a (residential) property along Richmond Avenue,” he said.
Apartments at Richmont Square range from $650 for one-bedroom, one-bath units of 575 square feet to $955 for two-bedroom, two-bath units of 1,064 square feet. Deposits are between $250 and $300.
Asked about the possibility of the Menil plan including dwellings that are priced similarly to what would be replaced, Muse said specifics have not been discussed yet.
“We’d like to keep it bohemian, if at all possible,” he said. “There has always been a commitment (by Menil) to offering a break.”
With its most recent achievements, the Mosaic earns its place in Houston’s spec-development record books: Last month the 29-story condo tower near Hermann Park — wedged between Almeda and 288 — scored the loan-default trifecta, having notched a bankruptcy, mass foreclosures, and an attendant bank failure to its credit all within a single calendar year.
Chicago’s Corus Bankshares, which held a $71 million loan for the Mosaic, foreclosed on all 271 unsold units (out of 394 total in the building) in September, just days before the bank itself was seized by the FDIC. A few weeks later, the federal agency sold 40 percent of the bank’s real estate loans to a team of private-equity firms calling itself Northwest Investments and led by Starwood Capital Group — for 60 cents on the dollar.
Any further fun at the Mosaic will be courtesy of the FDIC, reports Nancy Sarnoff:
The Richmont Square apartments on Richmond Ave. get knocked down in the new master plan for the Menil Collection campus. Speaking at a public forum last night, British architect David Chipperfield referred to the Menil’s big multifamily property as “this thing getting in our way.”
Cite magazine’s Raj Mankad describes more details of the Chipperfield plan:
The car park along Alabama would be strengthened with the new bookshop, cafe, and auditorium nearby. The key change would be to connect West Main across the site [to Yupon] through the area occupied by the northern end of Richmont Square. The complete street grid would surround a new green space that would also be made possible by the clearing of the north side of the apartments. It would connect, slightly off axis, with the current Menil park between the main building and the Rothko. The Drawing Institute and Study Center and Single Artist Studios would be sited around the new green space. And along Richmond itself, the plan calls for dense residential and commercial development.
City officials have decided to give the owner of the original 1906 Savoy Apartments building on Main St. Downtown an extra week to knock down the structure before going ahead with their own emergency demolition plan. The building’s owner — listed in Harris County records as Michael Nassif — will now have until midnight next Friday, October 2nd, to have a contractor of his own choice begin dismantling the structure. If that doesn’t happen, the city-selected contractor will complete the demo that weekend — and leave the property with a lien for the $448,600 cost.
While negotiations have focused on how quickly work can begin, residents of the Beaconsfield across Pease St. may be more interested in how long the demo will take — and how it will be done. Architect David Hall, who has studied the building for several developers, spoke to abc13 reporter Gene Apodaca about the asbestos embedded in the building’s crumbling interior plaster:
“It’s full of environmental issues. There are pathogens that are a result of the pigeon droppings, there are areas of the building I measured where pigeon droppings were six inches thick,” said Hall.
“If ‘Nudist sundeck + 1 hired model –> 100% occupancy’ was the case, then the Core (on Washington Ave) and Bel Air (on Allen Parkway) and many others in the similiar ’scene’ and price range would be at 100% occupancy too. But they are not. BTW, the Bel Air pool is really really nice!” [irfan, commenting on Taking More Than Half Off at Those Apartments with the French Quarter Look]
How hot are those apartment specials? “One complex is pushing a concept that’s even more unusual: a clothing optional sun deck. ‘I don’t know if anybody uses it or not,’ said George Renfro, who leased a two-bedroom apartment at the French Quarter-style complex called La Maison at River Oaks. ‘It’s up on the top floor and in a very secluded area.’” [Houston Chronicle]
Houston’s first-ever highrise apartment building will be demolished next Friday, September 25th, a spokesman for the Houston Police Department announced today. Neighborhood Protection inspectors have determined that structural problems with the vacant-and-crumbling 1906 Savoy Apartments building (later the Savoy Hotel) require it to be taken down as quickly as possible. The Houston Press’s Craig Malisow reports:
[HPD's Mark Curran] said the police have had difficulty contacting the owner, who is currently in Lebanon. (Curran didn’t remember his name off-hand, but a 2007 Press story identified him as Michael Nassif). The owner has 10 days to file an appeal, Curran said.
The nearby Metro line will need to be closed during the demolition – hopefully not longer than Friday-Sunday, Curran said.
Curran also said that the building would be guarded continuously until it is torn down.
The original Savoy Houston’s first public building to have electricity. Not included in the demolition order: the building next door with the big Savoy Houston sign on top. After that portion was built in 1961, the entire complex was operated as the Savoy-Field Hotel.
A few details on that new Whole Foods Market planned for the corner of West Dallas and Waugh, just south of the now AIG-sign-free America Tower: Finger Companies, the owners of the land, says the new store will be 40,000 sq. ft. — slightly smaller than reported when the company first announced the project more than a year ago. Also: The store will have “a variety of eco-conscious elements and tons of inviting space for neighbors to congregate.”
The Finger Companies says the Whole Foods will be built “in conjunction with the developer’s proposed new luxury apartment project.” That project, also announced in the spring of 2008, was slated for the eastern portion of the site, closer to Montrose Blvd.
Globe St.’s Amy Wolff Sorter says the buyer of the foreclosed Greenbriar Park North apartments near Greenspoint has “a strong track record” of rehabbing complexes. That should help:
Wade Schmitz with Hendricks & Partners’ Houston office tells GlobeSt.com that CNC Investments was the former owner and like many owners during the mid-2000s, had bought too much with too much debt that couldn’t be refinanced. Schmitz, who marketed the asset for Bank of America adds that the 1980s complex at 818 Richcrest Dr. attracted a great deal of interest. . . .
“There were down units that needed to be brought back online,” Schmitz says. “The property had been neglected, and needed someone to take care of it.”
How neglected? Of 400 units in the complex, only around 60 are occupied.
Don’t want to miss out on all the foreclosed-apartment-complex rehab fun? Be patient, more is coming:
“Well, I don’t know if this is staged or what, but I teach 7th grade English and my students have had a BLAST writing a descriptive paper about this apartment! They were in major gross-out mode…I got lots of good adjectives out of them!” [Clare, commenting on Inside the Messiest Apartment in Houston. Ever.]
Swamplot covers real estate, home design and renovation, architecture, and the landscape of Houston, Texas. Swamplot did not flood during Allison — or Ike! Honest! Read more
Comment of the Day: Fast Food Townhouses
“I’ve been in Houston for 3 years and I’ve noticed how many expensive townhouses and condos back up to fast food restaurants and other potentially noisy businesses. It would drive me nuts but I would also look around the neighborhood before I purchased or rented something there. I can’t imagine having to listen to the Jack-in-the-Box drive-through traffic all night long. ‘YA WANT FRIES??’” [Apartment dweller, commenting on 2520 Robinhood Vs. the Merry Men of Hans’ Bier Haus: It’s Come to This]