Never pass up a chance to sit down or relieve yourself. -old Apache saying

Saturday, August 13, 2016

Enough!!

Enough!! is not a reference to politics, but a plea for the City of Houston to slow the fuck down. As if it isn't growing fast enough; as if the traffic in this city is not already damn near intolerable; no, the city government has offered developers the Downtown Living Initiative, which offers $15,000 per unit in tax breaks if they built multifamily projects downtown. 

So the building has been frenetic. They are building so many units so fast, I'll bet you several of them will deteriorate rather rapidly. And getting around downtown is extra tough with all the fucking construction cranes all over the place.

From the Houston Business Journal.

9 residential projects under construction in downtown Houston

The third residential project spurred by the tax incentive project has opened in the Central Business District, according to Central Houston's second-quarter report. The Houston-based nonprofit organization tracks the progress of residential and commercial projects in downtown Houston.

In early 2016, Houston-based Finger Cos. also opened 500 Crawford, a seven-story, 400-unit luxury apartment across from Minute Maid Park. Finger’s second downtown Houston project was announced just after the city launched the Downtown Living Initiative and is not part of the tax incentive program.

Currently, 9 residential projects — totaling 2,753 units — are under construction in downtown Houston, according to Central HoustonThe developers are catering to young professionals and empty nesters, who want to live in high-density, urban neighborhoods where they can walk to work, eat and play.

The trickle of new downtown apartments will soon become a flood, as developers deliver the majority of their downtown projects in late 2016 and early 2017.

1. Market Square Tower: Woodbranch Investments Corp. is building a 40-story, 463-unit apartment tower with Houston's first sky pool next of Market Square Park. The project is expected to be completed in the first quarter of 2017.

2. Block 365: Dallas-based Leon Capital Group is building a five-story, 220-unit apartment on a city block 365, bounded by Austin, Caroline, Jefferson and Pease. The project is expected to be completed in the fourth quarter of 2016.

3. The Star: Dallas-based Provident Realty Advisors and EFO Holdings LP are redeveloping the old Texaco building at 1111 Rusk Street into a 323-unit apartment project, which is nearing completion.

4. Catalyst: Naperville, Illinois-based Marquette Cos. is building a 28-story, 361-unit apartment tower on Block 52, which is bounded by Texas, Austin, Prairie and La Branch. The project is expected to be completed in the fourth quarter of 2016.

5. The Hamilton: Houston-based Resolution Real Estate is building a five-story, 149-unit apartment on a city block bounded by St. Joseph, Chenevert, Pierce and Hamilton. The project is expected to be completed in the third quarter of 2016. (Not part of the Downtown Living Initiative)

6. Alexan Downtown: Dallas-based Trammell Crow Residential is building a six-story, 267-unit apartment project at 1410 Texas Street, on a city block bounded by Austin, Branch, Texas and Capitol. The project is expected to be completed in the first quarter of 2017.

7. Aris Market Square: Houston-based Hines is building a 32-story, 274-unit apartment at 409 Travis Street, at the southeast corner of Travis and Preston. The project is expected to be completed in the second quarter of 2017.

8. Eighteen25: Houston-based Allied Orion Group is building an eight-story, 242-unit apartment on a city block bounded by San Jacinto, St. Joseph, Caroline and Jefferson. The project is expected to be completed in the third quarter of 2017.

9. Marlowe: Houston-based Randall Davis Co. and DC Partners is building a 20-story, 100-unit condominium tower at 1311 Polk Street, at the corner of Dallas and San Jacinto, near Discovery Green. The project was initially expected to be completed in the first quarter of 2017, but recently broke ground and will now be delivered in the fourth quarter of 2018.

Yikes. Original.

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