GO-AHEADS FOR SONOMA Randall Davis’s Sonoma development couldn’t get financing for its first phase, but the condos-and-retail project’s sales team is now saying it has financing for its second phase, planned for the south side of Bolsover St. And requirements for taking over the block of Bolsover between the two projects have been fulfilled: “In an e-mail sent Saturday, sales team member Keith Kaposta said groundbreaking at the Rice Village site was still expected in February following the expiration of Walgreens’ lease on the property at 5313 Kelvin St. In another development, the city of Houston said Tuesday that developer Randall Davis property owner La Mesa Corp. had successfully completed all work that was required by the extended deadline of Oct. 27. . . . [Public Works Department spokesman Alvin] Wright said even if the work covered under the letters of credit was not completed by the deadlines, the city would not get the property back. [West University Examiner; previously]
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Land Sales
The West U Examiner‘s Michael Reed points out that Randall Davis has a looming deadline to complete some work on the block of Bolsover St. in Rice Village that was purchased from the city:
A condition, passed by the Houston City Council at the time of the sale, specified that some changes to the site of the high-end condo over retail project must be completed within one year.
The block was sold in August of last year so that Davis could use it as part of his Sonoma mixed-use development. Since then, Davis has run into problems finding financing, and the project has changed considerably. He now wants to build the smaller second phase — on the south side of the street — first. But the Walgreens currently on that site has a lease that won’t be up until January.
What needs to get done by the end of October?
The plugging and abandonment of the 8-inch water line within the street, and the relocation of the existing storm sewer inlets to Bolsover and Morningside.
The developer is “required to eliminate the appearance of the public street†at the intersections of Bolsover and both Kelvin and Morningside.
- Bolsover deadline at hand [West University Examiner]
- Previously in Swamplot: Sonoma: Bolsover Bulldozer, Sonoma Holdup: We Need Some Money, Council Bowls Over, So No More Street
The 10-story brick YMCA on Louisiana St., which has been taking up valuable space Downtown for more than 65 years, will at last be torn down, reports Nancy Sarnoff in today’s Chronicle. The Y will move to a new glass-and-brick building now being designed by Kirksey — apparently intended for the nearby block bounded by Travis, Milam, Pease, and Jefferson.
The best part of the story? The Y is being very polite about the whole thing. Having determined that its own building is not worth the $25 million a report determined would be necessary for repairs, the organization will go out of its way to demolish the structure itself, so no future buyer will have to be burdened with similar defensive and wasteful studies — or cleanup. And that future buyer has already been determined: Chevron, which already owns the former Enron building next door, says it has no current plans for the new 85,000-sq.-ft. vacant lot it is purchasing.
At 100,000 square feet, the new YMCA building will be less than half the size of the current facility, but will come with 250 parking spaces. And it will be rated LEED-Silver, which means its construction and operation will conserve energy and resources, unlike the wasteful current building, which was designed by architect Kenneth Franzheim in 1941.
In addition to continuing its mentoring, educational and other life-skill programs, the new facility will include a teen center, child watch area and women’s wellness center, as well as racquetball courts, a basketball gym, swimming pool, state-of-the-art fitness equipment, a chapel, meeting space and a food vendor.
Not included in the new structure: replacements for the 132 “short-term” residential units in the current building.
Below: A photo that illustrates the story!
A tipster informs us that the lovely 1.35-acre lot at 6040 Glen Cove in Memorial — which had been languishing on the market for about a year and a half — has finally been bought! The purchaser: County Judge candidate David Mincberg.
And apparently, Mincberg isn’t too interested in that free Talbott Wilson Midcentury Modern home that comes with it.
Photo of 6040 Glen Cove St.: HAR
Hines has “finalized the acquisition” of the Main Street block between Texas and Capitol Downtown, Nancy Sarnoff reports. That’s the site of the secret new 742,000-sq.-ft. office tower reported here a week and a half ago.
- Apartment abundance could signal trouble [Houston Chronicle]
- The Secret New Downtown Tower Hidden on the Web [Swamplot]
Just a few blocks north of the site of the new Houston Texans YMCA, the University of Houston has bought 43 acres immediately southeast of its main campus.
The new UH land looks like it’s part of MacGregor Park, but whether it is — or was — was a matter of intense . . . legal interest. The property was originally part of a larger 110-acre parcel that was donated by the MacGregor family to the City of Houston in 1930. More recently, the donors’ heirs sued the city for violating the terms of that gift, which required that the city turn the land into a park. By 2002, the MacGregor heirs had won back rights to the wooded 41 acres between MLK and Spur 5, on the north side of Old Spanish Trail.
The MacGregor heirs’ sale of the property to UH for $25 million closed in February, according to a report by Jennifer Dawson in the Houston Business Journal. The new UH property is south of the gigantic Wellness Center, across Buffalo Brays Bayou.
The land gives UH a possible new entrance on Martin Luther King Blvd., but it’s also likely to give the campus a fifth light-rail station: a MacGregor Park stop will be the second station on the Southeast line, which begins at the new transit center planned for Palm Center.
- UH buys piece of the park [Houston Business Journal]
- Southeast Corridor Updates [Metro]
- Where Training Will Begin: The Houston Texans YMCA at Palm Center [Swamplot]
Rendering of planned Southeast light-rail line on MLK, south of UH: Metro
This massive 20,000-sq.-ft. home featured on New York Architect Alexander Gorlin‘s website is under construction at 2950 Lazy Lane in River Oaks. The Museum of Fine Arts’ Bayou Bend Collection is next door.
Gorlin’s client is the youngest member of the Forbes 400 list of the Richest Americans (he’s number 317): 34-year-old former Enron trader John Arnold, who now runs secretive Centaurus Energy, a small but extraordinarily successful hedge fund company that trades energy commodities.
Four years ago, Arnold bought a recently renovated 1926 home in the French Norman manorial style in the Homewoods subdivision of River Oaks. The home, which had sat on the market for close to three years, was designed by Houston architect Birdsall Briscoe in collaboration with John Staub, who also built the Bayou Bend estate for the children of former Texas governor James Hogg next door. Briscoe’s creation was dubbed “Dogwoods” by Hogg’s son Michael, who lived there for many years with his wife.
A year after purchasing Dogwoods — currently valued by HCAD at $4.9 million — Arnold angered River Oaks preservationists by tearing it down.
After the jump, more illustrations of the house John Arnold will be trading into, plus a few photos of the one he didn’t leave behind.
This 1.35-acre lot at the end of the cul-de-sac on Glencove St. has been on the market for almost 16 months, so you can imagine during that time owner-broker Richard Maier has been trying just about every marketing angle possible. There’s some evidence of it too: The records are a little screwy, but it appears the asking price has been raised three times and lowered four. As of last week, we’re on an upswing! At $2.65 million, it’s back up $51K from its all-time low, but still down from the $3 million of early ’07.
So what do we got?
ABSOLUTELY ONE OF THE MOST BEAUTIFUL SETTINGS NEAR DOWNTOWN JUST BEFORE MEMROIAL PARK. GORGEOUS VISTAS OF ROLLING HILLS, RAVINES, GARDEN TRAILS, CREEKS AND TURTLE POND! ALL LANDSCAPED WITH THOUSANDS OF EXOTIC PLANTS AND TREES! IRRIGATED BY PRIVATE WELL AND LIGHTED BY NIGHT! THE GROUNDS ARE CONTIGIOUS WITH ACRES OF NATURE PRESERVE & BIRD SANCTUARY!
Clearly, though, Maier’s latest sales tactic has just got to work — now he’s even gonna throw in a genuine Midcentury Modern home with the property. Absolutely free!!!
ALSO INCLUDED IS A CLASSIC MID CENTURY MODERN HOME BY NOTED ARCHICTECT TALBOT WILSON WITH 14 FT.WALLS OF GLASS!
Yeah, it’s a risky strategy: This is Memorial. So better end the listing on a more direct note:
LOCATION, LOCATION, LOCATION!
After the jump, exotic plants!!! Plus an actual interior shot of the 5,000-sq.-ft. 1950 home Maier snuck in.
That parking lot at the corner of Richmond and Post Oak, where the Steak & Ale and Mason Jar used to be? Very popular:
In 2007, Houston-based Hines Interests LP sold 9.4 acres to Rich Oak Properties LLC, an affiliate of Boymelgreen Developers LLC of New York. Sources put the purchase price at $86 per square foot, or roughly $33 million . . .
Rich Oak ultimately opted out of building on the site and chose to sell the entire 9.4 acres.
On Dec. 21, 2007, the land was acquired by Lasco/Hicks Ventures Ltd. Sources estimate the purchase price was $140 per square foot, or roughly $57 million.
A $24 million profit? Not bad for a few months’ work. And they said the days of the Houston land flip were over!
On the same day, Lasco/Hicks flipped six acres to Elegant Development Group Inc. The buyer is affiliated with Elegant Development and Investment Inc., a Houston-based construction services company that does commercial and residential work . . .
Less than two weeks later, Elegant Development flipped the six acres to Deyaar Development.
Deyaar Development is based in Dubai, and likes tall towers.
- Dubai tower looms on horizon [Houston Business Journal]
Available now: A whopping 286.4 acres of lovely and historic waterfront property . . . inside Beltway 8! Easy freeway access. Close to . . . everything! Sealed bids are being accepted until April 7th.
Cushman & Wakefield, the real estate firm listing the site, said the property contains some of the last remaining large tracts of . . . land with water frontage in the Gulf Coast region.
This sounds almost too good to be true.
- Georgia Gulf selling 286 acres on Ship Channel [Houston Chronicle]
- Houston Port Area – 286.4 acres/Georgia Gulf, Houston TX [Cushman & Wakefield]
Photo: Georgia Gulf
That 10-acre Holy Name Retreat Center parcel in Bunker Hill Village is being snapped up by Black Diamond Development and Abercrombie Builders, who tell the Memorial Examiner they’ll build 19 new homes on the property that “exhibit the degree of quality consistent with the affluent neighborhood.”
They’ll also apparently exhibit the degree of enormity consistent with extracting the highest possible price from the dollars-per-square-foot equation: the houses will range from 5,000 to 7,000 square feet.
- Custom builders acquire Holy Name Retreat property [Memorial Examiner]
- Twenty-One New Houses in Bunker Hill Village? [Swamplot]
A reader writes in to report that a house discussed recently on Swamplot had also been featured in Architectural Digest last October. And so it had! But really, they called it “Trapezoidal Transcendence”?? Whatever. Swamplot had the guts to call it what it really was: A River Oaks teardown.
Oh, well — there’s no accounting for taste. Unless, of course, you consider demolition a form of judgment:
By the way, that amazing modern house in the Tall Timbers section of River Oaks is definitely toast.
In this case, apparently, the decision of that judge was final.
- River Oaks Land Rush: $2+ Million Memorial Park and Bayou Frontage with Modern Obstacle [Swamplot]
- Estates for Sale [Architectural Digest]
You couldn’t invent a street address this good. But hey, maybe it’s your lucky day: The market’s down and the owner’s got to give it up.
Huge price drop too, as of this week: from $250,000 to $189,900. And that’s for a 4.24-acre lot — where you can build. With real integrity, of course.
What’s that address?
0 Player St.
Straight shooters only.
- 0 Player St. [HAR]
Here’s the problem with these sleek houses on full-acre lots in River Oaks: They’re selling for too damn cheap! The gorgeous land at the southern boundary of Memorial Park fronting Buffalo Bayou at 3840 Willowick — hogged by this eighties-modern home designed by New York architects Stonehill and Taylor — got swept up for between $45 and $57 a square foot at the end of August.
At that price, wouldn’t your head be spinning with the themed-towering-mansion possibilities? Bring on the demo and stucco crews!
Well, the stucco and foam cornice pieces will probably take a while, but the big machines with the giant claws are on their way, according to this morning’s demolition report.
Photos, plans, and details of the house-that-got-in-the-way — including some fine examples of how to distract from a River Oaks land sale — after the jump:
The owners of Otto’s Bar B Que and Hamburgers — a Houston institution since the early days of air conditioning — are retiring, closing up shop, tearing down their building at 5502 Memorial Dr., and putting it and the shopping center they own next door (including Biba’s Greek Pizza) up for sale, reports Allison Wollam in the Houston Business Journal:
Word of the end of Otto’s has already been circulating among customers, many of whom Sofka says are saddened to hear about the impending closure.
“If those people like it so much, where have they been?” she asks. “Why don’t they frequent our restaurant more? We still have our faithful that come in three times a week, but other than that, we’re stressing out each and every day to pay our bills.”
Maybe folks stopped coming by because there’s no chance they’ll run into Marvin Zindler there anymore? Anyway, it’s likely June and Marcus Sofka won’t have to stress about their bills for too much longer:
Real estate sources predict the land will sell for a minimum of $150 per square foot and say the highest and best use for the land would be a high-rise residential tower.
The Otto’ses in Sugar Land and Downtown are franchised, and will not be affected, reports Wollam, who also leaves us with this strange — but quintessentially Houstonish — image:
Another franchised Otto’s is scheduled to open next year in Chase Tower, and Sofka says the barbecue pits behind the original restaurant will be moved to the new Chase Tower location.
- Family sale signals farewell to Otto’s [Houston Business Journal]
- Two Tracts Just off Memorial Drive [Cushman Wakefield]
Photo: Flickr users Bob & Lorraine Kelly
