This weekend’s Galleria-area bank implosion won’t be televised nationally, but you should be able to watch it happen live if you wake up early enough on Sunday. Preparations for the dynamite-fueled takedown of the Compass Bank building at 2200 Post Oak are just about complete.
A notice sent out last month to area businesses by Cherry Demolition says the implosion is scheduled for approximately 7:45 am on March 15th — which happens to be the 2,053rd anniversary, give or take a calendar adjustment, of the Julius Caesar demo. A few details:
Adjacent streets will be closed at approximately 6:00 am and re-open at 9:15 am. Streets to be closed are Guilford and Post Oak Boulevard between Westheimer and Ambassador Way.
So where’s the best vantage point for viewing this cathartic form of timely public theater gonna be?
Shortly after 10 a.m. Central time, about 40 police officers and other law enforcement officials simultaneously entered Stanford Group’s two office buildings in Houston. Many of the law enforcement personnel carried large black briefcases. Stanford group’s headquarters are in two offices in Houston, one within a tower of the Houston Galleria shopping mall, and the other across the street.
“Ronald McDonald will soon have all of his parking spaces back,” writes Swamplot tipster Michele, who also sends in these photos from yesterday. They show the sales office for Randall Davis’s canceled Titan highrise — which hung out in the McDonald’s parking lot on Post Oak for many months — boarded up and readied for its next location and rebranding assignment.
Following up on the overview of the controversy he and Carolyn Feibel published last week, Bradley Olsen provides this updated summary of all the offers made for James and Jock Collins’s 7,230-sq.-ft. property at the the corner of San Felipe and Post Oak Ln., adjacent to Boulevard Place: “In April 2002, the Uptown Development Authority offers the Collins brothers $289,000 for their property to widen San Felipe and for other purposes (they bought it for $363,750 in 1982). They declined. In February 2004, Uptown offers the Collins brothers $398,035 for their property. They declined. Wulfe & Co. begins negotiations with the brothers to buy the property in 2004. In early 2006 (one side says March, the other says May), Wulfe and Co. offered the Collins brothers $1.985 million, which included a $1.46 million cash offer plus financing of $525,000 over five years. The brothers declined that offer, both sides confirm. The brothers counter-offer by asking for $1.7 million in cash, according to Cary Gray, their attorney. In June 2006, Wulfe and Co. responded with a $1.46 million cash offer, which they withdraw in July, according to both sides. In October 2006, the city notifies the Collins brothers of its intent to seize the land through eminent domain powers. Before filing its eminent domain lawsuit, the city gives the brothers a final offer in May 2007 of $433,800. They declined. In February 2008, a panel of special commissioners appointed in Harris County Civil Court voted to award the Collins brothers $723,000. They declined. The legal proceedings between the city and the brothers are still ongoing and are in the discovery phase.” [Houston Chronicle]
Swamplot mentioned the cancellation of Randall Davis’s Titan condo project in passing yesterday, announcing at the same time that the project had scored the first-place spot in the hotly contested Most Grandiose Development category of the Swamplot Awards for Houston Real Estate. But really, if any 2008 event in Houston real estate deserves its own separate post on Swamplot, this is it.
Davis told the Chronicle’s Nancy Sarnoff that slow sales convinced him to shut down the 25-story highrise project. There’ll be no rearranging of the deck chairs, no putting the project “on hold,” no “My Heart Will Go On.” It’s all over.
Today’s as good a day as any to highlight the work of YouTube user hcp051000, aka Senior Airman Pan, who has compiled an impressive array of videos documenting the performance of some of this city’s finer vertical conveyances.
What’s it like to ride in these Houston elevators, really? Now you can find out — and shop for your favorite — from behind the comfort of your own computer screen.
Here’s S.A. Pan’s ride in the colorful cab of a Dover elevator at the Kemah Boardwalk Inn Hotel:
If the purchase deal can pass City Council, the Water Wall next to the Williams Tower will go from developer amenity and vacant-lot placeholder to actual Galleria public park:
The seller is an affiliate of Houston-based Hines Interests LP, which originally developed the Water Wall and adjacent Williams Tower along with Transco Energy Co. in the 1980s. The skyscraper, Water Wall and green space have changed hands over time, but went back under Hines-related ownership earlier this year when they were acquired by Hines Real Estate Investment Trust Inc.
The city is expected to pay $8.5 million for the Water Wall and the three-acre park where it sits.
How good a real estate investment was that fountain back in 1985?
The land was most recently appraised at $3.8 million, according to Harris County Appraisal District records. But [Mayor] White and [Uptown TIRZ administrator John] Breeding said the $8.5 million price was well below market rates, which occasionally have gone as high as $200 per square foot, which would have amounted to a $24 million selling price.
From the Swamplot mailbin, questions about the tower Randall Davis got up:
I would like an update on the Cosmopolitan. I drove by and it looks like barely anyone is living in the building. Roughly 20% of the units are either for sale or lease in the building. Given the problems the Titan is having in sales, can anyone provide insight into the viability of the Cosmopolitan. Does anyone live there? How is it?
The last time Swamplot posted a reader’s questions about the Cosmopolitan, the response was . . . underwhelming. Anybody home?
The rumor Swamplot reported late last week has now been confirmed from multiple sources: The 34-story Turnberry Tower luxury condo palace planned for the Galleria area — yeah, the one with the tombstone-shaped silhouette — is officially dead.
From Jennifer Dawson in today’s Houston Business Journal comes confirmation of part of Swamplot’s report earlier this week on the two highrises planned for Boulevard Place. The Hanover Company’s planned 37-story apartment tower isn’t moving forward anytime soon:
Construction was supposed to start this month, but that’s not going to happen because it’s too difficult to get a construction loan right now, says Hanover President John Nash.
He says it would be impossible to predict when the credit market would allow the project to move forward, but it could be delayed as much as a year.
From the Swamplot rumor mill comes an unconfirmed and second-hand report: that the team behind proposed Houston Turnberry Tower — the 34-story luxury highrise planned to rest just behind the Williams Tower — “officially pulled the plug on their galleria deal yesterday.”
Could this be true? A lot of hard work — and a lot of plumbing design — has been poured into that project. It would be sad to see it all go down the toilet.
got slight confirmation that both the hanover tower and the ritz are going to be delayed at least slightly… they still expected both to happen, but they will be phased in.
Then yesterday came another comment:
i can confirm this in regards to hanover.
dont expect their tower to be built anytime soon.. i would consider it postponed indefinitely rather than slightly.
Followed by this:
As a sub on this project I will also confirm this. We have been told at least 6 months of delays.
The HBJ’s Allison Wollam reports that the Westgate Houston Preview Gallery, a large timeshare sales center in the JPMorgan Chase bank building on Richmond at Sage, has closed:
The gallery, located at 5177 Richmond Ave., offered a full-size model with a living room and kitchen styled after Central Florida Investments’ timeshare properties.
The Houston location, which opened in 2004, was the first offsite sales center for Orlando-based Central Florida Investments. The company owns Westgate Resorts, which operated the preview gallery.
Almost 3 weeks ago, CFI founder and CEO David Siegel told the Orlando Sentinel that financial troubles had recently begun at the company — with the suddenness of “a heart attack.”
Until that time, Siegel apparently thought he was doing pretty well.
An austere bit of stationery is taped to the door of Bice Ristorante in the Galleria, indicating that mall owner Simon Property Group has changed the locks until Bice comes up with $164,731.37 in rent. The letter is dated from mid-July. And somebody has finally noticed!
“Seriously, how do you fall this far behind on rent?,” asks Tasty Bits author Misha. A few pix below:
The Houston Business Journal’s Jennifer Dawson is reporting that the Novati Group’s plan to dust off a 15-year-old Ziegler Cooper design for a 20-story office tower and build it on the West Loop
appears to be in limbo. The deal isn’t dead, but it’s not moving forward.
The problems: finding debt financing . . . and that pre-leasing thing.
Meanwhile, Dawson expects Transwestern to announce details soon on a large new addition to Uptown’s Four Oaks Place — to replace the 24-Hour Fitness on Post Oak Blvd. owned by TIAA-CREF:
The proposed building being called Tower Five at Four Oaks Place is now set to be 30 stories tall, with 525,000 square feet of office space on 22 floors atop a parking garage with roughly 1,500 spaces, says Carleton Riser, head of Transwestern’s development group.
He says the building designed by architectural firm Pickard Chilton could break ground in the first quarter of 2009.
The fact that no tenants have committed to the new building won’t delay construction, Riser says.
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
