Tag: Greenway Plaza

Greenway Plaza
11/21/12 11:43am

Tall Hotel and Company Will Park by Greenway Plaza

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Highrises, Hotels, Mixed Use, Proposed Developments
4 Comments

A 20-story hotel with apartments perched on the top few floors is planned for the southeast corner of Richmond and Buffalo Speedway, just east of Greenway Plaza, Real Estate Bisnow‘s Catie Dixon reports. Engineering firm Bury + Partners is about to start work on construction drawings for the mixed-use project, a redevelopment of the block at 3333 Richmond. The plans also include 400,000 sq. ft. of new office space. The 22-year-old 8-story Solvay America office building sits at the southern end of the site.

Photo: Cushman & Wakefield (pdf)

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Churches
09/26/11 11:05am

Central Presbyterian Demo: The Cross at Rest

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Demolitions, Greenway Plaza, Historic Preservation, Modern Design, Proposed Developments, Religious Institutions
4 Comments

And now another Swamplot reader sends in this curious photo from this morning, showing the collapsed box formerly known as the Central Presbyterian Church on Richmond Ave. between Cummins and Timmons — and demonstrating to those of you who might have worried that the collapse of the 1962 building’s modern steeple could pose some threat to Richmond Ave. traffic that there was never anything to worry about. Everyone is safe. The congregation has decamped for the St. Philip Presbyterian Church just outside the Loop on San Felipe; the land is being cleared for apartments; the giant cross is at rest.

Photo: Eric Nordstrom

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Apartments
09/23/11 6:19pm

The End Comes for Central Presbyterian

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Churches, Demolitions, Greenway Plaza, Historic Preservation, Houston Architects, Modern Design, Proposed Developments
8 Comments

Reader Brian Thorp sends in a couple of photos documenting the final hours of what he’s now labeled the “holiest” church in Houston — it was, at least for a time today. The Central Presbyterian Church at 3788 Richmond Ave. was designed in 1962 by Astrodome architects Wilson, Crain, Morris and Anderson; it sits on the site where the Morgan Group is ready to build a new apartment complex. By 9 am this morning (above), the church had developed a few punctures in its side. By noon, much of the dust, and a good portion of the church’s walls, had cleared:

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Comments
09/08/11 6:02pm

Comment of the Day: There Goes the Church, There Goes the Steeple

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Demolitions, Greenway Plaza, Quicklink, Recycling
No Comments

COMMENT OF THE DAY: THERE GOES THE CHURCH, THERE GOES THE STEEPLE “Yes, the stained glass is being salvaged. The old pipe organ went to UT and many other art pieces were saved. It is unfortunate to see this go, but it is just a building. The Church is the people. Mark 13: ‘1 As Jesus was leaving the temple, one of his disciples said to him, “Look, Teacher! What massive stones! What magnificent buildings!” 2 “Do you see all these great buildings?” replied Jesus. “Not one stone here will be left on another; every one will be thrown down.”’” [Jeromy Murphy, commenting on Mod Richmond Ave. Church Ready To Fall for New Apartments]

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Apartments
09/06/11 9:39am

Mod Richmond Ave. Church Ready To Fall for New Apartments

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Churches, Demolitions, Greenway Plaza, Historic Preservation, Houston Architects, Modern Design, New Construction, Proposed Developments
21 Comments

Construction fencing has already gone up around the Central Presbyterian Church at 3788 Richmond near Greenway Plaza, a reader reports. The Modern church campus was designed in 1962 by Wilson, Morris, Crain and Anderson — just a few years before the same local architecture firm set to work on a small project called the Astrodome. Two years ago the congregation moved a couple miles northwest to merge with the St. Philip Presbyterian Church, just outside the Loop on San Felipe. Houston Mod fans have been trying to save the vacant church from demolition ever since.

But the church buildings won’t be sticking around for long.

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Commercial Real Estate
02/28/11 2:38pm

The Art Institute of Houston Brings an End to River Oaks Plaza’s See-Through Years

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Greenway Plaza, Leasing, Office Buildings
3 Comments

When last we visited the lonely blue-glass office building next to the former site of the River Oaks Hospital, just west of Greenway Plaza, the brand-new structure had only a single tenant — a doctor. That was more than 2 and a half years ago. But Cushman & Wakefield’s latest flyer for River Oaks Plaza at 4140 Southwest Fwy. (it’s been on the market ever since) lists the 5-story, 105,000-sq.-ft. building as “fully leased.” Was there a huge influx of tenants in the meantime? Not exactly, though a second doctor’s office did move into the building a bit later. In fact, both offices are leaving the building. That’s so the Art Institute of Houston can move in, beginning in July. The institute and its 2,300 students will relocate from this somewhat less see-through 6-story building at 1900 Yorktown, in the Galleria area:

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Greenway Plaza
01/06/11 11:50am

Oishii’s Parapet Vacation

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Openings and Closings, Restaurants, Retail, Strip Centers
8 Comments

To the reader who wrote in to Swamplot noting that Japanese restaurant Oishii at 3764 Richmond near Greenway Plaza was closed and that a large For Lease sign had been posted in front: Do not worry. Your sushi happy hour is safe. The restaurant is resting temporarily so building surgeons can give a portion of the lowslung structure at the corner of Timmons that raised eyebrow look that’s been all the strip-mall rage since about 1992. The restaurant closed down December 19th, and is scheduled to reopen January 10th.

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Greenway Plaza
09/01/10 11:41am

Virginity Hit on the Southwest Freeway

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No Comments

Spoiler Alert! Okay, so you see that “Still a Virgin?” billboard off 59 on the way to work yesterday and then, y’know, curiosity gets the better of you and the next thing you know you’re in some sort of voicemail comedy hell. And then the feelings of regret set in. You start asking yourself, “Okay, did I just lose my movie-marketing-campaign virginity?” Well, hey — you can’t get that back again, but you can brush it off. Swamplot is here to uh . . . help:

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Commercial Real Estate
05/28/10 11:10am

Swamplot Street Sleuths: On the Banks of Greenway

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Foreclosures, Greenway Plaza, Houston Heights, New Construction, Redevelopment
1 Comment

Got a question about something going on in your neighborhood you’d like Swamplot to answer? Sorry, we can’t help you. But if you ask real nice and include a photo or 2 with your request, maybe the Swamplot Street Sleuths can! Who are they? Other readers, just like you, ready to demonstrate their mad skillz in hunting down stuff like this:

Some fine sleuthing and rumor-mongering by Swamplot readers this week! Here’s what you dug up about the 2 properties in question:

  • Greenway Commons: That building going up at the corner of Richmond and Cummins is . . . an Iberia Bank! Just a little pad-site action for the sprawl-eriffic Costco Plus retail-and-parking-lot development that replaced the former HISD headquarters building a few years back. The most polite and knowledgeable-sounding response came from Amir, who added info about a nearby corner, for all you bank fans out there:

    The location currently going up on the CostCo pad site is an Iberia Bank ground lease. The property located at Richmond and Weslayan is owned by BBVA Compass, which operates the drive thru behind it and will eventually build a location there.

What about that Heights church building?

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Comments
05/26/10 3:48pm

Comment of the Day: Houston Pad Site Junkies, Jonesing for Another Fix

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Greenway Plaza, New Construction, Quicklink, Sprawl
1 Comment

COMMENT OF THE DAY: HOUSTON PAD SITE JUNKIES, JONESING FOR ANOTHER FIX “Woo hoo! Hopefully the other site will be a Chase. I’m in desperate need of more banking solutions. If not I can settle for an Arby’s.” [jb3, commenting on Swamplot Street Sleuths: Nestled ’Neath the Costco Oaks]

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Greenway Plaza
05/25/10 10:30am

Swamplot Street Sleuths: Nestled ’Neath the Costco Oaks

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Houston Heights, New Construction
11 Comments

Got an answer to any of these reader questions? Or just want to be a sleuth for Swamplot? Here’s your chance! Add your report in a comment, or send a note to our tipline.

  • Greenway Commons: What’s that going up at the corner of Cummins and Richmond, tucked “amongst the Costco Oaks?” asks a reader:

    I assumed it was a bank – there’s only one in that parking lot now which falls woefully short of standard Houston bank-to-block ratios. But the odd, football shaped structure in the background that they’re rigging appears to be for signage. Can’t find anything online.

  • The Heights: First Saturday Arts Market proprietor Mitch Cohen wants to know what the workers are up to at the Heights Christian Academy activities building on the corner of 17th St. and Ashland. Signage is down and something’s going on, he tweets:

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Buying and Selling
04/01/10 10:23am

Real Estate Works In Mysterious Ways: Houston Agrees To Sell Lakewood Church to Lakewood Church

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Financing, Greenway Plaza, Leasing, Religious Facilities, Religious Institutions
21 Comments

Houston’s City Council voted 13-2 yesterday to sell the former Compaq Center to the nation’s largest megachurch for a grand total of $7.5 million dollars. Sure, that’s considerably less than the $22.6 million the city would have received for a 30-year extension of Lakewood Church’s current lease on what used to be homecourt of the Houston Rockets. But the city wouldn’t see the beginning of that income stream for 24 years, and it might be a full 54 years before the city could get the building and those 7 acres of Greenway Plaza land back — presuming either is worth anything at all by then. And really, who’s even going to want to be around this city in 2064?

That $7.5 million isn’t exactly chump change, either. If each of the church’s approximately 43,500 weekly visitors throws a dollar into one of those collection buckets, it’ll take them all of 3 and a half years just to pay the darn thing off!

But did the city even have a choice in the matter?

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Buildings for Sale
03/24/10 10:43am

More Real Estate Wisdom from Joel Osteen: Let Them Get Comfortable with the Transaction, and Show Them My Smiling Face

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Buying and Selling, Greenway Plaza, Land for Sale, Leasing, Real Estate Investing, Religious Facilities
21 Comments

From the Twitter feed of KHOU reporter Alex Sanz, Swamplot hears news that Houston’s city council has postponed a vote on a proposal to sell the former Compaq Center at 3700 Southwest Fwy. in Greenway Plaza to Lakewood Church, for an-appraised-but way-below-assessed-value price of $7.5 million. As Swamplot explained yesterday, the church has more than 20 years left on a prepaid lease for the property and an option to extend the lease for an additional 30 years after that for a little more than $22 million — both of which significantly affect the present value of the property to the city.

Is the postponement of the sale a setback for Lakewood? Why should it be!? Followers of church pastor Joel Osteen, who’s now written 3 books filled with real-estate investment advice, know that he advocates patience — especially in complicated sale or purchase situations. Why wouldn’t he want councilmembers to feel entirely comfortable with the decision they come to?

Here’s how Osteen explains it in a relevant passage from his latest book, It’s Your Time:

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Buildings for Sale
03/23/10 11:47am

Real Estate Lessons from Joel Osteen and Lakewood Church: It Is Better To Lease, Then To Buy

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Greenway Plaza, Land for Sale, Leasing, Real Estate Investing, Religious Facilities
18 Comments

You might be thinking, “How can I buy me some prime Greenway Plaza real estate from the city for, say $12.50 a square foot?” If, as expected, city council approves the sale in tomorrow’s meeting, that’s the amount Lakewood Church will pay for the Southwest Freeway building it’s currently leasing.

Lakewood took out a 30-year lease on the property — which formerly served as home court for the Houston Rockets, first as the Houston Summit, and later as the Compaq Center — in 2001. Lakewood prepaid the entire $11.8 million lease amount, then spent more than $80 million to turn the former basketball arena into a proper TV-worthy megachurch. But the key to Lakewood’s current real estate good fortune is the lease extension it negotiated: an option to extend the lease for an additional 30 years for $22.6 million.

Since the city likely won’t receive any income (or tax revenue) from the property until the year 2061, city real estate managers think selling the 606,000-sq.-ft. property on more than 7 acres at 3700 Southwest Fwy. to the church is a good idea. The price? A value only net-present-value adherents, real-estate appraisers, and the Lakewood faithful could love: $7.5 million.

Feeling a little inspired by the church’s ability to swing such a deal? It is yet another testament to the remarkable real-estate skills of Houston’s leading property-investment guru, Lakewood Church pastor Joel Osteen. In this passage from his latest book, It’s Your Time, Osteen virtually screams, “GET IN FIRST, BUY LATER”:

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Apartments
02/25/10 11:09am

The Metropole Dance: Foreclosing and Flipping Greenway Plaza Apartments

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Buying and Selling, Foreclosures, Greenway Plaza
11 Comments

Two months ago, a group out of San Antonio bought up the $32 million and somewhat-tattered note owed by the owners of the Metropole Apartments at 3616 Richmond (between Edloe and Buffalo Speedway). But Lynd Residential Properties and McCombs Enterprises weren’t interested in collecting payments — they foreclosed on the property right away. And now they’re hoping to sell the 289-unit property — for more than $40 million. Globe St.‘s Amy Wolff Sorter explains politely how it came to this:

Metropole’s story begins in 2005, when Cambridge Development acquired a vacant office building with plans to convert it into living space. Cambridge Development finished its work in 2007, creating a luxury high-rise multifamily complex right around the time fundamentals began to weaken. Cambridge Development brought the asset to market in late winter 2008. Metropole was under contract several times but never made it out of escrow.

. . . and the new owners swooped in at the end of last year. They tell Sorter they’ve already brought the occupancy rate up from 75 percent to “the low 80s,” with rental rates of approximately $1.50 per sq. ft.

Photo: Metropole

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