Swamplot Archives by Tag: Weingarten Realty

Wednesday, October 28, 2009

Weingarten’s Selloff Continues

October 28, 2009 – 2:33 pm
   

The 283,841-sq.-ft. Central Park Northwest off Dacoma St. and the 100,600-sq.-ft. Jester Plaza near Oak Forest are the latest industrial properties to leave the Weingarten Realty fold. And there’s more to jettison: “The company’s vice president/director — industrial properties Kelly Landwermeyer told GlobeSt.com the disposition of the industrial service center on 3500-3582 W. T.C. Jester Blvd. is part of Weingarten’s overall disposition strategy of non-core industrial asset, which includes service centers and flex properties. He says another asset is under contract and scheduled to close within the next few weeks. ‘There are another half-dozen on various pre-contract stages in the pipeline,’ he explains, adding that there are no set deadlines for closings by the end of 2009.” [Globe St.; previously on Swamplot]

2:33 pm | 1 Comment | Read more about Buying and Selling, Industrial Properties, Neighborhoods: Dacoma, Neighborhoods: Oak Forest, Quicklink
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Monday, August 17, 2009

Alabama Bookstop Theater: The Balcony Is Closed for This Performance

August 17, 2009 – 11:07 am

You were maybe planning to stop by the Bookstop in the old Alabama Theater on Shepherd for one last browse before the store closes on September 15th? Do a little clearance-sale shopping, grab a coffee up on the balcony and look out over that live-on-stage magazine stand?

It may be a little too late for that now. On the Houston Press Twitter feed this weekend, Katharine Shilcutt reported that the upper levels of the store are already cleared and closed . . . for good.

Photo: Houston Press

11:07 am | 6 Comments | Read more about Commercial Real Estate, Historic Preservation, Neighborhoods: Upper Kirby, Openings and Closings, Retail, Shopping Centers, Strip Centers
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Thursday, August 6, 2009

Alabama Bookstop Stop Date: September 15th

August 6, 2009 – 2:36 pm

That summer clearance sale that’s been going on at the Bookstop in the Alabama Theater Shopping Center on South Shepherd is uh, final. The store will be closing for good on September 15th. The new Barnes & Noble in the River Oaks Shopping Center on West Gray will be opening the next day (a bit sooner than was announced earlier), but no unsold books from the Bookstop location will be making the trip north.

So what happens to the Alabama Theater after then?

Continue Reading This Story >

2:36 pm | 24 Comments | Read more about Commercial Real Estate, Historic Preservation, Leasing, Openings and Closings, Renovations, Retail, Shopping Centers, Strip Centers
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Friday, July 31, 2009

Weingarten Warehouse Sale

July 31, 2009 – 1:05 pm
   

Weingarten Realty is continuing its multi-year property selling spree. The REIT is trying to unload a big chunk of its industrial properties, which make up a quarter of its holdings, but are typically easier to sell than retail centers: “Weingarten owns or has a stake in 18.6 million square feet of industrial properties in six states, with approximately 7 million square feet in the Houston area. Of the local holdings, nearly 890,000 square feet is up for grabs. In Houston, two properties with a total of 211,000 square feet are under contract for sale and another two facilities with 349,000 total square feet were expected to go under contract this week, according to Landwermeyer. Spec’s became the first local buyer when it acquired a 201,000-square-foot building last week. But as a core asset, that property would not have been sold had it not been for Spec’s existing retail ties to Weingarten.” [Houston Business Journal; more on the sale to Spec's]

1:05 pm | Add a Comment | Read more about Buildings for Sale, Buying and Selling, Industrial Properties, Quicklink
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Thursday, June 25, 2009

Comment of the Day: Bookstop Full Stop

June 25, 2009 – 3:55 pm
   

“A few comments from a reliable source who actually knows a few things about River Oaks SC and Alabama Theater.
1. Barnes and Noble owns Bookstop. They are closing it to move to the new location at ROSC.

2. Weingarten has no intent of demolishing the Alabama Theater. They have been marketing the space for re-use. They intend to restore the facade when a new tenant signs on.

3. The new portion of ROSC was designed by Altoon + Porter (of the Fashion Show flying saucer mall in Vegas fame) out of Los Angeles. Weingarten did not want the usual EIFS crap that the Houston architects do.

4. Weingarten’s long term interest in ROSC is to achieve the highest and best use for this property. They want to bring a higher density to the center that they feel is appropriate for its location.

5. Before the crash last fall they were working on a plan to improve the walk-a-bility of the ROSC through landscaping and art. I believe the project is on hold right now. Its interesting how everyone is in favor of density (less driving and more walking) except when it affects something in your backyard. If you don’t like the scale of the building or the lack of protection of historic structures in the city, call the mayor and the planning department. Disclosure: I do not work for Weingarten and don’t always agree with their decisions, but thought that this info would be useful. Flame on everyone!” [mt, commenting on Coming Soon to the River Oaks Shopping Center]

3:55 pm | 20 Comments | Read more about Comments, Commercial Real Estate, Houston Architects, Neighborhoods: Montrose, Neighborhoods: River Oaks, Quicklink, Retail
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Wednesday, June 24, 2009

Coming Soon to the River Oaks Shopping Center

June 24, 2009 – 1:52 pm

Writing in the River Oaks Examiner, Cynthia Lescalleet has a few updates on the River Oaks Shopping Center. Here’s what Swamplot has pieced together:

  • That well-trafficked space across the atrium from The Gap on the south side of West Gray will soon have a new tenant. Yes, this is the spot previously occupied by clothing retailer Harold Powell (whose parent company, Harold’s Stores, declared bankruptcy in November). Before that, it was occupied by M. King Interiors (which skipped out in the night a few years earlier, according to reports), before that Mesa Restaurant (ditto), and apparently way before that a restaurant called XIT. A new 6,200-sq.-ft. Mutual of Omaha Bank will be moving into the space soon.
  • Meanwhile, across the street, Barnes & Noble will be opening in its brand hulking new building around October 1st.

What else?

Continue Reading This Story >

1:52 pm | 57 Comments | Read more about Commercial Real Estate, Leasing, Neighborhoods: River Oaks, Openings and Closings, Restaurants, Retail, Shopping Centers
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Wednesday, April 22, 2009

Issuing Stock and Favorable Recommendations: Why the Banks Love Weingarten Realty

April 22, 2009 – 10:55 am

A financial blogger going by the overused name of Tyler Durden points to some fishy behavior on the part of banks promoting a new stock offering by troubled Weingarten Realty. Writes the reader who alerted Swamplot to the story:

This may be a bit too finance-y for you, but apparently a recent Weingarten equity offering is being used to pay down debt to banks, which the author of this post (and me) find a bit suspicious. Further shenanigans? Analyst recommendations changing for the better just before the tender.

Is this too finance-y for Swamplot? Let’s find out!

Continue Reading This Story >

10:55 am | 14 Comments | Read more about Financing
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Wednesday, April 1, 2009

And What About the River Oaks Shopping Center?

April 1, 2009 – 12:37 pm
   

His company’s stock down more than 70 percent since last year and the 2009 calendar wiped clean of all new development projects, Weingarten Realty president and CEO Drew Alexander tells analysts and investors the REIT is gonna survive. “The key to the survival? An increase in cash on the balance sheet and a continued ‘focus on tenants that sell basic goods and services,’ Alexander commented. Those tenants include grocery stores, dry cleaners, quick-serve restaurants and value chains such as Ross, Marshall’s and TJ Maxx.” [Globe St.]

12:37 pm | 15 Comments | Read more about Economic Conditions, Leasing, Neighborhoods: River Oaks, Quicklink, Retail
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Wednesday, January 28, 2009

Is That Three Brothers Bakery on the Line?

January 28, 2009 – 10:51 am
   

A spokesperson for Weingarten Realty reports the company has “a number of good prospects” to lease the second-story space in the semi-curved replacement building that caused all that fuss over at the River Oaks Shopping Center. Earlier this week, Tony Vallone announced he’s backing out of plans to open a new Italian restaurant in the space: “. . . the recent flak between neighbors and developer Weingarten Realty on such points as the building’s setbacks and the use of the patio were not factors in pulling the plug, he said, adding the discourse was full of misinformation. Vallone said, for example, rumors were circulated that the patio would have been used, at times, as a band venue, which would not have been the case. ‘I would never do anything to jeopardize the relationship with the neighborhood,’ Vallone said.” [River Oaks Examiner; previously]

10:51 am | 2 Comments | Read more about Commercial Real Estate, Leasing, Neighborhood Disputes, Neighborhoods: River Oaks, Quicklink, Restaurants, Shopping Centers
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Monday, January 19, 2009

River Oaks Shopping Center Balcony: A Few Loose Ends

January 19, 2009 – 11:50 am

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.”

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:

Continue Reading This Story >

11:50 am | 8 Comments | Read more about Commercial Real Estate, Development Restrictions, Development Strategy, Leasing, Neighborhood Disputes, Neighborhoods: River Oaks, Restaurants, Shopping Centers
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Friday, January 9, 2009

The Great River Oaks Shopping Center Compromise of 2009

January 9, 2009 – 9:59 am

There was no showdown over the River Oaks Shopping Center variance request at yesterday’s Planning Commission hearing. In talks prior to the meeting, Weingarten Realty used its mad skillz to assuage the most vocal neighbors with a few minor changes to the patio-topped porte-cochere facing Shepherd Drive — already under construction — that violated the setback:

. . . reduce the size of the balcony seating and enclose the seating area. That will result in a 30-inch encroachment into the area of the 25-foot setback.

Lower the 10-inch signage on the west side of the building facing Shepherd Drive.

Will remove external LED lights on the west side of the building and turn off flashing security box lights inside the parking garage.

Variance . . . granted! The screencapture above shows the revised, enclosed balcony shown at the hearing, which will be a part of Tony and Jeff Vallone’s new Il Tavolo restaurant and wine bar.

Weingarten knows how to keep more than just a noisy upstairs wine-bar quiet, notes abc13’s Miya Shay:

Continue Reading This Story >

9:59 am | 11 Comments | Read more about Commercial Real Estate, Development Restrictions, Development Strategy, Neighborhoods: River Oaks, Restaurants, Shopping Centers
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Wednesday, December 10, 2008

The New River Oaks Shopping Center: Did Weingarten Step Over the Line?

December 10, 2008 – 2:48 pm

Weingarten had no problem tearing down the first part of the River Oaks Shopping Center last year. But when it decided to replace the historic curved building at the northeast corner of West Gray and Shepherd with the semi-curved, semi-modern confection shown here, did the company go too far?

According to the GHPA, Weingarten is now seeking a variance to allow it to keep changes it made to the approved plans for the building — which have already been built. From a website referred to in a GHPA email:

The restaurant’s balcony facing Shepherd encroaches into the mandatory setback, violating Houston City Setback Requirements. Once the City was notified of the encroachment, construction of the encroaching porch was stopped—temporarily. . . . Weingarten Realty has requested that the Planning Commission grant a variance to permit this encroaching porch. Without objections from concerned citizens like you, the City will likely grant the variance request.

That restaurant is Jeff and Tony Vallone’s planned new Il Tavolo. After the jump, a portion of the Greater Houston Preservation Alliance’s message:

Continue Reading This Story >

2:48 pm | 24 Comments | Read more about Commercial Real Estate, Development Restrictions, Neighborhoods: River Oaks, Restaurants, Shopping Centers
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Monday, October 13, 2008

River Oaks Shopping Center Replacement: Vallone at the Top

October 13, 2008 – 2:04 pm

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

2:04 pm | 4 Comments | Read more about Commercial Real Estate, Leasing, Neighborhoods: River Oaks, Restaurants, Shopping Centers
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Wednesday, May 21, 2008

River Oaks Shopping Center Redo: Not Much of a Curve, but a Decent Wedge

May 21, 2008 – 2:50 pm

Rendering of Proposed River Oaks Shopping Center Building at Shepherd and West Gray, Houston

And here it is: Weingarten’s two-story replacement for the northwesternmost River Oaks Shopping Center building at West Gray and Shepherd the company tore down last year.

One goal of this design seems pretty clear: Build a wedge building that helps forge a split between the two tiny groups that might otherwise join together to raise a stink about Weingarten’s larger redevelopment plans for that shopping center, the River Oaks Theater across the street, and the Alabama Theater Shopping Center further south on Shepherd. Preservation-preferring sentimentalists, ready to grumble that this isn’t the curve you expected or the black-and-white Art Deco-ish look you wanted, say hello to your design-elite friends, who are already breathing a sigh of relief that the new building at least isn’t going to be fakey retro. No, it’s not the cleanest Modern thing they’ve seen, but they know it’s the closest they’re likely to get from Heights Venture Architects. Look, Ma! No cornice!

There’s no sense catering to that second group too much though, because Weingarten will need them to be somewhat dispirited so the rest of the strategy can work. No, this wasn’t the wedge we expected, but hey, it’ll do! And it’s sure to draw attention away from the parking garage. Now remind us why we wanted to save that theater again?

After the jump: Close-ups! Site plans! Come back, Jamba Juice — all is forgiven!

Continue Reading This Story >

2:50 pm | 3 Comments | Read more about Commercial Real Estate, Demolitions, Development Strategy, Historic Preservation, Houston Architects, Neighborhood Disputes, Neighborhoods: River Oaks, Proposed Developments, Redevelopment, Shopping Centers
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That Enormous Parking Garage Behind the River Oaks Shopping Center

May 21, 2008 – 2:31 pm

Landscape Plan for River Oaks Shopping Center

In case it hadn’t already become obvious from watching the construction, that uh . . . “stealth” four-level parking garage in back is the real game-changer for the River Oaks Shopping Center.

Clearly, what’s unfolding is a strategy even more ingenious than anyone could have imagined. With a new monster garage looming behind the next targeted would-be landmark, Weingarten will soon have people begging it to rip down more of the north side of the center and build something taller, just to screen those four stories of cars from West Gray. Meanwhile, focusing attention on the complaints of a few pesky neighbors in back is a classic outrage-bait move. Throw in a little hush money to make sure those protests aren’t too loud, but then make sure news of the offer gets leaked, so the decoy works. Send in the demo crews, redevelop, and repeat!

The site plan above comes from a Weingarten variance request that will go before the Planning Commission on Thursday. The city’s landscape ordinance apparently requires the new development to switch out some of those existing sickly-but-iconic palm trees for live oaks. Naturally, Weingarten wants to save the palms!

River Oaks Shopping Center landscape plan: Heights Venture Architects, via Houston Planning Commission

2:31 pm | 2 Comments | Read more about Commercial Real Estate, Development Restrictions, Development Strategy, Historic Preservation, Neighborhoods: River Oaks, New Construction, Parking, Shopping Centers, Trees
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