Sharpstown Mall Closing? (Bellaire, Richmond, Reno: apartment complex, rent, houses)

[jfre81]

Values are rising there and I don't see how the cut-rate apartments are going to keep going like they are and keep paying their taxes. If that can do in the mall it can do in the apartments. A midrise condo-mixed use project could go well here, with good access to the freeway. I don't think a park is really feasible there, and who's going to hang out at the park if it's considered as unsafe as everything else around there?

Sharpstown has a lot of rebound potential and one turning point is likely what they do with the mall, or more specifically, the ground the mall sits on. They'll take a swing and either miss or crank one out of the park. If they do the latter, I wouldn't be surprised to start seeing some of the Katy and Sugar Land crowd coming in there to cut down on the commute. Those places were the benefactors of the exodus of the original Sharpstown residents, save for a few hardy empty-nesters in the relatively quiet and tame subdivisions like those around HBU.

[EasilyAmused]

How about a TownMarketCityCentreSquare thingie there, complete with Brownstones? Pay the gangstas to stay away.
This gas situation is going to make a lot of die hard burbers rethink their lifestyles.

[jfre81]

Originally Posted by EasilyAmused

How about a TownMarketCityCentreSquare thingie there, complete with Brownstones? Pay the gangstas to stay away.
This gas situation is going to make a lot of die hard burbers rethink their lifestyles.

This is exactly what I'm thinking. Just keep good security on site and make it worth people's while to move in. If any local authority has power to get rid of slummy apartments, it's HCAD, by jacking up their appraisals. I've been looking around at the tax info for some of those complexes and they've gone up >30% - they can't be doing the free rent specials if that keeps up. More suburbanites moving back into Sharpstown will make that happen.

[tstone]

Originally Posted by EasilyAmused

How about a TownMarketCityCentreSquare thingie there, complete with Brownstones? Pay the gangstas to stay away.
This gas situation is going to make a lot of die hard burbers rethink their lifestyles.

Nah, that's what they said when it reached $2.

And $3.

And they'll say the same thing when it flirts with $4.

If a $1 jump per gallon in gas equates roughly $150-200/mo extra in gasoline, it's still going to be significantly cheaper for most people to live outside and drive in for a long while. For an even trade in property & land, that is. It's hard to just let all of that go for a temporary spike in prices, especially with full blown families.

[grayhometeam]

I live in Sharpstown and moved here 9 years ago because the prices for were great for the semi-close-in location. I love the location with access to 59. The neighborhood I am in is quiet with what I consider pretty well built brick homes, tree lined streets, walk to parks etc. I saved a lot by just remodeling the house to my tastes, have a big backyard for my dogs. I've seen the value on my house double in 9 years and not due to remodeling although that may not say too much. At least it has slowly gone up. There are a few younger couples moving in and I've seen quite a bit of decent remodeling. The homeowner's association although voluntary in dues is cracking down on some of the more undesirable things in the neighborhoods.
As for the mall, we greatly need some better shoppping in the area. I have heard that there have been a couple of offers on the property. I think the mall owner says the property is worth about $70Mil and the offers have been $35Mil and and a larger undisclosed amount... don't quote me on that.. i think i read it online. The talk is that the preferred use would be to do what was done in Meyerland with big box retailers and smaller chain/ranchise type shops. Possibly a Lowe's. There's already a Home Depot at Bellaire and the Beltway. I would love to get a Target back over here!!! And a Super Target would be even better for grocery. A park is NOT what we need. We need the apartments and mall GONE and redeveloped.

[johnherrera305]

I think the Apartments themselves is not the issue. I think the management and owners of these dewellings are to blame. And the rents are going up in the area. They will continue to go up and eventually all of those low income people will move out. I say remodel those apartments, up the rent to attract middle class/working professionals and rebuild the mall. It will happen. And NEWS FLASH...the price of gas is not temporary folks. Gas will never go below $3 from this point forth. It will flirt with $4 per gallon. At that point $3 will seem like a relief. Just a couple of years ago, everyone was upset the gas went above $2 a gallon. Haven't seen $2 gas since then! Sharpstown area will go through a rebirth and eventually people will move in due to its close proximity to Uptown, Galleria and Downtown. I give it 5 years. That's my hunch

[jfre81]

Originally Posted by johnherrera305

I think the Apartments themselves is not the issue. I think the management and owners of these dewellings are to blame.

Co-sign.

Some of the more decrepit ones just need to be torn down, but some of them might remain as they are, maybe with some renovating and a considerable rent increase. I suppose condo conversions are also possibilities for some. Sharpstown will basically become a slightly more suburban-feeling Uptown.

Having "cheap" apartments around your neighborhood does not make it a bad place to be. River Oaks has ~$600/mo one-bedrooms just on the other side of Shepherd. It all starts with the management whose responsibility it is to do their homework on who they're renting to.

One *wildcard* for Sharpstown is the fact that the light rail won't be far away. The Hillcroft park-and-ride won't be far away. People might not have to drive all the way to work if they don't want to.

[johnherrera305]

One *wildcard* for Sharpstown is the fact that the light rail won't be far away. The Hillcroft park-and-ride won't be far away. People might not have to drive all the way to work if they don't want to.


Wow..didn't know that was in the works. That should beneficial to the area.

[jfre81]

The University Line's west terminus will be at the Hillcroft Transit Center. This of course is just a short drive out of Sharpstown. When all five new lines are open, people would be able to ride from Hillcroft to the Galleria, the Medical Center, Museum District Greenway Plaza, Montrose (along Richmond apparently, kicking and screaming notwithstanding), Midtown, Reliant Park, the Near North and Southeast sides and the East End. Oh, and downtown too.

The supposed completion date for the rail is 2012, but I'm thinking mid-2013 or maybe the start of 2014. No dirt's being turned yet. But really, at worst it's six years away.

I just hope the mall site doesn't get turned into a Wal-Mart Super-Duper Center or a gigantic car dealership or something else that the Southwest Freeway needs as much as it needs another Section 8 housing project...

[johnherrera305]

Originally Posted by jfre81

The University Line's west terminus will be at the Hillcroft Transit Center. This of course is just a short drive out of Sharpstown. When all five new lines are open, people would be able to ride from Hillcroft to the Galleria, the Medical Center, Museum District Greenway Plaza, Montrose (along Richmond apparently, kicking and screaming notwithstanding), Midtown, Reliant Park, the Near North and Southeast sides and the East End. Oh, and downtown too.

The supposed completion date for the rail is 2012, but I'm thinking mid-2013 or maybe the start of 2014. No dirt's being turned yet. But really, at worst it's six years away.

I just hope the mall site doesn't get turned into a Wal-Mart Super-Duper Center or a gigantic car dealership or something else that the Southwest Freeway needs as much as it needs another Section 8 housing project...

Totally agree.
There is a Superwalmart and Target on Dunvale off Richmond/Westheimer...so that may save the new Sharpstown mall.