Tag: Commercial Real Estate

Commercial Real Estate
10/27/08 11:15am

Costco Greenway Commons Sidewalk Obstacle Course: Fun!

by
Greenway Plaza, Mixed Use, New Construction, Retail, Shopping Centers, Sprawl, Strip Centers
16 Comments

Sidewalk Along Weslayan St., Greenway Commons, Houston

The wise folks behind Greenway Commons — the new shopping center replacing the old HISD headquarters building at the corner of Richmond and Weslayan — have apparently taken some extra-special steps to make sure the new development (which includes a brand-new Costco) is super-friendly to pedestrian visitors!

Making everything welcoming to people arriving on foot makes sense — the project had been criticized for exhibiting suburban-style development patterns in a location that some dreamers had imagined would be a street-fronting mixed-use center. It’s already a busy corner, and Metro’s new University Line will have a stop only a short walk away.

But “easy to access” can also mean “boring.” So it’s comforting to see these pictures of the project’s street edge sent in by a reader, which show a gentle, fun infrastructure-themed obstacle course taking shape along the new Weslayan and Richmond sidewalks in front of Trammell Crow’s grand development:

CONTINUE READING THIS STORY

, , , , , , , , , , ,
Commercial Real Estate
10/24/08 10:10am

Go-Aheads for Sonoma

by
Condos, Financing, Land Sales, Mixed Use, Proposed Developments, Quicklink, Rice Village, Streets
No Comments

GO-AHEADS FOR SONOMA Randall Davis’s Sonoma development couldn’t get financing for its first phase, but the condos-and-retail project’s sales team is now saying it has financing for its second phase, planned for the south side of Bolsover St. And requirements for taking over the block of Bolsover between the two projects have been fulfilled: “In an e-mail sent Saturday, sales team member Keith Kaposta said groundbreaking at the Rice Village site was still expected in February following the expiration of Walgreens’ lease on the property at 5313 Kelvin St. In another development, the city of Houston said Tuesday that developer Randall Davis property owner La Mesa Corp. had successfully completed all work that was required by the extended deadline of Oct. 27. . . . [Public Works Department spokesman Alvin] Wright said even if the work covered under the letters of credit was not completed by the deadlines, the city would not get the property back. [West University Examiner; previously]

, , , , , , , , , ,
Commercial Real Estate
10/21/08 2:46pm

Circuit City Threatens To Pull the Plug

by
Leasing, Openings and Closings, Quicklink, Retail
2 Comments

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]

, , ,
Commercial Real Estate
10/15/08 6:20pm

Extremely Well Furnished in Katy

by
Homes for Sale, Katy, Mixed Use, Retail
No Comments

Entry to Living Space, 2006 Fry Rd., Katy, Texas

Dining Room, 2006 Fry Rd., Katy, TexasThis place is huge! 6000 sq. ft. of living space, reads the listing:

Includes 4 Big Bedrooms, 2 full baths, Large Formal Dining, Huge kitchen w/gas cooking, Granite Counters, Porcelain sink, walk-in pantry, breakfast bar, serving bar and tile floor. Living/Family area w/gas fireplace, wood laminate floors. large inviting entry. Study or 5th bedroom.

That’s a lot of home! How could anyone furnish it all?

Not a problem!

CONTINUE READING THIS STORY

, , , , , ,
Commercial Real Estate
10/13/08 2:04pm

River Oaks Shopping Center Replacement: Vallone at the Top

by
Leasing, Restaurants, River Oaks, Shopping Centers
4 Comments

Rendering of Shepherd Dr. Just North of West Gray, River Oaks Shopping Center, Houston

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

, , , , , , ,
Commercial Real Estate
10/09/08 9:42am

Will the Village Get Its Bolsover Back?

by
Condos, Financing, Land Sales, Mixed Use, Proposed Developments, Rice Village, Streets
2 Comments

The West U Examiner‘s Michael Reed points out that Randall Davis has a looming deadline to complete some work on the block of Bolsover St. in Rice Village that was purchased from the city:

A condition, passed by the Houston City Council at the time of the sale, specified that some changes to the site of the high-end condo over retail project must be completed within one year.

The block was sold in August of last year so that Davis could use it as part of his Sonoma mixed-use development. Since then, Davis has run into problems finding financing, and the project has changed considerably. He now wants to build the smaller second phase — on the south side of the street — first. But the Walgreens currently on that site has a lease that won’t be up until January.

What needs to get done by the end of October?

The plugging and abandonment of the 8-inch water line within the street, and the relocation of the existing storm sewer inlets to Bolsover and Morningside.

The developer is “required to eliminate the appearance of the public street” at the intersections of Bolsover and both Kelvin and Morningside.

, , , , , , , , , ,
Apartments
10/03/08 3:07pm

JPI: Nothing Doing

by
Bellaire, Commercial Real Estate, Openings and Closings
1 Comment

Pool, Jefferson Estates at Bellaire Apartments, Houston

More real-estate-firm troubles you haven’t read about in the newspaper: JPI, a multifamily developer based in Irving, Texas, earlier this week shut down or canceled all new development and construction projects — and laid off development, design, and construction teams. Existing projects already underway will be “completed and wrapped up by a small team that will remain behind until they are complete,” according to a company email provided to Swamplot. The email blamed “the ongoing credit crisis” and “the inability to obtain credit at any price” for the closings.

JPI did not appear to have any projects planned for Houston, but JPI Living does operate Jefferson Estates at Bellaire, an apartment complex at 4807 Pin Oak Park, just inside the Loop between Bissonnet and the Southwest Freeway.

Photo of Jefferson Estates at Bellaire: JPI Living

, , , ,
Buying and Selling
09/11/08 7:31am

Greenway Plaza: Not Going Down Easy, Up for Sale

by
Commercial Real Estate, Greenway Plaza, Office Buildings
No Comments

Greenway Plaza, Houston

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

, , , , ,
Commercial Real Estate
09/10/08 11:41am

Abortion and Real Estate Protests

by
Institutional Buildings, Medical Buildings, Neighborhood Disputes, Renovations, University of Houston
No Comments

Changes are coming to that stair-stepped, slit-windowed office building on the south side of the Gulf Freeway just south of Lockwood and Elgin, recently vacated by Sterling Bank. It will soon have a whole lot more glass — and become Planned Parenthood’s local administrative headquarters:

Peter Durkin, president of Planned Parenthood of Houston and Southeast Texas, said the new building will be big: six stories and 75,000 square feet. He described the claim that the building will be the largest center of late-term abortions in the Western Hemisphere as “nonsense.”

Only one of the six floors will be for clinical space, he said. Most of the building, he said, will be used for administration and family planning.

Renovations on the former Sterling Bank building on the Gulf Freeway near the University of Houston will begin in November, and Planned Parenthood likely will relocate in early 2010.

A “conceptual drawing” of the renovated building . . . after the jump:

CONTINUE READING THIS STORY

, , , , , ,
Commercial Real Estate
09/09/08 12:25pm

Sonoma: Bolsover Bulldozer

by
Condos, Demolitions, Development Strategy, Financing, Mixed Use, Proposed Developments, Rice Village, Streets
11 Comments

Demolition on Bolsover St., Rice Village, October 2007

Having torn down an entire block of buildings in the Rice Village for a condo project the company can’t get financed, Randall Davis has a better idea: Why not demolish the buildings on the other side of Bolsover — so they can build the second phase instead?

The Chronicle‘s Nancy Sarnoff reports that Davis and company have been unable to get a $100 million construction loan for the Sonoma mixed-use condo development he’s been marketing for a couple of years. Hey, that’s no problem! Just move on to the next project, and double down on the demo:

Now they’re negotiating for a $70 million loan with 40 percent equity to build the smaller second phase of 85 units.

“Hopefully they’ll respond positively since we have so many sales,” said Davis.

The sales, however, are for the first phase of the project, which has been 50 percent pre-sold.

And the second phase is on the south side of Bolsover, where Walgreen’s has a lease until January.

After the jump: marginal views of phase two!

CONTINUE READING THIS STORY

, , , , , , , , , , , ,
Commercial Real Estate
08/27/08 10:34am

Tropioca Midtown: Ready To Move?

by
Leasing, Midtown, Restaurants, Retail
7 Comments

Tropioca Tea and Coffee Bar, 2808 Milam St. Suite G, Midtown, HoustonA 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.

, , , , ,
Commercial Real Estate
08/18/08 11:47am

Sonoma Holdup: We Need Some Money

by
Condos, Financing, Mixed Use, Proposed Developments, Retail, Rice Village, Streets
2 Comments

Plaza on Former Bolsover St., Sonoma, Rice Village, Houston

“Sonoma is mystery,” proclaims Randall Davis near the end of an excruciatingly long promotional video posted at the project’s recently updated website. Part of the mystery, of course, has been when — or whether — construction might actually begin on the 7-story condos-shops-and-parking Rice Village layer cake. Since the buildings on the site were demolished and the block of Bolsover between Kelvin and Morningside was fenced in last fall, not much has happened.

Nancy Sarnoff has some details on the delay:

Sonoma, an upscale condo and retail project planned in Rice Village, was supposed to break ground in April.

The land has been cleared to start building, but the developers have a loan commitment for just half of what it will take to build it.

“We’re ready to put a shovel in the ground,” said Julie Tysor, president of Lamesa Corp., owner of the project. “The speed of the changing lending markets wasn’t really anticipated by any of the people involved.”

Rendering of Sonoma: Ziegler Cooper Architects

, , , , , , , , , ,
Buying and Selling
08/15/08 12:13pm

UH Second Life Campus: Much Better Than the First

by
Commercial Real Estate, Online Resources, University of Houston
1 Comment

Welcome Center, Department of Health and Human Performance, University of Houston Second Life Campus

The University of Houston is buying an island on Second Life! It’ll be used for the school’s Department of Health and Human Performance and the Texas Obesity Research Center.

Plans call for an interactive campus where students and professors adopt avatars to walk (or fly) around campus or teleport to any number of thousands of other islands.

Virtual doesn’t come cheap. UH paid $1,700 for the island and pays Linden Research another $300 a month in rent.

Not cheap?? You try renting an entire campus for $300 a month. You could hardly get a dorm room for that. But the best thing about UH’s new space is clearly its high quality design.

A virtual architect designed and built the campus as a very, very loose replica of the real thing “with better architecture,” says Associate Professor Brian McFarlin.

After the jump: More views of the beautiful UH-Virtual!

CONTINUE READING THIS STORY

, , , ,
Commercial Real Estate
08/11/08 3:04pm

When Will the Alabama Bookstop Stop?

by
Historic Preservation, Leasing, Openings and Closings, Retail, Shopping Centers, Strip Centers
1 Comment

Bookstop at Alabama Shepherd Shopping Center, the Former Alabama Theater, Houston

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

, , , , , , , ,
Commercial Real Estate
08/06/08 2:46pm

Lookout for Townhouses: What Do You Make of the First Ward?

by
Development Strategy, First Ward, Industrial Properties, Proposed Developments, Real Estate Investing, Real Estate Marketing, Redevelopment, Townhomes
6 Comments

Bridge over Railroad Tracks, First Ward North of Edwards St., Houston

It seems son-of-a-son-of-a-guv Paul Hobby wasn’t quite clear at first what to do with a huge industrial site he bought in the First Ward:

Over the years, Hobby says, there was interest in turning it into an indoor soccer facility. There was also talk of growing lettuce inside the large warehouse. But a year ago, Hobby came up with the idea to create a data center in the space.

But that’s just the start of it. The site is the former Budweiser distribution plant Silver Eagle Distributors left behind when it built its new bunker further west on Washington Ave. Hobby bought the First Ward facility quietly from Silver Eagle in 2004 and leased it back to the company for a while before it left. The site stretches along Edwards St. from Sawyer to Silver, a few blocks north of Washington.

Indoor farm . . . server farm . . . why not? The possibilities are endless! But then, there’s always . . . townhomes!

A row of eight to 10 townhomes are slated to be built along Edwards Street. And an undetermined number of units are being considered for the eastern-most part of the property.

Of course! But it gets better . . .

CONTINUE READING THIS STORY

, , , , , , , , , ,
« Previous Page Next Page »