It looks like the 10.53 acres behind this sign where the Spring Branch RoomStore stands have been fosoldale, and the buyer has said it plans to build some rental townhomes. Broker David Littwitz says that the RoomStore here at 1009 Brittmoore Rd. facing the Katy Fwy. closed about a year ago, after the Richmond, Virginia, company filed for bankruptcy near the end of 2011. Real Estate Bisnow’s Catie Dixon reports that the buyer, a joint venture called Houston Texas Properties, intends to tear down the showroom to develop what they’re dubbing Arabella, desribed by Dixon as a “240-unit, upscale rental townhome community.” And they’re not wasting time: Dixon adds that the RoomStore should be coming down within the next few weeks.
- Energy Corridor Land Sells [Real Estate Bisnow]
Photo: Real Estate Bisnow
The Leader is reporting that the Baptist Temple Church on Rutland and 20th St. in the Heights has sold 2 of its oldest buildings to Braun Enterprises, which says it will tear them down and replace them with less sacred spaces — that is, retail or a restaurant. If the almighty dollar has triumphed, there’s still a silver lining — or so Charlotte Aguilar suggests, reporting that 
Using figures from a study put together by the Service Employees International Union last year in support of striking janitors, Steve Jansen’s cover story in this week’s Houston Press highlights some spectacular feats of Houston highrise taxcutting: “For the 2011 tax year, if the owners of a class A skyscraper or office complex protested HCAD’s appraised value in front of HCAD’s appraisal review board or district court, they were 77 percent likely to have the value cut (and Âalmost always by millions). By contrast, only 55 percent of owners of single-family homes won their appeals with HCAD.” Total resulting savings on those high-dollar tax bills: $58 million in 2011 alone. This year, HCAD is raising the market valuations on many of the city’s fanciest office buildings by more than 50 percent. 
