Armed with a camera, two enterprising Swamplot readers set out to document the retail carnage along South Shepherd, between 59 and the Shepherd Curve:
The sheer number of businesses that have disappeared along Shepherd in 4 months has been stupefying. This is with a large, new, empty Weingarten development at one end …and the chronically empty Shepherd Plaza at the other. Hell, we have gone from 4 Starbucks to 3!!
That’s a 25 percent reduction in mocha lattes alone. How about in some of the other sectors?
Granted, there have been some new businesses, a Hallmark store, a dance studio, and something seems to have filled the lingerie place at Welch and Shepherd, but the vacancy rate now stands at 22%!!! We counted 172 retail “units” and found 37 of them to be empty. As recently as February, I remember only about a dozen vacancies.
What are the sights?
Continue Reading This Story >
Read more about: 77019, 77098, Commercial Real Estate, Leasing, Montrose, Retail, Retail Vacancies, Shepherd Curve, Shepherd Dr.
Writing in the River Oaks Examiner, Cynthia Lescalleet has a few updates on the River Oaks Shopping Center. Here’s what Swamplot has pieced together:
- That well-trafficked space across the atrium from The Gap on the south side of West Gray will soon have a new tenant. Yes, this is the spot previously occupied by clothing retailer Harold Powell (whose parent company, Harold’s Stores, declared bankruptcy in November). Before that, it was occupied by M. King Interiors (which skipped out in the night a few years earlier, according to reports), before that Mesa Restaurant (ditto), and apparently way before that a restaurant called XIT. A new 6,200-sq.-ft. Mutual of Omaha Bank will be moving into the space soon.
- Meanwhile, across the street, Barnes & Noble will be opening in its brand hulking new building around October 1st.
What else?
Continue Reading This Story >
Read more about: 77019, Commercial Real Estate, Leasing, Neighborhood Disputes, Openings and Closings, Restaurants, Retail, River Oaks, River-Oaks-Shopping-Center, Shopping Centers, Weingarten Realty
A reader sends in a photo of the Arch-Con tilt-up office building going up at 1335 West Gray just west of Waugh, across from The Tavern on Gray — and asks:
This has got to be the first ever tilt up building inside the loop, right?
The 21,000-sq.-ft. building was planned to house the Houston headquarters for general contractor Arch-Con on the third floor, next to the terrace. Scraped bungalows will make room for an adjacent surface parking lot. The architect’s website notes there will be “additional parking on the first floor.” Stream Realty has two 7,466-sq.-ft. floor plates listed for lease.
Renderings of the finished building, from Ziegler Cooper Architects:
Continue Reading This Story >
Read more about: 77019, General Contractors, Leasing, Montrose, New Construction, Office Buildings
At last: That year-old, right-up-to-the-street, parking-garage-behind The Mix @ Midtown building at 3201 Louisiana gets a ground-floor tenant! Going into the buildout in the space at the southeast corner of Elgin, below 24 Hour Fitness: a new Japanese restaurant.
Want a peek inside?
Continue Reading This Story >
Read more about: 77006, Leasing, Midtown, Mixed Use, New Construction, Restaurants
What’s a struggling mall to do these days? How about turning off the air conditioning . . . and hosting a comic-book convention! Robert W. Boyd reports from the scene:
Despite a great location [on Highway 6 between Westheimer and Richmond] and not bad interior, West Oaks Mall is plagued with vacancies. And unlike malls like Memorial City Mall, West Oaks is not able to hide the gaps. . . .
West Oaks needed to occupy its empty stores (even if temporarily), or at least cover them up. And it needed to get people in the mall who could at least potentially patronize the remaining stores. So that’s where Comicpalooza came in.
Continue Reading This Story >
Read more about: 77082, Alief, Attractions, Commercial Real Estate, Economic Conditions, Leasing, Malls, Retail
April 10, 2009 – 10:49 am
Lots of space is available in Houston’s industrial soft spot — on the far east side of town: “A lot of developers built huge facilities on spec at the Port of Houston. However, with trade down due to the global slowdown, the Port is starting to feel some pain, too; as is the real estate that sprang up to serve it. Exports are falling off, while imports are going from ship, to intermodal, to the rest of the country rather than remaining in Houston warehouses. Added to the fact was that building was out of control in that area during the mid-2000s. ‘Three or four years ago, everyone wanted to be at the Port, so everyone put their buildings there,’ [Grubb & Ellis Senior Vice President John] Nicholson says. ‘It was crazy.’ The result is a lot of vacant product, especially warehouse space, in the far east submarket. Transwestern’s report puts the East-Southeast Far submarket at 13.5% vacancy, including sublet space. The total inventory in that area is 34 million square feet, with 1.8 million square feet under construction. The Grubb & Ellis numbers for East Southeast Far have 30 million square feet of inventory and a 20% vacancy. And all of Houston is hunkering into recession mode in the area of lease negotiation. Nicholson and [Transwestern managing director Brian K.] Gammill say short-term deals are more common, as are more free-rent concessions.” [Globe St.]
Read more about: Industrial Properties, Leasing, Port of Houston, Warehouse Space
The River Oaks Examiner’s Cynthia Lescalleet tours the brand-new 340-unit One Park Place, across from Discovery Green Downtown:
Units are bright and spacious, with several oversized features, such as 10-foot ceilings that, unlike loft properties, are finished, meaning no dust or gloomy black paint. Each unit has a balcony. Views vary. Overall, the apartments toured felt solid and private and very much like city living in other major cities, which was the point. In One Park Place, Finger Companies wanted to build a landmark residence reminiscent of the historic parkside properties in New York, Chicago and San Francisco. Meanwhile, the project’s rose-colored masonry with stone accents connotes other noted Houston architecture. . . .
Okay, how much?
. . . the property’s floorplans have verdant names like Cedar and Azalea. The smallest units have about 800 square feet and lease for $1,800-$2,550 if located on the lower floors of the tower. The six penthouses lease for $6,400 to $11,880 for units of 2,000 to 3,500 square feet.
Continue Reading This Story >
Read more about: 77010, Apartments, Downtown, Highrises, Leasing, One Park Place
“Maybe Mr. Alexander could solicit such basic needs tenants for the River Oaks Shopping Center; perhaps a local bakery and a quick-serve restaurant like the Black-Eyed Pea, for example? [Hellsing, commenting on And What About the River Oaks Shopping Center?]
Read more about: 77019, Comments, Leasing, Redevelopment, River-Oaks-Shopping-Center, Shopping Centers
His company’s stock down more than 70 percent since last year and the 2009 calendar wiped clean of all new development projects, Weingarten Realty president and CEO Drew Alexander tells analysts and investors the REIT is gonna survive. “The key to the survival? An increase in cash on the balance sheet and a continued ‘focus on tenants that sell basic goods and services,’ Alexander commented. Those tenants include grocery stores, dry cleaners, quick-serve restaurants and value chains such as Ross, Marshall’s and TJ Maxx.” [Globe St.]
Read more about: 77019, Economic Conditions, Leasing, REITs, Retail, River-Oaks-Shopping-Center, Weingarten Realty
March 26, 2009 – 11:16 am
There was something fishy about that home on Shady Canyon, Amber Rogers found out. She gave a $2500 deposit to Jonathan Soto, but it turns out he was renting out the same property to other people too. Cut to dual-renter ambush in Stone Gate subdivision: “Rogers says she hid in the garage and called 911. She came out right when Soto was giving his sales pitch. ‘When he turned around and saw me, I could have sworn he thought he saw a ghost. It almost knocked him off his feet. It was hilarious,’ Rogers said. Rogers says he tried to escape through a window. ‘I was the closest one to him. I grabbed him and I threw him into the wall,’ Rogers said. . . . Rogers says it was a good thing the police arrived when they did. Soto was carrying a gun, and according to her, he appeared to be reaching for it.” [11 News]
Read more about: 77095, Crime, Fraud, Leasing
That new Whole Foods Market coming to Post Oak Blvd. in the Galleria may not end up being quite the giant originally envisioned, says Nancy Sarnoff: “Developer Ed Wulfe, who’s building the BLVD Place mixed-use project where the Whole Foods will go, recently said the parties are working on amending the lease to reduce the size of the store, originally planned for 80,000 square feet. Put in context, the Kirby Whole Foods is about 40,000 square feet and Central Market is about 75,000 square feet. An 80,000-square-foot store would have been on par with the company’s flagship market in Austin, where customers can eat at mini-restaurants, chose from hundreds of varieties of beer, cheeses and a seafood counter that smokes, slices and fries to order. In a related move, Whole Foods recently announced that it was keeping its store on Woodway and Voss open. The plan was to close it when the Post Oak store opened. [Houston Chronicle; previously in Swamplot]
Read more about: 77056, BLVD Place, Commercial Real Estate, Galleria, Grocery Stores, Leasing, Proposed Developments, Retail, Uptown, Whole Foods
Comment of the Day: Kicking Back on Washington Ave.
“I live in the Core (since October 2008), and I’m certain that there are no plans to extend this complex across the street. The Core is a great place to live, but like every other large inner city complex, they’ve been slow to fill vacancies here. With that said, it would be foolish for them to even consider expanding. The last I heard, there were plans to put a small two story shopping strip there similar to the one on the other side of the Core. Still no solid plans though from anyone. By the way, if anyone wants to live here in the Core, put me as a reference and you and i both will get cash back.” [Hector Garcia, commenting on Washington Ave.: Extending The Core?]