Hine's Is Skyscraper Happy!

[G.Walker]

Ok, so Hine's announced on 03.15.11, that he is building yet another skyscraper in Houston, just after completing BG Group Place this year, and Hess Tower last year, as we all know he had a hand in the development of Devon Energy Center. It seems like he has gone skyscraper happy, will he come back to OKC and build another?

http://houston.culturemap.com/newsde...ntown-houston/

[Kerry]

So much to learn from that story that relates to OKC. Here are three. I hope people who want a 6 lane boulevard, delayed streetcar, and the anti-marketing aspect of a street name are paying attention.

Several energy firms, such as Shell and Devon Energy, are expected to vacate big chunks of downtown space.

and

The BG Group Place, on top of other prior improvements, validated Main Street as a prime corporate address.
A few weeks ago, Hines President and CEO Jeff Hines told CultureMap that Main Street is the preferred location for new office projects today.
“If we do the next building, that’s where we would go,” Hines said.

and

“Block 69” also would have great access to the Metro light rail, the Theater District and Minute Maid Park. Plus, for those who haven’t visited lately, Main Street is more pedestrian-friendly and feels safer at night.

[G.Walker]

Exactly Kerry, it seem like Hines and company have it figured out, I like this statement:

“While we would certainly look at other sites, we believe that the change on Main Street brought about by 1000 Main, BG Group Place and public infrastructure, has made Block 69 one of the most logical and desirable locations downtown,” Cover says.

[G.Walker]

The article also mentioned Devon Energy will be vacating their building in downtown Houston soon, so where will they go? hmmmmmmmm?

[Blangdon]

Hines is a developer...it's what they do. They have not gone "Skyscraper Happy". They are simply responding to a demand in Houston. OKC is NOT Houston and hopefully it never will be. That stated, the development that is going on downtown today is quite remarkable and is something to be enjoyed. So take a minute to enjoy it before looking to see what OKC MIGHT do in 5, 10, or 15 years. There is going to have to be a LOT of pieces falling in the right places for this city and the Devon Energy Center, Continental Resources' moving to OKC, Maps3, Project 180 and the new housing developments going on are just a few.

I'm not trying to be a pessimist toward the topic, I'm simply saying that demand drives everything and right now OKC is doing a good job at filling its demand. Demand could/should grow moderately over the next decade or two, but don't expect some explosion of new high-rise towers in our wonderful state. I hope I'm wrong, but anything else built in the next 10 years over 10-15 stories would absolutely shock me.

[BG918]

Hines is marketing a highrise in Denver as well. It's the same market forces (higher energy prices) that are driving new buildings in OKC (Devon), Tulsa (Cimarex), Dallas (Encana regional HQ in Plano) and of course Houston. The Canadian Houston, Calgary, also has several highrises under construction for energy companies.

[Kerry]

Have you guys been reading about all the companies threatening to leave Illinois? The Caterpillar CEO just sent a letter to the Illinois governor telling him of all the states trying to get Caterpillar to move. Oklahoma was not one that he mentioned. The State of Oklahoma needs to open an office in Chicago and get some of these companies here.

http://www.pantagraph.com/news/local...cc4c002e0.html

SPRINGFIELD -- The chairman and CEO of Peoria-based Caterpillar Inc. is raising the specter of moving the heavy equipment maker out of Illinois.

In a letter sent March 21 to Gov. Pat Quinn, Caterpillar chief executive officer Doug Oberhelman said officials in at least four other states have approached the company about relocating since Illinois raised its income tax in January.

...

"I stand ready to help convince you to relocate or expand in the fiscally conservative, low-tax Lone Star State," wrote Texas Gov. Rick Perry in a Jan. 24 letter.

"I encourage you to consider South Dakota as a place for your business to grow and prosper," noted J. Pat Costello, secretary of the South Dakota governor's economic development office.

Nebraska Gov. Dave Heineman wrote in February to say, "In Nebraska, we balance our budget by controlling spending, not by raising taxes."

[Oil Capital]

The article also mentioned Devon Energy will be vacating their building in downtown Houston soon, so where will they go? hmmmmmmmm?

Mostly nowhere. Devon recently sold most of the business that was operated out of their Houston offices. Some emloyees went to the purchaser. Some were laid off. I believe Devon will still have a (much smaller) Houston office.