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Friday, November 20, 2009
November 20, 2009 – 2:52 pm
What do all these Houston office towers have in common?
- The Fulbright Tower,
- 1 Houston Center,
- 2 Houston Center,
- 4 Houston Center,
- Post Oak Central One,
- Post Oak Central Three,
- Post Oak Central Two,
- One Greenway Plaza,
- Two Greenway Plaza
- Three Greenway Plaza,
- Four Greenway Plaza,
- Five Greenway Plaza,
- Eight Greenway Plaza,
- Nine Greenway Plaza,
- Eleven Greenway Plaza, and
- Twelve Greenway Plaza
That’s right — they’re all part of the vast Crescent Real Estate Equities empire, which at the peak of the market 2 years ago comprised 54 properties in all, stretching from Texas to the California coast. That’s when Morgan Stanley snatched up the whole thing for a mere $6.5 billion, thanks in part to a little $2 billion loan from Barclays Capital.
Today, Morgan Stanley announced it is giving up on the whole thing. Back to the bank all those properties go. All of them. (Okay, minus a few that were jettisoned along the way.)
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Read more about: 77002, 77046, 77056, Commercial Real Estate, Defaults, Downtown, Financing, Galleria, Greenway Plaza, Office Buildings, Real Estate Investing
Wednesday, November 18, 2009
November 18, 2009 – 2:18 pm
A whole lotta railroad action next to the site of the planned Crawford Stations on the East End line, between Minute Maid Park and Discovery Green — but will this train be rolling?: “If a series of deals go through, the city would be able to create a ’super block’ previously eyed for a new hotel, redevelop Avenida De Las Americas and move two historic houses and a railroad engine to create a small historic area on the eastern side of downtown. The train would complement the homes and proposed heritage center — which would be paid for with privately raised funds — and underscore the importance of locomotives in Houston’s history in facilities across the street from the former Union Station. . . . But the plans also call for an unusual process to sell land to a wealthy, well-connected real estate investor and former council member, and force the city to move the historic homes.. . . Several City Council members raised questions about the initial step in the process, which the council will consider today, to appoint an independent appraiser to name a price for the land on Avenida De Las Americas, between Capitol and Rusk. If the city sees the price as favorable and decides to sell, it would then be up to Louis Macey, who owns a far larger piece of land that abuts the area, to buy. . . . Andy Icken, deputy director of the city’s Department of Public Works and Engineering, said the city needs to relocate the homes before the Metropolitan Transit Authority begins building light rail lines along Capitol and Rusk. . . . The city has chosen to sell the houses through a process normally used with abandonments because it is likely to get more money that way, he said. By itself the land’s potential may be limited, but if an appraiser can consider its value in the context of other downtown land — which is possible in this case because Macey is the adjacent landowner — it is almost certain to fetch a higher price, he said.” [Houston Chronicle]
Read more about: 77002, 77003, Development Strategies, Downtown, East End Line, Historic Preservation, Light-Rail, Real Estate Investing, Transportation
Monday, November 16, 2009
November 16, 2009 – 1:03 pm
A reader sends in photos of the new Hess Tower, formerly known as Discovery Tower, under construction adjacent to Discovery Green Downtown.
You can see the tower isn’t quite finished yet but it sure looks like that plaza in front of it already is! Though really, all those office workers look a little young, don’t you think?
More pics:
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Read more about: 77010, Commercial Real Estate, Discovery Green, Discovery Tower, Downtown, Green Design, Highrises, New Construction, Office Buildings
Wednesday, November 11, 2009
November 11, 2009 – 6:50 pm
So much new stuff going on it’s impossible to keep track of it all!
- Opening Soon? A new “Houston Ave. Bar” at the site of the former Farmers Coffee Shop on the corner of Houston Ave. and White Oak. Here’s the evidence: A permit for a “2 story addition” to the property was approved by the city last month. The corner is already a popular gathering place for floodwaters — several commenters on HAIF have posted photos of the intersection after Hurricane Ike (see above) and Tropical Storm Allison.
- Moved: The Central City Co-op Wednesday market, from that Ecclesia space next to the Taft St. Coffee House to new digs at the Grace Lutheran Church at 2515 Waugh, just north of Missouri St. Sunday markets are still at Discovery Green. Next up for the co-op crew: Selling enough veggies to pay off those loans used for the church buildout.
- Opening Softly, Later This Month: A place called Canopy, from the folks who brought you that place called Shade. Claire Smith and Russell Murrell’s new restaurant will go in the spot where Tony Ruppe’s was, in the double-decked strip center at 3939 Montrose, reports Cleverley Stone. Three meals a day, 7 days a week, plus 3 seating areas:
a bright and refreshing dining room, festive bar and side street patio. We will eventually offer curbside “to go” service.
- Opening Early Next Month: The brand-new Dessert Shoppe, in the strip center portion of 19th Streete in the Heights. Fred Eats Houston writes that sisters Sara and RaeMarie Villar will be serving up “whole cakes and pies to individual desserts, along with assorted breakfast pastries, cookies, quiches, cupcakes, and some breads.”
- Reopened, for the First Time Since Ike: The Shriner’s Hospital for Children in Galveston. The combined boards of the International Shriners and Shriners Hospitals for Children had originally decided to close the hospital for good, after 30 inches of water wandered through the building’s first floor during the Hurricane. Shriners voting at this summer’s convention in San Antonio reversed that decision. The new hospital will have a smaller staff and budget. The Chronicle’s Todd Ackerman reports that the hospital should already be open for reconstructive surgery cases; burn victims will have to wait until December for treatment.
And yet even more new stuff:
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Read more about Attractions, Baytown, Galveston, Neighborhoods: Downtown, Neighborhoods: East Montrose, Neighborhoods: Houston Heights, Neighborhoods: Hyde Park, Neighborhoods: Montrose, Neighborhoods: Spring Branch, Neighborhoods: Upper Kirby, Neighborhoods: Washington Corridor, Neighborhoods: West End, Openings and Closings, Restaurants, Retail, Shopping Centers, Strip Centers
Read more about: 77002, 77007, 77008, 77055, 77098, 77520, 77550, Attractions, Baytown, Downtown, East Montrose, Galveston, Houston Heights, Hyde Park, Montrose, Openings and Closings, Restaurants, Retail, Shopping Centers, Spring-Branch, Strip Centers, Upper Kirby, Washington Corridor, West End
Tuesday, November 10, 2009
November 10, 2009 – 2:38 pm
An article on Bloomberg.com forwarded by a reader provides an update on the progress of fundraising efforts for the Houston Ballet’s new building Downtown planned for the block surrounded by Congress, Smith, Preston, and Louisiana streets. You’ll remember that back in August, Ballet managing director Cecil C. Conner told the Chronicle’s Molly Glentzer that the board had raised “about 70 percent of the funds” needed for the $53 million building — which the organization hopes to have ready for move-in by 2011.
What’s the latest news, 3 months later?
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Read more about: 77002, Downtown, Financing, Fundraising, Institutional Buildings, New Construction, Theater District
Friday, October 23, 2009
October 23, 2009 – 10:47 am
The Buffalo Bayou Partnership helped the City of Houston and the Harris County Flood Control District acquire a just-under-2-acre site Downtown for $7.3 million last week: “The property, which is currently being used as a surface parking lot, is sandwiched between Buffalo Bayou on the north and Commerce on the south, stretching from La Branch to Caroline. Roughly half of the land was acquired from a 15-person investment group led by David Loftus. The other half was bought from members of the Loftus family. Loftus says he acquired the site in 2002 with plans to erect a parking garage. After hearing about civic leaders’ intentions for the land, Loftus says he decided to wait and sell it instead. The land will be used to widen the bayou in an effort to mitigate flooding. The site will also double as a park with hike and bike trails during dryer times. Both projects are a part of long-term visions for the bayou system.” [Houston Business Journal]
Read more about: 77002, Buying and Selling, Downtown, Flooding, Parks
Monday, October 12, 2009
October 12, 2009 – 10:40 pm
From his perch high in the (formerly AIG) America Tower on Allen Parkway, Swamplot reader Stephen Cullar-Ledford forwards this latest dramatic scene, which aches for suitably metaphorical captioning.
A few months ago it was fog, this afternoon it’s a rainbow over downtown . . .
Photo: Stephen Cullar-Ledford
Read more about: 77002, 77019, AIG, Downtown, Economic Conditions, Flooding, Highrises, Montrose, Office Buildings, Weather
Wednesday, October 7, 2009
Friday, October 2, 2009
October 2, 2009 – 3:50 pm
Swamplot reader ms. rosa reports on tonight’s scheduled demolition of the 1906 Savoy Apartments building (later the Savoy-Field Hotel) at Main St. and Pease Downtown: “Just spoke with Cherry [Demolition]. They will start tearing down the building tonight (Friday, October 2, 2009) at 7:00pm. It will not be imploded (as hoped!)” [Swamplot; previously]
Read more about: 77002, Apartments, Demolitions, Downtown, Environmental, Hazards, Vacant Buildings
Thursday, September 24, 2009
September 24, 2009 – 11:17 am
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.
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Read more about: 77002, Apartments, Demolitions, Downtown, Environmental, Hazards, Vacant Buildings
Friday, September 18, 2009
September 18, 2009 – 5:50 pm
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.
Photo of 1906 Savoy Apartments, in front of 1961 Savoy-Field Hotel: Flickr user oooch2
Read more about: 77002, Apartments, Demolitions, Downtown, Houston History, Vacant Buildings
September 18, 2009 – 3:13 pm
Ah, the single life! This one-bedroom, 625-sq.-ft. take at 2016 Main appears to have every necessity in place, down to that single toothbrush artfully placed next to stainless-steel counter bowl. Ax the giveaway Downtown and Midtown views, and wouldn’t this have made an excellent candidate for Swamplot’s weekly Neighborhood Guessing Game?
Asking $129,750 — since mid-ish July. Maintenance fee is $510 a month.
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Read more about: 77002, Condos, Condos for Sale, Downtown, Home Decor, Interiors, Midtown
Friday, September 11, 2009
Thursday, September 10, 2009
September 10, 2009 – 11:58 am
On the list of dealerships General Motors intends to shut down: Knapp Chevrolet, at 815 Houston Ave. just south of Washington. Back in May, GM notified the longtime Downtown dealership of its intent to terminate its franchise agreement as of Halloween 2010.
Since then, the dealership’s owners have been trying to get the decision reversed: President Robert G. Knapp presented his case to a congressional subcommittee in July, after several appeals to the company were rejected. Knapp claims his dealership has been profitable, and that closing the dealership would significantly hobble GM’s local market share. Congresswoman Sheila Jackson Lee has gotten involved, introducing a bill in Congress that would make it easier for dealerships to appeal franchise terminations in court. Knapp is also collecting a list of supporters through an online petition to GM. More than 6,200 supporters have added their names to the list so far.
One of those supporters: The Greater Houston Preservation Alliance, fans of Knapp’s moderne corner building, completed in 1941, 2 years after the dealership was first established.
Photo of Knapp Chevrolet: Chris Adams
Read more about: 77007, Auto Dealerships, Downtown, Historic Preservation, Old-Sixth-Ward, Openings and Closings, Retail, Washington Corridor
Wednesday, September 2, 2009
September 2, 2009 – 6:14 pm
“See, everyone in Houston thinks that our old train station was over by Enron Field (this blog does not recognize Minute Maid’s sponsorship deal) and that it’s been preserved as part of the ballpark. But actually, we had TWO stations – the Southern Pacific had their own, seperate from the Astros station, a mission/art deco fusion with beautiful murals on the walls and great big arched windows. Pictures of the place . . . are few and far between, but the ones I’ve seen show something that rivals LA Union Terminal or [Philadelphia's 30th St. Station.] That station was torn down to make way for the Barbara Jordan [Post Office], except that ONLY THE WAITING ROOM WAS TORN DOWN. The whole mess of platforms and switchtracks that goes along with an art deco station building is still there, behind the post office, rusted and overgrown but still in existence as a huge chunk of UP-owned real estate.” [Keep Houston Houston]
Read more about: 77002, Demolitions, Downtown, Train Stations, Trains
Comment of the Day: The Savoy Hotel Implosion You Missed
“I was across the street watching the tear down on and off for the 3rd day. They had a little trouble with the elevator shaft and the chimneys. Apparently the building was built pretty solid…2 foot thick brick walls. Yesterday they etched part of the bricks in the back and about half the building came down all at once by itself, rattling the ground and putting up a huge dust cloud. Part of the fire escape fell on the parking garage next door though.” [K. Brink, commenting on Emergency Demo: The Savoy Hotel’s Final Weekend Stay Downtown]