Houston's Upside Lies In Its Changed Image

[citykid09]

RealShare EXCLUSIVE: Houston's Upside Lies in Its Changed Image

By Amy Wolff Sorter

Last updated: November 9, 2005 08:32am

HOUSTON-Regardless of the topic--transportation, TICs, office leasing or multifamily rentals--it's clear that Houston, once considered a minor league player in the real estate games, is coming into its own, according to views universally aired at the first RealShare Houston conference.

http://www.globest.com/news/410_410/houston/140021-1.html

[sevfiv]

from the first session about transportation:

There also are real estate partnerships in the transportation mix as well. For example, the transit authority is working with Transwestern Commercial Services Inc. to develop retail near the Texas Medical Center stations. Also, a joint venture has been formed between NewQuest Properties LLC and the transportation authority for the to-be-built Cypress Park and Ride, which will feature 1,500 parking spaces and 120,000 sf of retail and restaurants.

"The success of the Main Street line has helped the cause a lot," Wolff said. But, he acknowledged, there is still a ways to go to "retrofit a city built for automobiles and making it work for public transportation."

i guess we'll just have to wait and see

[editor]

Interesting. I wonder if the retail development will actully be owned by Metro. It's not unusual for transit authorities to become heavy hitters in the real estate game. It helps them change traffic patterns. Not a great example, but probably the most famous complex owned by an authority was the World Trade Center in New York. Though the Port Authority of New York and New Jersey is more akin to the Port of Houston Authority, but you get the drift.

[Houston19514]

Interesting. I wonder if the retail development will actully be owned by Metro. It's not unusual for transit authorities to become heavy hitters in the real estate game. It helps them change traffic patterns. Not a great example, but probably the most famous complex owned by an authority was the World Trade Center in New York. Though the Port Authority of New York and New Jersey is more akin to the Port of Houston Authority, but you get the drift.

In the case of the TMC Transit Center development, Metro will lease "air rights" to the developer. The developer will then build, own, and operate the hotel, retail, residential and office structures above the transit center.