COMMENT OF THE DAY: DALLAS DISCOUNT “Nice property, but those prices per sq. ft. are RIDICULOUS. Even in comparison to other Texas cities, like Dallas and Austin. Best of luck leasing at that price point. Most NEW residential lease towers in Dallas have slashed rates. A friend of mine renewed his lease at the Cirque in Victory Park, which is much more fabulous than One Park Place, and his rate was reduced by $250 per month! Additionally, most properties now offer specials, like one-two months free.” [Ted, commenting on One Park Place or Another]
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Leasing
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.
COMMENT OF THE DAY: WEINGARTEN’S BLACK EYE “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?]
AND WHAT ABOUT THE RIVER OAKS SHOPPING CENTER? 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.]
COMMENT OF THE DAY: DEPOSIT NO RETURN “Security deposits are dangerous things in Texas and they should only be provided along with the first month’s rent when you pick up the keys. Otherwise you may be spending a long time in our court system and even then may not get it back. Of course in this case you would have to sue to get the rent and the deposit back and even then you might not. It would depend on whether the landlord’s attorney convinced the court that you and the ‘other tenants’ had agreed to live in a commune. If you thnk that is impossible you obviously have not ‘enjoyed the pleasure’ of our court system in Texas. He who has the most convincing attorney wins. And the sleaziest landlords usually have the sleaziest attorneys who are in the courtrooms every day and so they have some ‘standing’ that you don’t. Not to mention that they, or their law firm PAC, have usually written a nice check or two to the judge’s campaign fund. Texas has always been a ‘buyer beware’ state. As well as a ‘renter beware’ state.” [Matt, commenting on Serial Renter Meets His Match]
COMMENT OF THE DAY: THE LANDLORD RACKET “I commented to my wife the other day that, in light of foreclosures on rentals, if we decide to rent a house instead of an apartment we will have to demand the right to a credit report on the landlord. I guess we’ll want a criminal background check also :)” [MikeRG, commenting on Serial Renter Meets His Match]
SERIAL RENTER MEETS HIS MATCH 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]
TAKING A BITE OUT OF WHOLE FOODS 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]
Over at Eating Our Words, Katharine Shilcutt has posted photos of the now-vacant longtime home of Las Alamedas Restaurant. As noted in this featured comment from a Swamplot reader, the restaurant packed up and rolled away late last month, after long-extended lease negotiations failed. Restaurant owner Jorge Sneider told the Houston Business Journal the building’s new landlords were demanding a significant rent increase.
COMMENTS OF THE DAY: LAS ALAMEDAS PACKS UP “I drove by yesterday and there were two large U-Haul trucks backed up to the back door. I think Las Alamedas is toast. What a shame; I’ve had many good times there.” And later: “Well, I drove by a couple of hours ago and the sign out front says something like ‘Thank you for 28 great years. We will relocate.’†[Clive, commenting on Las Alamedas: Landlord Wants More]
Annie Sitton documents Ligne Roset’s surprise weekend move from that fancy strip mall on Kirby to . . . the River Oaks Shopping Center? Uh . . . wasn’t the mod French furniture store supposed to be moving this April . . . to West Ave?
And what does this move mean for Design Source, West Ave’s prize showroom of showrooms, that Ligne Roset was supposed to headline?
Last week the Houston Business Journal reported that the owner of Las Alamedas had reached agreement on a new lease with its landlord and would reopen on February 6th. But the upscale Mexican restaurant on the Katy Freeway at Voss is still closed.
What happened to that agreement?
“The landlord came back and wanted at least 50 percent more rent and other things that we didn’t originally agree on,†says [restaurant owner Jorge] Sneider.
Sneider had previously told reporter Allison Wollam that the original landlord died in a plane crash, and various surviving family members had been fighting over ownership of the property for the last year and a half. “He now hopes he can work out another lease in a couple of weeks,” Wollam reports today.
- News from the food and drink front [Houston Business Journal]
- Las Alamedas Lease Lapsed? [Swamplot]
Photo: Rachel Dvoretzky
Note: Updated below.
Las Alamedas Restaurant — the hacienda on the Katy Freeway — is on hiatus pending renegotiation of its 28-year-old lease.
According to a message on the restaurant’s voice mail, the storied location of countless wedding, birthday and anniversary fiestas is “temporarily closed” while negotiations continue.
When Las Alamedas opened in 1980 it was the first grand, high-end Mexican restaurant in town. The Memorial location — 8615 Katy Freeway at Voss — attracted diners who sought genuine Mexican cuisine in a large elegant setting. Colonial-style architecture, bayou views, banquet facilities and highly professional service pleased customers for whom Ninfa’s on Navigation was terra incognita.
IS THAT THREE BROTHERS BAKERY ON THE LINE? A spokesperson for Weingarten Realty reports the company has “a number of good prospects” to lease the second-story space in the semi-curved replacement building that caused all that fuss over at the River Oaks Shopping Center. Earlier this week, Tony Vallone announced he’s backing out of plans to open a new Italian restaurant in the space: “. . . the recent flak between neighbors and developer Weingarten Realty on such points as the building’s setbacks and the use of the patio were not factors in pulling the plug, he said, adding the discourse was full of misinformation. Vallone said, for example, rumors were circulated that the patio would have been used, at times, as a band venue, which would not have been the case. ‘I would never do anything to jeopardize the relationship with the neighborhood,’ Vallone said.” [River Oaks Examiner; previously]
Bruce Wolfe, who owns Houston’s Ligne Roset furniture showroom — and is about to open one in Austin — tells Houston Business Journal reporter Allison Wollam that business at the sleek and modern 3,500-sq.-ft. store in the strip center just north of the Rice Village at 5600 Kirby Dr. was better this holiday season than last, despite problems in the economy that have hurt other home-furnishings retailers:
“It’s not unusual for one of our clients to come in and show us their floor plan and hand us a $40,000 check to furnish their entire home,†he says. “When it comes to furniture, if you pay with peanuts, you’re going to get a monkey. And you can’t pay for a Pontiac and expect to drive away with a Mercedes.â€
The Houston Ligne Roset store was one of the few in the chain to carry the entire catalog in Spanish, which Wolfe says that also helped attract new clients.
Wollam goes on to report that Ligne Roset will be expanding and moving up Kirby in April, to the new West Ave development — where the store will be 1 of 5 showrooms Wolfe will operate under the name Design Source:
