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About Magazine has the best investment real estate news. Including updated local and state real estate listings.

Montrose Developer Unhappy About Parking Requirements

Developer Fred Sharifi of SFT Investments is planning a $20 million, 60,000-square-foot mixed-use development for the corner of Genesee Street and Fairview—the current site of nightclub Meteor and a small apartment complex—that will include retail, office, and restaurant space, as well as six to eight loft-style apartments.

But because of the city’s onerous parking requirements, the project’s tallest structure will be a six-story parking garage.

Architect Peter Merwin told the Houston Business Journal that he will be forced to provide eight to ten parking spaces per 1,000 square feet of development. Merwin said he hopes Houston will change its approach to parking: “I think the city is starting to see that if you let engineers optimize everything for the automobile, you’re going to have a city optimized for the automobile and not the pedestrian.”

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Popular Gay Bar ‘Meteor’ Property Sold And Will Be Demolished For New Development In 2016

A new proposed development in Montrose recently announced includes an impressive lower Fairview revitalization set to break ground in the late summer of 2016.

The news also brings to light the property where the popular LGBT bar Meteor is located. The proposal released; places a six story parking garage at 2302-2308 Genesee, the current home of Meteor. But the developer admits ‘things could change closer’ to ground breaking.

“We finalized the sale of the property in late October” Charles Armstrong; owner of Meteor explains to About News.

“Meteor was not sold, just the property.”

Meteor will lease the property until construction is set to start. It is not uncommon for a bar owner to lease property. It’s more common for a bar to lease than to purchase the property.

“Matter of fact, it’s business as usual.” Armstrong says “We have events planned all the way through the Spring of 2016.”

meteor-about-magazine-1024x768 Popular Gay Bar 'Meteor' Property Sold And Will Be Demolished For New Development In 2016
New Redevelopment Project Planned for East Montrose (Red Area Is Currently Meteor)

Armstong informed employees of the changes coming, in a staff meeting late Wednesday afternoon and clarified any rumors.

The massive project includes redeveloping a number of nearby commercial properties with new retail, office parking space.

The new structures in the new concept will run east and west through the  of Fairview, with the center running north/south streets of Morgan, Taft, Mason and Genesee.

If you know Gratifi, Cuchara and Max’s Wine Dive and the property Where Common Bond is located; then you know Fred Sharifi, the developer of the new project.