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Houston Development News

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moderncultureo
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Joined: 13 Jun 2019 02:58

Houston Development News

Postby moderncultureo » 13 Jun 2019 05:51

Development news, updates, etc for inner city Houston.

Greystar Heights Phase I

Going up at W. 20th and Nicholson in The Heights.

https://www.facebook.com/MeeksPartners/photos/a.371100272905950/2768212819861338/?type=3&theater

Construction recently commenced at "Chase” Heights Phase 1 in Houston, TX. Another great project with Greystar of 152 luxury apartments across 12 stories with 9 levels of load bearing metal stud over a 3-level concrete garage.


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Marquette Cos. Building 2 Multifamily Projects In East End

https://www.bisnow.com/houston/news/mul ... um=Browser

Chicago-based Marquette Cos. is moving ahead with two multifamily communities totaling more than 600 units in the East End District, an area primed for transformational commercial development anchored by Midway's 150-acre East River project. "This is going to be a game-changer for the neighborhood," Marquette Cos. President Darren Sloniger said.

2404 Navigation will target millennials who want to live in an urban environment while the East Bayou project will cater to a health and wellness lifestyle, Sloniger said. The projects are within a qualified opportunity zone. Marquette Cos. has partnered with an undisclosed opportunity zone fund for 2404 Navigation and plans to bring on an OZ fund for the East Bayou project as well. 2404 Navigation is a nine-story, 300-unit community that will feature convertibles and one-, two- and three-bedroom units averaging 850 SF and 18K SF of retail space for a restaurant and a café. On-site amenities will include a rooftop pool, a fitness center, a yoga studio, a tenant-only coworking space and a sky lounge with views of Downtown Houston. The site went under contract in February and will close at the end of construction, Sloniger said. The groundbreaking is expected in mid-August, and build-out will take 15 months. Marquette Cos. is bringing in Chicago-based Brininstool + Lynch as the architect to embrace a more urban design with an authentic vibe and use natural materials and finishings, Sloniger said. Houston-based Gin Design Group was tapped as the designer.

Overlooking Buffalo Bayou and the adjacent East River project, the second, nine-story mid-rise will feature 330 units averaging 920 SF, up to three-bedroom floor plans and 5K SF of retail. Construction is expected to start in January with a 15-month build-out.


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Tnexster
Posts: 2641
Joined: 22 Oct 2016 16:33
Location: Dallas

Re: Houston Development News

Postby Tnexster » 03 Jul 2019 13:30

Houston’s office market may not have hit rock bottom after all

https://www.houstonchronicle.com/busine ... 20(Premium)&utm_source=t.co&utm_medium=referral

itsjrd1964
Posts: 779
Joined: 28 Jul 2018 07:38

Re: Houston Development News

Postby itsjrd1964 » 30 Sep 2019 12:15

In the link below, In-n-Out is mentioned as a new/upcoming entry into the Houston market, with 3 locations: Stafford, Katy, and Willowbrook.

https://bisnow.com/houston/news/retail/ ... xas-100108

Tnexster
Posts: 2641
Joined: 22 Oct 2016 16:33
Location: Dallas

Re: Houston Development News

Postby Tnexster » 30 Sep 2019 20:05

Seems to be a fairly up to date map of downtown Houston projects.

https://www.downtownhouston.org/media/u ... _11X17.pdf

I45Tex
Posts: 308
Joined: 26 Jan 2017 05:52

Re: Houston Development News

Postby I45Tex » 16 Oct 2019 12:22

Occidental bought out Woodlands-based Anadarko and now has a 1,600,000+ square foot campus there in addition to 960,000 square feet it leases in Greenway Plaza and 1,400,000 in West Houston's Energy Corridor. It has had 750,000 of the Greenway space up for sublease for a year, pending plans to move west, but now has placed that Energy Corridor campus on the market. It will be interesting to see what they do with the Woodlands; some of Anadarko's operations that were based there have been sold to a French oil company and will no longer need the space. For the time being, this puts Houston's real office vacancy above 50,000,000 square feet (real, i.e., on the market, regardless of whether it technically has been vacated at the moment yet or not) by even conservative counts.

Tnexster
Posts: 2641
Joined: 22 Oct 2016 16:33
Location: Dallas

Re: Houston Development News

Postby Tnexster » 16 Oct 2019 14:50

I45Tex wrote:Occidental bought out Woodlands-based Anadarko and now has a 1,600,000+ square foot campus there in addition to 960,000 square feet it leases in Greenway Plaza and 1,400,000 in West Houston's Energy Corridor. It has had 750,000 of the Greenway space up for sublease for a year, pending plans to move west, but now has placed that Energy Corridor campus on the market. It will be interesting to see what they do with the Woodlands; some of Anadarko's operations that were based there have been sold to a French oil company and will no longer need the space. For the time being, this puts Houston's real office vacancy above 50,000,000 square feet (real, i.e., on the market, regardless of whether it technically has been vacated at the moment yet or not) by even conservative counts.


Wow, that's a ton of space and if I am not mistaken they have a some new product going up as well.

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Tucy
Posts: 739
Joined: 19 Oct 2016 12:50

Re: Houston Development News

Postby Tucy » 17 Oct 2019 13:09

I45Tex wrote:Occidental bought out Woodlands-based Anadarko and now has a 1,600,000+ square foot campus there in addition to 960,000 square feet it leases in Greenway Plaza and 1,400,000 in West Houston's Energy Corridor. It has had 750,000 of the Greenway space up for sublease for a year, pending plans to move west, but now has placed that Energy Corridor campus on the market. It will be interesting to see what they do with the Woodlands; some of Anadarko's operations that were based there have been sold to a French oil company and will no longer need the space. For the time being, this puts Houston's real office vacancy above 50,000,000 square feet (real, i.e., on the market, regardless of whether it technically has been vacated at the moment yet or not) by even conservative counts.


Not really all that extraordinary. DFW also has about that much available office space (54,612,000, according to CBRE vs 47,661,000 available in Houston).

I45Tex
Posts: 308
Joined: 26 Jan 2017 05:52

Re: Houston Development News

Postby I45Tex » 17 Oct 2019 17:59

Depends on your comps. Going by Cushman & Wakefield Marketbeat I'm seeing
Central London (270MM, 12MM available Q2, newest one not posted yet),
DFW (237MM, 43MM vacant),
Chicagoland (233MM, 40MM vacant),
Paris city and La Défense (221MM, 6MM available Q2),
and Boston (184MM, 28MM available).
Houston (186MM, 51MM vacant in Q2) is really not ordinary.


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