Tag: Weingarten Realty

Commercial Real Estate
03/23/10 8:15am

Weingarten Plans an Alabama Theater Demolition. Is Staples Moving In?

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Historic Preservation, Leasing, Openings and Closings, Retail, Shopping Centers, Strip Centers, Upper Kirby
78 Comments

It looks like the former Alabama Theater — known since the early eighties as the Alabama Bookstop, and since last fall as that big vacant space for lease in Weingarten Realty’s Alabama Shepherd Shopping Center — is about to be gutted. A local construction company is currently taking bids from subcontractors for a rather complete interior demolition. The plans, prepared by Heights Venture Architects, show major alterations to the floor, walls, and ceilings.

The theater’s original sloped floor will be buried under a new concrete slab; wood floors inserted during the 1983 bookstore conversion will be removed. For now, the balcony will remain.

Here’s a little before and after to demonstrate:

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Leasing
01/04/10 4:26pm

Taking the Shepherd Balcony: Américas River Oaks

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Restaurants, River Oaks
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And now the official announcement of “what everyone already knew” about the new River Oaks Shopping Center: That second-story space with the overextended (and intensely negotiated) porte-cochere facing onto Shepherd is slated to be a third Américas restaurant. Weingarten Realty reports that Michael Cordúa will open a 9,150-sq.-ft. West-Gray-and-Shepherd version in the fall of this year, featuring an elevated bar area and private event spaces. Cordúa will work again with Cheesecake Factory stylist Jordan Mozer to design his 7th local restaurant. Tony and Jeff Vallone backed out of plans to open a restaurant named Il Tavolo in the same location one year ago.

Photo of River Oaks Shopping Center: River Oaks Examiner

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Buying and Selling
10/28/09 2:33pm

Weingarten’s Selloff Continues

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Dacoma, Industrial Properties, Oak Forest, Quicklink
1 Comment

WEINGARTEN’S SELLOFF CONTINUES 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]

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Commercial Real Estate
08/17/09 11:07am

Alabama Bookstop Theater: The Balcony Is Closed for This Performance

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Historic Preservation, Openings and Closings, Retail, Shopping Centers, Strip Centers, Upper Kirby
6 Comments

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

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Commercial Real Estate
08/06/09 2:36pm

Alabama Bookstop Stop Date: September 15th

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Historic Preservation, Leasing, Openings and Closings, Renovations, Retail, Shopping Centers, Strip Centers
24 Comments

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?

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Buildings for Sale
07/31/09 1:05pm

Weingarten Warehouse Sale

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Buying and Selling, Industrial Properties, Quicklink
No Comments

WEINGARTEN WAREHOUSE SALE 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]

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Comments
06/25/09 3:55pm

Comment of the Day: Bookstop Full Stop

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Commercial Real Estate, Houston Architects, Montrose, Quicklink, Retail, River Oaks
20 Comments

COMMENT OF THE DAY: BOOKSTOP FULL STOP “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]

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Commercial Real Estate
06/24/09 1:52pm

Coming Soon to the River Oaks Shopping Center

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Leasing, Openings and Closings, Restaurants, Retail, River Oaks, Shopping Centers
57 Comments

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?

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Financing
04/22/09 10:55am

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

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14 Comments

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!

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Economic Conditions
04/01/09 12:37pm

And What About the River Oaks Shopping Center?

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Leasing, Quicklink, Retail, River Oaks
15 Comments

AND WHAT ABOUT THE RIVER OAKS SHOPPING CENTER? 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.]

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Commercial Real Estate
01/28/09 10:51am

Is That Three Brothers Bakery on the Line?

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Leasing, Neighborhood Disputes, Quicklink, Restaurants, River Oaks, Shopping Centers
2 Comments

IS THAT THREE BROTHERS BAKERY ON THE LINE? 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]

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Commercial Real Estate
01/19/09 11:50am

River Oaks Shopping Center Balcony: A Few Loose Ends

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Development Restrictions, Development Strategy, Leasing, Neighborhood Disputes, Restaurants, River Oaks, Shopping Centers
8 Comments

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:

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Commercial Real Estate
01/09/09 9:59am

The Great River Oaks Shopping Center Compromise of 2009

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Development Restrictions, Development Strategy, Restaurants, River Oaks, Shopping Centers
11 Comments

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:

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Commercial Real Estate
12/10/08 2:48pm

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

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Development Restrictions, Restaurants, River Oaks, Shopping Centers
24 Comments

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:

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

River Oaks Shopping Center Replacement: Vallone at the Top

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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

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