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<\/p>\nHouston\u2019s urban core is ripe with opportunities for development.<\/p>\n
But for projects to get funding and be successful, they should consider their walkability and include more than one use.\u00a0<\/p>\n
<\/p>\n
\n Bisnow\/Maddy McCarty\n <\/p>\n
\n Weaver\u2019s Tyler Martin, Colliers\u2019 Danny Rice, Lone Star PACE\u2019s Glenn Silva, Perkins & Will\u2019s Marc el-Khouri, DC Partners\u2019 Arsean Maqami and NewQuest\u2019s Dean Lane\n <\/p>\n
Perkins & Will has sent out proposals nearly every week this year across all market sectors in Houston, and there isn\u2019t a single project on the docket that is limited to a single use, Managing Principal Marc el-Khouri<\/a> said at Bisnow\u2019s Houston State of the Market at Shell Energy Stadium on Wednesday.<\/p>\n \u201cOur sales this year and our proposals that we’re sending out have been off the charts,\u201d el-Khouri said. \u201cI think we met our sales goal for the year at the end of Q1.\u201d<\/p>\n The heightened activity spans asset classes, including science and technology, healthcare, and corporate and commercial interiors, he said. At the Perkins & Will office, they have started using the term \u201cblended-use projects\u201d instead of \u201cmixed-use<\/a>.\u201d<\/p>\n \u201cWe want to blur the line between where one use stops and the other use begins. Everything’s becoming a hybrid in some way,\u201d el-Khouri said. \u201cAnd it’s not just office and retail or office and residential and retail. It’s aviation<\/a> and hospitality, it’s cultural projects and entertainment. Everything is mixing.\u201d\u00a0<\/p>\n The difficulty of \u201cmaking economic sense of\u201d projects is driving the mixed-use trend, NewQuest<\/a> partner Dean Lane<\/a> said. The cost of installing infrastructure<\/a> at development sites has risen,\u00a0but partnering with cities and adding uses that will increase traffic and revenue helps ease that financial burden.\u00a0<\/p>\n NewQuest plans to break ground on 1M SF of retail space this year, which is its bread and butter, but the tenant mix is diversifying.\u00a0<\/p>\n \u201cI’ll put a car wash in, I’ll put a parking garage in. We’ve done it with Metro,\u201d Lane said. \u201cI’ll put entertainment in. I’ll put anything that really can drive the development in some form or fashion. We’re doing a lot of medical.\u201d\u00a0<\/p>\n There is plenty of capital available to fund new development, and it isn\u2019t necessarily waiting on the sidelines anymore, Colliers Houston<\/a> President Danny Rice<\/a> said.\u00a0<\/p>\n \u201cIf you have the right project, the right location, the right incomes, you\u2019ve got all the different pieces, capital is there to make it happen,\u201d Rice said.<\/p>\n \n Bisnow\/Maddy McCarty\n <\/p>\n \n Method Architecture\u2019s Eric Hudson, Lagoon Development\u2019s Uri Man, JLL\u2019s Emily Durham, Houston Dynamo Football Club\u2019s Jessica O\u2019Neill and FIFA World Cup 26 Houston\u2019s David Brady\n <\/p>\n Taylor Moss<\/a>\u00a0saw that during the underwriting process for The Ritz-Carlton Residences<\/a>, Houston, which his firm, Deiso Moss, is developing at 2120 Post Oak Blvd. The luxury-branded hotel and condo project will be the first to market, which comes with inherent risk, Moss said.<\/p>\n But Deiso Moss<\/a> was comfortable taking on the risk that buyers would be present in the Houston market. It launched public sales for the project on March 5.<\/p>\n \u201cWe felt that the buyer was there and that they were going to buy at the price per foot that we were going to demand,\u201d Moss said. \u201cReally, that’s the most important thing, because if you have sales and you have velocity, then the capital markets will be there for you.\u201d\u00a0<\/p>\n Harvey-Cleary Builders hopes to get started on building The Ritz-Carlton project on Post Oak by the end of this year, maybe even the third quarter, Harvey-Cleary partner David Rasch<\/a> said. Completion is slated for fall 2029.<\/p>\n There are \u201ca couple of opportunities\u201d planned to follow the Ritz-Carlton on Post Oak Boulevard, Moss said. These could help contribute to the status of the area that is also seeing the revitalization of Central Park Post Oak<\/a>, a 17-acre campus with 1.2M SF of office space.<\/p>\n \u201cWe think that Post Oak should be our Billionaires\u2019 Row in Houston, and we think it’s in our infancy,\u201d Moss said. \u201cMidway<\/a> is doing a fantastic job with Central Park [Post Oak], making it more walkable with a lot of amenities.\u201d\u00a0<\/p>\n The Galleria and Uptown areas are successful mixed-use urban environments largely because of their walkability, said David Hightower<\/a>, Midway executive vice president of investments and development.\u00a0<\/p>\n Parking requirements are one of the greatest challenges to developing a mixed-use environment in Houston, because no one wants to see surface parking in front of buildings as they walk, but it is\u00a0costly to build parking garages behind buildings, Hightower said.\u00a0<\/p>\n \n Bisnow\/Maddy McCarty\n <\/p>\n \n Anchor Construction\u2019s Brandon Simpson, Midway\u2019s David Hightower, TBG Partners\u2019 Gonzalo Echeverr\u00eda, Deiso Moss\u2019 Taylor Moss, Harvey-Cleary Builders\u2019 David Rasch and Transwestern\u2019s Jeff Peden\n <\/p>\n East Downtown<\/a> and parts of Midtown have benefited from Houston\u2019s market-based parking exemptions, which were extended beyond Downtown<\/a> in 2019.\u00a0<\/p>\n \u201cEaDo<\/a> is probably No. 3 in terms of up-and-coming environments here in the urban core,\u201d Hightower said.<\/p>\n Midway is advocating for the city to extend market-based parking exemptions further, including to its East River<\/a> development, he said.<\/p>\n \u201cThat is the key to making these new mixed-use walkable environments. It’s getting the parking right,\u201d Hightower said. \u201cStructured parking is very expensive, so the economics become very challenging. But the tenants want to be there.\u201d\u00a0<\/p>\n But compared to other markets, Houston has minimal zoning requirements, making things easier for developers, Rasch said.\u00a0<\/p>\n \u201cThere may be some requirements that logistically make projects a little bit of a challenge, but overall, Houston is a good place,\u201d he said.<\/p>\n Permitting also happens at a reasonable pace in Houston, where five or six months is considered a long permitting timeline, he said. In other cities like Austin, Denver and Washington, D.C., Rasch said a year isn\u2019t out of the norm.\u00a0<\/p>\n Another element driving big opportunities in Houston is\u00a0large-footprint retailers, like Target<\/a> and Home Depot<\/a>, getting back into the game, NewQuest\u2019s Lane said.\u00a0\u00a0<\/p>\n \u201cOver the last 12 months, our brokers are doing a tremendous amount of business, and I think that’s across the board,\u201d Lane said. \u201cHouston is just in a great position. Everything is hitting on all cylinders right now.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Houston\u2019s urban core is ripe with opportunities for development. But for projects to get funding and be successful,…\n","protected":false},"author":3,"featured_media":725865,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[5130],"tags":[300646,292038,300647,148028,21266,67368,29876,148030,4345,56899,297780,115128,207791,300648,148029,358,207790,3187,115005],"class_list":["post-725864","post","type-post","status-publish","format-standard","has-post-thumbnail","category-houston","tag-david-hightower","tag-david-rasch","tag-dean-lane","tag-deiso-moss","tag-eado","tag-east-downtown","tag-east-river","tag-harvey-cleary","tag-houston","tag-midway","tag-newquest","tag-perkins-will","tag-post-oak-boulevard","tag-post-oak-central","tag-taylor-moss","tag-texas","tag-the-ritz-carlton-residences","tag-tx","tag-urban-core"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116399604729813124","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/725864","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=725864"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/725864\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/725865"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=725864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=725864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=725864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}<\/p>\n<\/p>\n