wilcal Posted December 17, 2019 Share Posted December 17, 2019 After seeing those Houston economy slowdown articles this week, I have to feel like this may be the end of this boom 1 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted December 17, 2019 Share Posted December 17, 2019 25 minutes ago, wilcal said: After seeing those Houston economy slowdown articles this week, I have to feel like this may be the end of this boom The Chronicle has predicted about 25 the last 2 slowdowns; and it's always a nightmare, a disaster, a major bust. 6 Quote Link to comment Share on other sites More sharing options...
X.R. Posted December 17, 2019 Share Posted December 17, 2019 (edited) Based on the movement in the Park/Museum area, I felt like this was going to be built eventually by someone. Seemingly anything near the three big parks in the loop is going to be built because those areas, as someone pointed out in another thread, are just now correcting for the under-development that occurred over the years. People like parks. Boomtown, to me, would be like the Ion (if it was private) or some of the Australian developer's eventual buildings (Condos/Hotel). If Houston can just make it 2021 and then TMC3 starts to get going, is it really a boom or just the new normal. Edited December 17, 2019 by X.R. 5 Quote Link to comment Share on other sites More sharing options...
TheSirDingle Posted December 17, 2019 Share Posted December 17, 2019 I could see a slight hiccup in late 2020 or early 2021, but nothing that's going to hinder these developments. Feels like this a start of another boom rather than the end of one, and a prolonged one at that. I also have a feeling both the PMI and CPI will heavily dictate how long it last, and how well it does. Consumer confidence will definitely be a huge part of this. While oil hasn't been doing to well, all of Houston's other sectors have been on the come up and should stay like that for a while. These recent quarters shows that Houston's economy has diversified greatly, and is showing signs that this development could be the new norm like @X.R. said. 5 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted December 17, 2019 Share Posted December 17, 2019 25 minutes ago, TheSirDingle said: I could see a slight hiccup in late 2020 or early 2021, but nothing that's going to hinder these developments. Feels like this a start of another boom rather than the end of one, and a prolonged one at that. I also have a feeling both the PMI and CPI will heavily dictate how long it last, and how well it does. Consumer confidence will definitely be a huge part of this. While oil hasn't been doing to well, all of Houston's other sectors have been on the come up and should stay like that for a while. These recent quarters shows that Houston's economy has diversified greatly, and is showing signs that this development could be the new norm like @X.R. said. Private Mortgage Insurance and Consumer Price Index? 1 Quote Link to comment Share on other sites More sharing options...
TheSirDingle Posted December 17, 2019 Share Posted December 17, 2019 14 minutes ago, Houston19514 said: Private Mortgage Insurance and Consumer Price Index? Purchasing managers' index and CPI is correct. We need an economist in here to see if my bs is up to snuff lol. Haven't looked deeply at economic trends in a while. 2 Quote Link to comment Share on other sites More sharing options...
Twinsanity02 Posted December 17, 2019 Share Posted December 17, 2019 24 minutes ago, TheSirDingle said: Purchasing managers' index and CPI is correct. We need an economist in here to see if my bs is up to snuff lol. Haven't looked deeply at economic trends in a while. Just remember President Truman famously asked to be sent a one-armed economist, having tired of economists proclaiming "On the one hand, this" and "On the other hand, that". 2 2 Quote Link to comment Share on other sites More sharing options...
Popular Post Urbannizer Posted December 19, 2019 Popular Post Share Posted December 19, 2019 19 Quote Link to comment Share on other sites More sharing options...
HNathoo Posted December 19, 2019 Share Posted December 19, 2019 39 minutes ago, Urbannizer said: my understanding is that they plan on removing the 4 levels on top of the parking deck, and placing the pool directly on top of the garage. 3 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted December 20, 2019 Popular Post Share Posted December 20, 2019 From Friday's Houston Chronicle: Nitya Capital and Tema Development have teamed up to develop a 32-story apartment tower just north of Hermann Park near two other Tema residential developments. Two Hermann Place is planned to go up at 1661 Hermann Drive near Jackson Street on approximately one acre near the Texas Medical Center, Rice University and downtown. Haytham Haidar, Tema’s director of development, said the partners expect to break ground in the first quarter. The building, which will have five levels of parking with apartments above, is designed to offer unobstructed views of Hermann Park and downtown. The project’s 295 units will have 10-foot ceilings with floor-to-ceiling window walls in the living areas and bedrooms. It will offer seven-foot-deep balconies. “We want to build a project that becomes a landmark of Houston,” said Swapnil Agarwal, chief executive officer of Houston-based Nitya. “Even the first floor of apartments can have unbelievable views of the park.” The development team worked with architecture firm Page on the design, which blends in with the stone in the nearby Museum District. “During our design process we carefully researched every detail of this charming and historical area of Houston to build a residential space that effortlessly blends with the beautiful Hermann Park backdrop,” Nadim Zabaneh, vice president of Houston-based Tema Development said in an announcement. “It was important for us to maintain the character of the Hermann Place area to create an authentic park-like setting for our residents.” The new tower will be part of a 6.8-acre master-planned site that includes Tema’s One Hermann Place, a seven-story apartment mid-rise completed in 2016, and The Parklane, a 35-story condominium building completed in 1983. The land has been owned by Tema since 1978. The development cost was not disclosed and contractors have not yet been named. 12 Quote Link to comment Share on other sites More sharing options...
bobruss Posted December 20, 2019 Share Posted December 20, 2019 Amazing and the hits keep happening. Good work Hindesky! By the way our band Ti Night is playing at the best barbecue joint in Houston tonight. 7:00 - 10:00 at the Patio and Pit Barbecue on Richmond and Graustark between Montrose and Mandell. Love to have you come out and spread some Christmas cheer. Thought I'd invite the HAIFERS to our party. 4 Quote Link to comment Share on other sites More sharing options...
hindesky Posted December 21, 2019 Share Posted December 21, 2019 Looks like enough room for at least 3 buildings on this site. 9 Quote Link to comment Share on other sites More sharing options...
Popular Post HNathoo Posted February 21, 2020 Popular Post Share Posted February 21, 2020 Breaking ground end of March 19 1 Quote Link to comment Share on other sites More sharing options...
Popular Post HNathoo Posted February 21, 2020 Popular Post Share Posted February 21, 2020 On 12/21/2019 at 3:46 PM, hindesky said: Looks like enough room for at least 3 buildings on this site. Indeed. 15 Quote Link to comment Share on other sites More sharing options...
EllenOlenska Posted February 21, 2020 Share Posted February 21, 2020 People talk about Montrose, Midtown, the Heights, the East Side and they're all right, but the future circum-Herman Park looks pretty tall. 7 Quote Link to comment Share on other sites More sharing options...
asubrt Posted February 21, 2020 Share Posted February 21, 2020 1 hour ago, HNathoo said: Indeed. Can't wait for 2032! 5 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted February 21, 2020 Share Posted February 21, 2020 2 minutes ago, asubrt said: Can't wait for 2032! It'll be here before you know it. 5 Quote Link to comment Share on other sites More sharing options...
Popular Post Paco Jones Posted May 4, 2020 Popular Post Share Posted May 4, 2020 Two Hermann Place (from December 2019). 21 Quote Link to comment Share on other sites More sharing options...
HNathoo Posted May 8, 2020 Share Posted May 8, 2020 CoStar has an article from 4/30 stating this project has been delayed at least 6-9 months due to the pandemic. 4 1 1 1 Quote Link to comment Share on other sites More sharing options...
Avossos Posted May 8, 2020 Share Posted May 8, 2020 3 hours ago, HNathoo said: CoStar has an article from 4/30 stating this project has been delayed at least 6-9 months due to the pandemic. ouch 2 Quote Link to comment Share on other sites More sharing options...
Popular Post CREguy13 Posted May 9, 2020 Popular Post Share Posted May 9, 2020 Certainly a bummer, but I'm not that concerned on this one. They've had these plans for some time and sounded like they had the project pretty much capitalized and ready to break ground right before the lockdown. I guess we'll see, but I believe they'll start construction this year like they hope to. Crazy how many mid-rise and high-rises will be U/C in Museum District/Hermann Park. Especially if X Houston gets going. Costar Article: Pandemic Postpones 32-Story Apartment Tower in Houston's Museum District Luxury Skyscraper Was Supposed to Break Ground in the First Quarter Two Hermann Place could be delayed by at least six to nine months because of the coronavirus pandemic, but developers are still hopeful the project will start this year. (Tema Development, Nitya Capital) By Marissa Luck CoStar News April 30, 2020 | 03:19 P.M. The pandemic has delayed construction on a 32-story apartment tower that could change the skyline in a prominent part of Houston, but developers are still eyeing 2020 for a potential start date. Nitya Capital, a value-add investor with $2 billion in assets under management, and Tema Development originally had planned to break ground in the first quarter on a residential tower overlooking Hermann Park in Houston's Museum District. The pandemic caused them to hit the pause button on starting the multimillion-dollar project, Swapnil Agarwal, CEO of Nitya Capital, said in an interview. "We were two weeks away from starting but we put it on hold for obvious reasons," Agarwal said. "We would like to start the project in 2020, we’ll revisit that once we have more clarity on normal lifestyle." Agarwal said the group is hopeful they can start construction in the fall. The groups are down to two finalists for the bidding process for the general contractor and the construction lender. They have already received building permits, Agarwal said. "Construction costs might go down so we’re going to revisit that .. I’m hoping everything is business as usual in the next two or three months," he said. Initial architectural estimates for Two Hermann Place peg the project to cost $78.4 million to build, according to a 2018 filing with the Texas Department of Licensing and Regulation. Two Hermann Place is planned near Jackson Street, behind One Hermann Place, a mid-rise apartment project Tema Development completed in 2016 at 1699 Hermann Drive. The project would be Nitya Capital's first apartment development project from the ground up. However, the company had been exploring options for future multifamily developments through partnerships with Tema Development. Nitya Capital also formed a partnership with the real estate investment firm ZT Corporate to explore new multifamily opportunities. ZT Corporate and Nitya Capital signed a memorandum of understanding for a partnership in early March, but no deals have been done yet since it launched right before the pandemic, said Taseer Badar, CEO of ZT Corporate, who himself has been busy launching free coronavirus testing to help get his employees back to work safely. Renter Relief Although its latest apartment project has been delayed, Nitya Capital used the lockdown to launch a $4 million apartment relief program for its renters through its nonprofit foundation, Karya Kares. The renter relief fund provides up to $1,000 for renters who lost their jobs or have been financially hit by the pandemic, similar to funds launched by Houston-based Camden Property Trust. Nitya Capital's program received 200 applications within the first two weeks, Agarwal said. The company also donated about $100,000 to the Houston Fire Department and the Harris County Sheriff’s Department to purchase personal protective equipment. “As a business owner and entrepreneur whose main business is to provide housing to low class and lower middle class Americans, those are the people who have been impacted the most,” Agarwal said. “A lot of my tenant base [comprises] nurses, teachers, people who work in restaurants whose lives have been impacted a lot.” Nitya Capital owns about 20,000 apartment units, mostly in the Houston area, with rents at about $850 to $900 per month. By mid-April, about 90% of tenants had paid rent, but that number jumped to 99% once stimulus checks starting hitting tenants' bank account. "I think somehow people managed to get the funds to pay us. Most people who can’t pay we’re setting payment plans," Agarwal said. "People are doing whatever they can because it’s an essential need. It’s a difficult situation." Agarwal said he was not worried about a significant dip in May rental collection rates as Texas' economy begins to reopen. Renters across the country got creative in making April rent payments, dipping into savings and stimulus checks or turning to landlords for assistance to boost rent collection to 89% through April 19, according to the National Multifamily Housing Council. Experts expect May to be a bigger test for multifamily renters as unemployment claims climbed to more than 30 million. Since March 14, about 1.9 million people have filed for initial unemployment claims in Texas, according to the Texas Workforce Commission. Nearly 214,000 people in the greater Houston area had filed for jobless claims through April 18, according to the TWC. 10 1 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted June 1, 2020 Share Posted June 1, 2020 Units at the Parklane next door are going up for sale again: https://www.google.com/amp/s/www.houstonchronicle.com/business/texas-inc/amp/Museum-District-condo-tower-renovation-targets-15300476.php 2 Quote Link to comment Share on other sites More sharing options...
Houston19514 Posted June 1, 2020 Share Posted June 1, 2020 The Chron's article about The Parklane going condo included this about Two Hermann Place: "Once a construction loan is lined up, Tema will break ground on the 32-story Two Hermann Place apartment tower in partnership with Nitya Capital. The project has been delayed due to the lending climate with COVID-19, Zabaneh said." https://www.houstonchronicle.com/business/texas-inc/article/Museum-District-condo-tower-renovation-targets-15300476.php 7 Quote Link to comment Share on other sites More sharing options...
Paco Jones Posted June 2, 2020 Share Posted June 2, 2020 20 hours ago, Houston19514 said: The Chron's article about The Parklane going condo included this about Two Hermann Place: "Once a construction loan is lined up, Tema will break ground on the 32-story Two Hermann Place apartment tower in partnership with Nitya Capital. The project has been delayed due to the lending climate with COVID-19, Zabaneh said." https://www.houstonchronicle.com/business/texas-inc/article/Museum-District-condo-tower-renovation-targets-15300476.php Thanks for the link. While leasing may be down because of COVID-19 I think the real issue is budget/loan related. There have been three sets of drawings released between October and December of 2019, each with more "cost savings" changes. General Contractors last submitted proposal packages in late January and a contractor wasn't selected until late February/early March. I could be wrong, but I don't think that the selected GC has entered into a contract with the Owner yet. I will try find out and update with any additional information. 7 Quote Link to comment Share on other sites More sharing options...
hindesky Posted October 20, 2020 Share Posted October 20, 2020 Nitya Capital LLC has launched a crowdfunding platform, providing investors with the ability to attain interest in Nitya’s deals. The platform provides a full-scale range of wealth fund options across asset classes, including multifamily and office properties. It also eliminates additional fees that are typically passed along to investors using third-party crowdfunding models. Nitya has approximately $2.5B in assets under management. Opportunities are open to accredited investors and start at $25K. Contact Christie Moffat at christie.moffat@bisnow.com 5 Quote Link to comment Share on other sites More sharing options...
Popular Post hindesky Posted April 13, 2021 Popular Post Share Posted April 13, 2021 14 1 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted April 13, 2021 Share Posted April 13, 2021 In peeking behind the curtain, it looks like there was bidding by invitation for construction documents back in January 2021. I’d say that shows signs of life. 5 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted May 31, 2021 Share Posted May 31, 2021 Caution tape and a porta potty are next to the site. The caution tape we’ve seen in the last couple years. The porta potty is new: 8 Quote Link to comment Share on other sites More sharing options...
HNathoo Posted May 31, 2021 Share Posted May 31, 2021 3 hours ago, houstontexasjack said: Caution tape and a porta potty are next to the site. The caution tape we’ve seen in the last couple years. The porta potty is new: I believe they have a parking agreement with the museums during summer peak demand. 2 Quote Link to comment Share on other sites More sharing options...
hindesky Posted May 31, 2021 Share Posted May 31, 2021 I noticed the new yellow tape a few days ago and took a pic then got all excited but then I remembered that it was used for overflow parking. 6 Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.