Hmmm . . . What’s going on in Houston real estate today? How about . . . the continuing construction of MainPlace! It’s the day before Christmas, and it’s still going on!
Scope out the scene yourself with the D.E. Harvey MainPlace webcam! Five-minute camera takeovers accepted.
That fire in the atrium office building at 9343 North Loop East almost 2 years ago still heats up the Houston real estate scene: “An insurance company with a potential $25 million liability from a 2007 Houston office fire is claiming smoke that killed three people was ‘pollution’ and surviving families shouldn’t be compensated for their losses since the deaths were not caused directly by the actual flames. Great American Insurance Company is arguing in a Houston federal court that the section of the insurance policy that excludes payments for pollution — like discharges or seepage that require cleanup — would also exclude payouts for damages, including deaths, caused by smoke, or pollution, that results from a fire.” [Houston Chronicle]
The Energy Corridor won’t be extending to Katy just yet. KBR’s big move to a new 8-building campus a mile east of the Katy Mills Mall has been scrapped — “for now”: “‘We hope it is a delay, not a change in plans,’ said Will Holder, president of Trendmaker Homes. The development division of the company is building Cross Creek Ranch, a 3,200-acre master-planned community in Fulshear. KBR announced its project in May, saying it wanted to be closer to its growing employee- and customer-base in west Houston, where it would be joining the likes of BP and ConocoPhillips. The campus was designed to include more than 910,000 square feet of space in a series of low-rise buildings at the southwest corner of Interstate 10 and Grand Parkway. Construction was expected to start by year’s end, with estimated completion in 2010. The company was going to lease the facility from developer Trammell Crow Co., which was going to build it on a 123-acre parcel along with shopping centers, restaurants, additional office buildings and hotels.” [Houston Chronicle]
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.
The HBJ’s Allison Wollam reports that the Westgate Houston Preview Gallery, a large timeshare sales center in the JPMorgan Chase bank building on Richmond at Sage, has closed:
The gallery, located at 5177 Richmond Ave., offered a full-size model with a living room and kitchen styled after Central Florida Investments’ timeshare properties.
The Houston location, which opened in 2004, was the first offsite sales center for Orlando-based Central Florida Investments. The company owns Westgate Resorts, which operated the preview gallery.
Almost 3 weeks ago, CFI founder and CEO David Siegel told the Orlando Sentinel that financial troubles had recently begun at the company — with the suddenness of “a heart attack.”
Until that time, Siegel apparently thought he was doing pretty well.
If they had been trading weather futures here, it would have been too perfect: A view of a trading office in the JPMorgan Chase Center at 601 Travis St., from the morning after Hurricane Ike.
Another view below:
Morgan Stanley, having swallowed Crescent Real Estate Equities near the peak of the market last year, is having a little trouble digesting the REIT.
The Wall St. Journal reports that one of the Crescent properties Morgan Stanley is ready to spit out is . . . Greenway Plaza. An article by reporters Lingling Wei and Aaron Lucchetti finds a July estimate of $826 million for the 10-building complex.
Photo: Flickr user ShinyCrazyDiamond
Never mind the virtual obstacles: The website for Discovery Tower has a new promotional video that pays silent homage to Mr. Toad’s Wild Ride. Also: more fancy renderings of the office building, now under construction.
More interesting to Discovery Green fans, though, will be a few new aerial renderings that depict the Downtown park in urban glory, surrounded by a crowd of real, planned, imagined, and soon-to-be-axed new projects. But . . . uh, which is which?
That orangish tower perched on Discovery Green’s southwest corner: the stalled 22-story Embassy Suites hotel. That sorta-identical but mirrored Hilton Americas on the north side of the park? The Convention Center Hotel Part Two!
So . . . what’s going on behind Discovery Tower?
The Houston Business Journal’s Jennifer Dawson is reporting that the Novati Group’s plan to dust off a 15-year-old Ziegler Cooper design for a 20-story office tower and build it on the West Loop
appears to be in limbo. The deal isn’t dead, but it’s not moving forward.
The problems: finding debt financing . . . and that pre-leasing thing.
Meanwhile, Dawson expects Transwestern to announce details soon on a large new addition to Uptown’s Four Oaks Place — to replace the 24-Hour Fitness on Post Oak Blvd. owned by TIAA-CREF:
The proposed building being called Tower Five at Four Oaks Place is now set to be 30 stories tall, with 525,000 square feet of office space on 22 floors atop a parking garage with roughly 1,500 spaces, says Carleton Riser, head of Transwestern’s development group.
He says the building designed by architectural firm Pickard Chilton could break ground in the first quarter of 2009.
The fact that no tenants have committed to the new building won’t delay construction, Riser says.
Rendering: Ziegler Cooper
All hail MainPlace! All hail mighty MainPlace! Your towerishness is so . . . smooth and strong!
Videos of Hines’s new office tower at Main and Walker Downtown and its 10 lower molar-and-bicuspid trees are out. If you can’t hear the John-Williams-for-Real-Estate soundtrack, you’re missing half the fun.
When you’re done munching on popcorn and watching the movie above, be sure to catch the slightly more sober second feature, which includes actual information about the building.
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!
The new MainPlace website features a bunch of snazzy new and revised rendered views of Hines’s 46-story Downtown office tower. Also included: plans of the building showing 2 street-level retail spaces — big enough maybe for a sushi restaurant plus a small postcard shop for tourists.
Promised to come soon on that website: videos. We hope they’ll play up some of the 1950s-era Japanese horror movie theming going on in a few of the new images.
After the jump: Plans! Sky Gardens! Shiny Glass! Run for your lives!
Shell Oil will renovate and expand its Westhollow campus off the Westpark Tollway near Highway 6 and send most Bellaire employees there. “. . . two-thirds of the 5-acre [Bellaire Technology Facility] is built on leased land. That lease will expire in 2010, which added to the decision to close the operation there.” [Houston Chronicle]
This hazy image of a new office tower planned for the northwest corner of Downtown, unveiled from the depths of the interwebs by HAIF user nate, is apparently meant to be the new Five Allen Center. It’s listed as a 1.2-million-sq.-ft. “near-term future development” in a Brookfield Properties document from this month.
A Brookfield executive described the project at a panel discussion on Downtown development earlier this year, according to a Houston Business Journal article by Jennifer Dawson a tipster alerted us to:
Brookfield is planning a 50-story office building on a 2.5-acre site west of 3 Allen Center, but will not begin construction until it is at least 50 percent leased, said Paul Layne, Brookfield’s executive vice president over the Houston region.
Layne predicted that by the time Brookfield’s all-glass, planned LEED Gold-certified building is finished, Class A rental rates downtown will be roughly $50 per square foot on a 10-year lease.
The project is referred to as the “Gateway Site” on Brookfield’s website:
A 2.5 acre parcel, the Gateway site would have a sky bridge connection to the Allen Center and unobstructed views to the west. The Gateway site is surrounded by historical parkland to the north, low-rise residential to the west and the Metropolitan Racquet Club garage to the south.
That looks like the northeast corner of Houston Ave. (the I-45 northbound feeder, at that point) and West Dallas.
Image: Brookfield Properties
From heightslife (The Heights Life): RT @swamplot: Going Attractions: Hollywood Video Gives Up on the Tower Theatre http://twurl.nl/ly5csn
From GTello (Gus Tello): @Lennar Houston Real Estate Market Doing Much, Much Better Than Last October http://twurl.nl/t6uo7b (RT @HoustonPress @swamplot)
From HoustonPress (Houston Press): RT @swamplot: Houston Real Estate Market Doing Much, Much Better Than Last October http://twurl.nl/t6uo7b
From isthishouston (isthishouston): RT @swamplot: How’s That Corner of Harrisburg and Wayside Looking? http://snipurl.com/tay31From isthishouston (isthishouston): isthishouston Harrisburg & Wayside - http://isthishouston.com/2009/11/19/harrisburg-wayside/ - #houston @swamplot #eastend
From jenxer (Jennifer Mathis): I can hear it now: "Obsess much, Jen?" RT @swamplot: Comment of the Day: Demo Addicts http://twurl.nl/yf4twm
From kniemeier (Karen Niemeier): Attention East Enders! RT @swamplot How’s That Corner of Harrisburg and Wayside Looking? http://snipurl.com/tay31From jenxer (Jennifer Mathis): I need to quit reading @Swamplot's demolition reports. Seriously. This one breaks my heart. http://is.gd/4YfUZ
From TheLoopScoop (TheLoopScoop): Wow! Hope this works out! RT @GunsandTacos: RT: @swamplot: The Block Party’s Over http://twurl.nl/nxk320
From GunsandTacos (Jay): RT: @swamplot: The Block Party’s Over http://twurl.nl/nxk320
