Hot off the Swamplot tipline: Discovery Tower, going up across McKinney St. from Discovery Green Downtown, has its first tenant — and it’ll be taking the whole building.
Beginning in late 2011 — about the time Hess’s current lease at One Allen Center expires — the 30-story tower with the wind turbines on top will be renamed Hess Tower.
After the jump, details from an email announcing the move — sent out to Hess Corporation employees late this morning:
Weingarten’s Planning Commission victory earlier this month doesn’t resolve everything for the westernmost of two replacement retail buildings now under construction at the River Oaks Shopping Center. First, reports Mary Ann Acevedo in the Houston Business Journal, that last-minute compromise left a few neighbors grumbling:
. . . some of the neighbors are not pleased that they didn’t have an opportunity to review the final agreement after Weingarten’s most recent changes prior to the Jan. 8 hearing with the Planning Commission.
According to [neighbor Janet] Moore, Weingarten had told the group it would deliver an advance copy for their review.
“They presented us a signed, unmarked copy at the hearing and had no one available authorized to negotiate changes to the agreement,†Moore says. “Some of the neighbors are disappointed with a few of the changes in the agreement.â€
On, Jan. 13, Weingarten presented the neighbors with a revised agreement that Moore says does address some of those concerns, although the parties continue to work out the details.
Next, that Vallone restaurant planned for the building’s second floor and balcony — which at one point was referred to in Weingarten’s marketing materials as Il Tavolo (and is labeled Adagio Vino in the renderings) — may not be a done deal yet:
That see-through office tower above the new Houston Pavilions development Downtown won’t be empty much longer. Globe St.‘s Amy Wolff Sorter reports that law firm Sheehy, Serpe & Ware has leased the top floor and a half.
Only 7 1/2 floors left!
Photo of Pavilions Tower: Houston Pavilions
Need a place to crash somewhere in Houston for a short visit — say, a week — but don’t want to stay in a hotel?
Phillips Development & Realty, developers of the Mosaic and freshly rebranded Montage towers across Almeda from Hermann Park, is handling rentals of Mosaic condos owned by investors — as well as rentals of the many units the developer has been unable to unload. Now a source passes on a new rumor to Swamplot: Some of those available rentals may be extremely short-term.
Not a bad idea for a property that’s close to the Med Center! With that rumor, though, come a couple more:
Phillips’s Corporate Leasing Director will be taking over management of the Mosaic’s homeowners association from the company that had been running it since the building opened last year. But Phillips’s new tenure at the HOA may be a short-term one too. Why?
Because Florida Capital Real Estate Partners, the Mosaic’s lender, might just be foreclosing on Phillips’s property soon — both the Mosaic and an apartment complex in Tampa called the Casa Bella. Swamplot’s source also suggests that Camelot Realty Group — the company that’s clearly been very busy handling the Mosaic’s many condo sales — may already have had discussions with Florida Capital about taking over onsite rental duties from Phillips once the foreclosure takes place.
Photo of Mosaic and Montage: Swamplot inbox
A reader wants to know about the 4-story office building Stream Realty is claiming it can fit on a couple of recently demo’ed lots on W. Gray near Waugh:
Hadn’t driven by this part of town in a while. Is this the sort of thing that went out the window when all the credit froze up, or did this sign just go up?
A listing on the Stream Realty website indicates that 1335 West Gray is supposed to contain 22,392 sq. ft. of space, with a third of it (on the top floor) apparently already spoken for. The first floor looks open for parking.
CIRCUIT CITY THREATENS TO PULL THE PLUG “One out-of-court solution the company is studying would likely lead to the closing of at least 150 stores and the elimination of thousands of jobs, said people familiar with the company’s plans. This would let the retailer liquidate about $350 million in inventory, which it could use to pay off certain real-estate costs, such as leases on abandoned sites. It would then hope to press existing landlords to renegotiate leases, many of which Circuit City regards as overpriced. Circuit City’s investors have homed in on those leases as a threat to the company’s health. Many were negotiated when real-estate prices were booming earlier this decade. Roughly 90% of the leases don’t expire until 2014 or later, and about 80 are for vacant locations.” There are 714 Circuit City stores in the U.S., 15 of them in Houston. [Wall St. Journal]
In the rendering above, it’s labeled Adagio Vino. In the marketing package for the River Oaks Shopping Center’s barely curving northwest replacement building, it’s called Il Tavolo. But the Houston Business Journal says that Tony and Jeff Vallone’s new Italian restaurant and wine bar going into that space in fall 2009 is not yet named.
The new restaurant, which will seat up to 150 people, will feature a first-floor dining room and outdoor dining area and a second-level wine bar with its own patio extending onto a balcony overlooking Shepherd Drive.
Rendering of River Oaks Shopping Center on Shepherd Dr. at W. Gray: Weingarten Realty
Fiesta Mart closed its I-10 and Blalock location when the Katy Freeway was expanded because too much of its parking got eaten up by the wider freeway. So how is the new 99 Ranch Market going into that space going to deal with the parking problem?
Suzanne Anderson, a regional leasing director with Weingarten, says the parking lot will be restriped to maximize the number of available parking spaces.
“We’re going to have to re-lay out the parking,†she says. “It’s still going to be under what the typical grocery store might have.â€
99 Ranch Market is owned by Tawa Supermarket and is the largest Asian American supermarket chain, with 25 stores in California. The 84,000-sq.-ft. store opening on Blalock next summer will be the company’s first store in Texas.
Photo of former Fiesta Mart at 1005 Blalock: Weingarten Realty
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:
A correspondent sends in this bit of over-the-counter intelligence about Midtown geek-gathering favorite Tropioca:
Tropioca on Milam at Drew is in the process of looking for a new home. They are looking around the midtown area but also at a location near U of H at Cullen and Leeland.
I overheard someone behind the counter saying that their rent has gone up almost 80% and not gradually over a few years, but all at once.
I will be sad to see them go if they leave midtown because they make the BEST frozen cappucino coffee drink inside the loop.
Photo: Yelp user Jill N.
A reader notes that a sign offering “13,000 sq feet of restaurant/retail for lease” is up at the Alabama Bookstop, and asks if plans for the location have been announced. Bookstop owner Barnes & Noble is building a new store on West Gray, on the former site of the River Oaks Shopping Center’s north curve.
That 13,000 sq. ft. figure makes it clear the sign isn’t referring to a different space in the Alabama Theater Shopping Center. According to leasing info on the Weingarten website, that’s the approximate size of the Bookstop’s space.
Photo of Bookstop at Alabama Theater Shopping Center: Debra Jane Seltzer
No word yet about the diner next door, but the West U. Examiner reports that the Avalon Drug Store on Westheimer just east of Kirby will be calling it quits in 2 weeks:
Pharmacist Bill Morris, who has run the independent pharmacy for 36 years, said “a confluence of events†prompted his recent decision.
Morris is 67 years old — for one thing — and insurance “has made it harder†on independent pharmacy operations, which have low profit margins.
He also pointed to leasing rates that are rising due to the plethora of new construction in the Upper Kirby area.
Update: As owner Coy Ramsey notes in the comments, Avalon Diner is not going anywhere. More from the River Oaks Examiner and Houstonist.
Photo: Flickr user Houstonian [license]
The Willowisp Country Club is being transformed — from not-loved-enough golf course . . . to tilt-wall paradise! First, the clubhouse was clubbed. Then somebody probably had to go around and remove all those holes. Now the first three buildings of Trammell Crow’s new 168-acre Lakeview Business Park are under construction, reports Amy Wolff Sorter in Globe St. They’ll be complete next year, and total 240,000 sq. ft.
Whether the remainder of the park goes spec, build to suit or a combination of both depends on the market. “We’re offering the buildings for sale or for lease, which is a little different from our typical program,” says James Casey, TCC’s managing director in Houston. TCC’s more traditional MO is to keep and lease what it builds.
“This method offers us greater flexibility since we have a lot of land for the business park,” Casey tells GlobeSt.com. “We’d like to get this park developed as quickly as we can and think offering these for sale will accelerate velocity of bringing users to the park.”
After the jump: a site plan, plus public-transit-friendly views of the first three buildings!
Neighbors in the Sixth Ward have noticed some activity at the shuttered Pig Stand on Washington at Sawyer:
It appears that the former owners of the Pigstand property have retained ownership, but that they have leased the property out to the Sawyer Sportsbar, Inc.
Sawyer Sportsbar, Inc., is a new corporation, formed in April, by none other than Darren Van Delden, owner of The Drake.
I am not sure if Darren or the Dallas property owners are doing the build-out, but it is in its very early stages. (The Pigstand only had an outdoor bathroom, so I expect some relatively expansive upgrades, at least to the interior).
Photo of Washington Ave. Pig Stand (No. 7): Flickr user Fotollena
Medistar’s brand-new River Oaks Physician Plaza adjacent to the just-shuttered River Oaks Hospital has just one tenant, reports Monica Perin in today’s Houston Business Journal:
The 105,000-square-foot, five-story River Oaks Physician Plaza was intended to house offices for River Oaks Hospital physicians as well as a sports medicine center, sleep lab and an endoscopy and pain management center, all operated by River Oaks Hospital, which was originally set to lease space in the building. . . .
But, according to Dr. Leroy Sterling, a physician investor in River Oaks Hospital, there is currently only one tenant — a physician — in the building.
Colliers is now trying to lease the building to commercial tenants. Space is listed at $21 a square foot, triple net. The building has been renamed River Oaks Plaza.
Photo of River Oaks Physician Plaza: River Oaks Hospital
