Purchase of land parcels expected to spawn retail, restaurant development

HOUSTON, Texas (December 20, 2002) – The City of Houston has made another investment in the future of the George R. Brown Convention Center and the adjoining convention center hotel by purchasing two prime parcels of real estate directly across the street from both facilities and acquiring options to acquire two adjacent parcels.

Houston City Council on Wednesday approved the purchase of two tracts totaling 238,000 square feet from Crescent Real Estate Equities for $33,448,520. Crescent presently is using the parcels as surface parking lots. The City also acquired an option to purchase the 3.5-acre green space between the two lots.

The purchase of the two tracts will allow the City to pursue development of retail and restaurant business that would serve as an attraction for conventioneers and guests of the 1,200-room convention center hotel.

Dawn Ullrich, director of the George R. Brown Convention Center, said the land purchase will help ensure a bright future for convention business in Houston.

“Dining and shopping will literally be steps from the front doors of both the George R. Brown and the Hilton Americas hotel,” Ullrich said. “In addition to more exhibit space and more hotel rooms, our clients have told us that retail outlets and restaurants are amenities they want close at hand. With this purchase, we will soon be able to provide those amenities to them.”
In addition to their proximity to the GRBCC and the hotel, the parcels are attractive to the development community, Ullrich said, because Minute Maid Park and Houston’s new multipurpose arena are also nearby.

Ullrich said the new acquisitions will continue to function as a parking facilities until redevelopment plans can be initiated.

Expansion of the George R. Brown Convention Center began on July 28, 2001. When the $165 million project is complete, Houston’s premier meeting place will feature more than 1 million square feet of exhibition and meeting space. George R. Brown expansion work and construction of the $285 million hotel across the street are scheduled to be complete in November 2003.

Contact:

Pete Radowick
713-853-8077
peter.radowick@cityofhouston.net