Swamplot Archives by Tag: Commercial Real Estate

Monday, May 20, 2013

What’s Next for That Museum District Never-Was?

“There’s a lot that’s recently been cleared immediately behind the Asia Society,” reports a reader. You know the one, at the corner of Oakdale and Caroline St.? The one whose owners refused to sell, forcing Asia Society architect Yoshio Taniguchi to design around it? Where there was that 1930s vine-covered home being used as a doctor’s office that was supposed to be sold and renovated into a restaurant, but never was?

Well, in February, 5219 Caroline appeared in the Daily Demolition Report. And this photo taken from the median shows what the site looks like now. The reader continues:

All of the neighbors have questioned who owns the property and what is to happen to it. According to HCAD it appeared to be owned by Balcor, the company behind the rather unpopular Parc Binz. . . . We’re wondering if the Asia Society is trying to buy the land . . . [T]he neighbors who live in the town homes across from Asia Society have complained that the social events held on site tend to be quite loud, quite late. Overall, the neighborhood couldn’t be happier to have this organization in its bounds. And, if they were to own that land, if only they’d open a little gourmet coffee shop. That would please hundreds of people. . . . I’ve heard from Asia Society . . . that they’re trying to purchase the land. I think there is something more going on there — but no one is talking at this point.

Photo: Allyn West

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Monday, May 13, 2013

Yes, the Voss Rd. Randall’s Is Closing

Update, 3:30 p.m.: Randall’s president Paul McTavish confirms that this store will be closing. No date was mentioned.

A few readers are reporting that they’ve heard from Randall’s employees here that the store near San Felipe and Voss will shut its doors by the end of the month. One reader even has a date: May 23. County records show that the 56,511-sq.-ft. building sits on 157,149 sq. ft. of pricey Memorial property across Voss from the new Trader Joe’s — the parking lot of which appeared a bit less barren than the Randall’s lot in this photo taken this morning. Attempts to contact Safeway haven’t been returned.

Photo: Allyn West

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Friday, May 10, 2013

Piecing Together the Shell Tech Center Replacements

This map from what a reader says is a “recent” Cushman & Wakefield flyer shows a couple of interesting things that might be in store for Southside Place: Not only is the land underneath the smallest of the 3 buildings of the vacated Shell Bellaire Tech Center described as “under contract for future bank,” the 5.5 acres next to it, underneath the company’s original 1936 geoprocessing center at 3737 Bellaire Blvd., appears to be the subject of residential or retail development.

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Thursday, May 2, 2013

The Next Office Park Planned for Spring

Count ‘em: That’s a 9-building office park proposed to go in near the Walmart and Splashtown in Spring, south of the ExxonMobil campus. Finial Group is developing — that is, clearing the trees away from a 13-acre parcel just behind all that freeway retail at Whitewood and Louetta Rd.

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Friday, April 26, 2013

Comment of the Day: My Central Square Dorm Dream

   

“When I was at school at UH-D, I would take the rail up to campus everyday and see those two buildings there. To best contribute to the urban fabric, I often would imagine that someone would redevelop them as dorms, and the block that is between it and the rail line could be repurposed as a plaza with a few cafes that would link the building to the rail.

The private dorms could serve UH-D, HCC Central, South Texas Law, the medical schools, and even UH and TSU once the University line is complete. Having students commute from the various schools to this central location would add vibrancy to the area and could bring about good academic fellowship.

Not sure of the economic feasibility, but it would wildly popular (if the dorm fees were reasonable). Since it’s college kids, renovations need only consist of low cost furnishings, concrete floors, bare ceilings, and maybe a gym and cafeteria.

Gotta dream big.” [VMel, commenting on New Owners of Central Square Plaza Want To Make Something of It]

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Thursday, April 25, 2013

New Owners of Central Square Plaza Want To Make Something of It

Central Square Plaza has been sold, and new owner Keeley Megarity, whose LLC closed on the 1-acre Midtown property at 2100 Travis St. about a week ago, says that a decision about how to renovate these buildings — and what to renovate them into — will be made in the next 30-45 days.

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Friday, April 19, 2013

How To Keep Property Taxes Low — at the Top

   

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 ­almost 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. But don’t expect those numbers to hold when the companies have lawyers at the ready. For 2012, 70 percent of large downtown commercial office property owners went ahead with property-tax lawsuits against HCAD. [Houston Press] Photo of Wells Fargo Plaza, which through lawsuits and negotiated settlements gained valuation reductions totaling $380 million between 2006 and 2011: Matthew Colvin de Valle [license]

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Monday, April 15, 2013

What Will Become of This Rice Military Corner?

“It looks like someone has bought the whole block between Feagan, Westcott, and Knox in Rice Military next to the Commonwealth Title office building,” a reader writes in accompaniment of a series of photos. “There are several old cottages with for sale signs showing the houses as ‘to be moved’ although they don’t look salvageable to me.” What, the reader wants to know, is going to happen here?

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Monday, April 8, 2013

Owners of Houston Studios Seeking Tenants: Will Tear Down To Suit

This relatively gritty Warehouse District warehouse appears to be the subject of some real estate speculation, reports Hair Balls’ Richard Connelly: A website for the Houston Studios building — home to a 10,000-sq.-ft. soundstage with a 30-ft. ceiling for video shoots, rehearsals, and other creative expressions — features renderings that show it as a cleaned-up commercial complex:

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Thursday, April 4, 2013

Fountain Drinks on Fountain View: McDonald’s Moving In on Magnolia Grill Corner

A reader sends this photo of what went down today at 6000 Richmond and Fountain View: The Magnolia Bar & Grill, cleared for demo last month, has been reduced to rubble and that sideways sign. And what’s in store for this Briargrove corner southwest of the Galleria? Kenneth Lewis, a rep from the partnership that owns the property, says you’ll soon see a McDonald’s.

Photo: Pat McCarley

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What 3400 Montrose Looks Like Inside

The only thing that’s really changed about 3400 Montrose, a tipster tells Swamplot, is the name of its owner: Global Paragon, which bought the former podium for Scott Gertner’s Skybar in 2011, went “belly up” this past November, the tipster says, and the vacant 10-story building’s now owned and managed by a 40-person LLC that’s looking for a buyer or a joint venture.

And that’s where these interior photos, from a short-on-info listing posted recently on Cushman & Wakefield’s website, come in:

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Thursday, March 28, 2013

Some Curvaceous Space To Office with a Fountain View in Spring

And something like this 3-story, 2-building office complex should start going up this spring in Spring, reports the Houston Business Journal’s Shaina Zucker. Planned to sit on 7 and a half acres at 460 Wildwood Forest Dr., the 127,794-sq.-ft. Wildwood Corporate Center will be across the street from apartments and about 3 miles north of the ExxonMobil campus being built among comparatively tame woods where 385 acres have been clear-cut around the intersection of I-45, the Hardy Toll Rd., and the likely path of the Grand Pkwy.

Rendering: Houston Business Journal

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Friday, March 22, 2013

Weingarten Responds: Hey, It’s Not Us, It’s Marfreless

   

The make-out den behind the blue door says it’s closing because of the “rising cost of doing business” in the River Oaks Shopping Center, but landlords Weingarten Realty don’t see it that way — or at least that’s what an email sent yesterday to the Houston Chronicles Nancy Sarnoff says: “It was Marfreless’ decision to cease their operations at River Oaks Shopping Center. Weingarten Realty has made several attempts to contact the tenant to continue discussions but we have not been able to get a response. We remain open to discussing a lease extension and agreement.” [Houston Chronicle; previously on Swamplot] Photo: Flickr user jmcgeough

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Tuesday, March 19, 2013

Does New Hines Highrise Mean Old Texas Tower’s a Goner?

Hines has confirmed that it will be putting up something new — maybe this glow stick of an office building, maybe not — at 609 Main, just north of the former MainPlace, now BG Group Pipe Wrench. Pickard Chilton, says Hines, will design a 41-story, 815,000-sq.-ft. office tower just as soon as an anchor tenant is signed. This view of the rendering released this week seems to look south toward the Hines-owned downtown block bound by Main, Texas, Fannin, and Capitol. Now, half that block is an $8 a day parking lot. If you look closely at the rendering, you’ll see an Apple logo just to the left of that entrance teepee. Whether that will actually be a new Apple store is not confirmed — and anyway, before anything new can come in, Hines will have to tear down what’s already there: The unoccupied Texas Tower, the former Sterling Building, at 608 Fannin:

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Wednesday, February 20, 2013

Office Monopoly

   

Note: Story has been updated.

Houston Business Journal reports that Office Max and Office Depot are combining into one global office force to be reckoned with. The $1.17-billion, all-stock deal between the two big-box paper pushers is expected to create a single company — with less overhead and less overlap, too, you’d think — that’s worth $18 billion. Also, the Houston Chronicle‘s Nancy Sarnoff reports that developer Ed Wulfe says that “9 or 10 of the 40 Office Depots and 19 Office Maxes in greater Houston are close enough to each other that one will have to close.” One of those, pictured here, is located in the strip center at Richmond and Kirby. [Houston Business Journal; Prime Property] Photo: Panoramio user Wolfgang Houston

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