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Greenspoint Mall Under Contract to be Redeveloped to Mixed-Use

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Urbannizer    29877

http://m.chron.com/business/retail/article/Greenspoint-Mall-under-contract-for-redevelopment-11751561.php

 

Greenspoint Mall is under contract to be sold and redeveloped, ending its life as a retail center that has for years lost stores and customers. 



 

A group of investors with a company called Global Plaza Union have agreed to purchase the property at the intersection of Interstate 45 and Beltway 8 and transform it into some sort of mixed-use development. The group is considering three concepts and declined to specify them before the sale is finalized.

 

Reggie Gray, president of the Houston Intercontinental Chamber of Commerce, facilitated the transaction. He expects it to close within the next four months, a due-diligence period that will determine the plan for the project.

Feng Gao, a Chinese real estate developer, is the primary investor in the development. He has developed a number of properties in Asia and established a U.S. company, WIT Union, to complete the Greenspoint project, his first in the U.S.

 

The investment group faces several potential roadblocks. Sears, Macy's and Dillards own their department stores at the mall independently of its operator, and they must agree to sell the spaces before the redevelopment begins.

 

Gray, a partner in the project, said the investors have approached each company with purchase offers. If they don't cooperate, he added, the project will fail.

"It's an all-or-nothing kind of project," he said.

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Triton    8661

Actually went to Greenspoint Mall after we got out of a place close by. We knew it was bad but we were just curious how far it's crumbled. It felt more like a flea market in certain sections than a mall. People were actually yelling at us to come into their stores or buy their food in the food court. Me and my girlfriend were the only two people walking in the mall, and it frankly didn't feel safe. 

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Dolphin    2

While there is really no way to redevelop that freeway side land into something "beautiful," I hope that is an improvement made for visitors arriving and departing out of IAH. Having a dead mall as the first thing you see going to/from the airport doesn't leave a favorable impression of the city. Of course most airports are not in the nicer parts of cities.

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Gary    194
4 hours ago, htownbro said:

I hear the buyers are redeveloping this area into a mixed use property of offices, retail and apartments.  Perhaps more office towers in this area.  Anyone heard of anything else.  My apologies if this is already discussed.

 

http://www.houstonchronicle.com/business/retail/article/Struggling-Greenspoint-mall-finds-a-buyer-at-last-11760255.php

There is no way that any towers will come from this. The existing towers already have a high vacancy rate, and the surrounding areas crime rate continues to flourish. I would think the developers are thinking low density where office space is being considered.

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Twinsanity02    439

Back in the early 1980's Greenspoint Mall and environs was an affluent up and coming area. It was pleasant shopping there. A French hotel with a good restaurant was nearby. Then the oil crash and within a few years it was a crime ridden mess. Hopefully this will help in turning the place around.

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htownbro    40

There is always hope for that area.  I'm not sure if Metro was the culprit for that area deteriorating because Metro does run through some affluent areas and those areas seem to remain kept up well.  

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Posted (edited)

More on the Greenspoint Mall news: won't be closing anytime soon and redevelopment is years away.

From Houston Chronicle this morning:



Greenspoint Mall is under contract for redevelopment, but the sprawling property isn't closing anytime soon.


A group of investors has agreed to buy the struggling mall from Triyar Cos. and transform it into a mixed-use development, but it will be years before construction begins. The deal, expected to close within four months, involves a five-year period during which the investors will design the project, seek community input and pay off a substantial financial note underpinning the purchase.

 

Triyar, which owns a number of other real estate projects, will continue to operate the mall until the note is paid off. 

...Global Plaza Union, a group of investors led by Chinese developer Feng Gao, is considering three concepts involving a mix of residential and commercial space, but it declined to offer details. 

 

Reggie Gray, president of the Houston Intercontinental Chamber of Commerce and a partner in the project, said group will use the five-year payoff period to conceptualize the redevelopment and seek input from residents about what they'd like to see as part of it.

http://www.chron.com/business/retail/article/Greenspoint-Mall-slated-for-overhaul-but-still-11820174.php

Edited by CrockpotandGravel

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htownbro    40

 

The area can be saved.  It's near the big airport and not far from the Woodlands.   Kinda like the Southwest area where Bellaire and Beltway meet which is the Chinatown and Little Vietnam area area and the International District which extends further south along Beltway toward Bissonnet.

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Gary    194
1 hour ago, htownbro said:

 

 

The area can be saved.  It's near the big airport and not far from the Woodlands.   Kinda like the Southwest area where Bellaire and Beltway meet which is the Chinatown and Little Vietnam area area and the International District which extends further south along Beltway toward Bissonnet.

Never said the area couldn't be saved. That's why I mentioned gentrification as a possibility, but that's a long way off.

 

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Fortune    413

Broker Behind Macy's And Dillard's Says Greenspoint Mall Redev Is 'Full Of flurf'

Read more at: https://www.bisnow.com/houston/news/retail/broker-behind-macys-dillards-says-greenspoint-mall-redev-is-full-of-sht-77797?rt=45921?utm_source=CopyShare&utm_medium=Browser

 

The highly anticipated Greenspoint Mall deal may not be as done as many hope. Maddox Properties’ Jim Maddox, the broker behind the mall's Macy’s and soon the Dillard's, said he has no idea what the mall's investors, Global Plaza Union, led by Chinese developer Feng Gao, are talking about with their recently released redevelopment plans.

 

“I think it’s full of flurf,” Maddox said.

 

Maddox is behind the private investor who purchased the Macy’s earlier this year. The new owner, Spring Real Estate Investment's Zulfiqar Karedia, is planning to convert a four-acre tract along I-45 into a truck stop. Maddox is also representing a client buying the Dillard's, which went under contract last week and is set to close next month. Maddox has lined up a restaurant distribution user.  

 

Reggie Gray, president of the Houston Intercontinental Chamber of Commerce and a partner in the mall redevelopment project, told the Houston Chronicle that Sears, Macy’s and Dillard's must agree to sell before any redevelopment can begin at the declining mall. Gray said the investors have approached each company with purchase offers. If they do not cooperate, he said, the "all-or-nothing kind of project" will fail.  

 

But Maddox has other plans for the Macy’s and Dillard's. He has received offers and counteroffers for the space, but told the investors he is moving forward with the plans for the users he reps. His client is not looking to flip the property.

 

Maddox had not heard anything about a redevelopment either. When he showed the Chinese brokers repping Gao the Macy's space on Monday, they were talking about turning it into storage for a construction materials company, not a redevelopment, he said.  

 

Maddox said he had a heated conversation with Gray after the meeting. Maddox explained to Gray that he had lined up two users for the anchor locations he represents.

 

“I said I might could move them if y'all want to buy the store, but he got all pissy with me about how we’re going to ruin the entire redevelopment of the area. I hung up on him. I don’t know what their deal is,” Maddox said.

 

Reggie Gray and reps from Global Plaza Union could not be reached as of press time.  

 

As for Sears, Maddox said he has been in contact with its owners too about possibly buying it, but he said they were asking $4M, an absurdly high price in his opinion.  

 

Maddox has spoken with the mall's operator, Triyar Cannon Group, which has reiterated it does not want the truck stop to go in, because it would detract from the sale of the mall.

 

“There’s no mall there anyway,” Maddox said.

 

Read more at: https://www.bisnow.com/houston/news/retail/broker-behind-macys-dillards-says-greenspoint-mall-redev-is-full-of-sht-77797?rt=45921?utm_source=CopyShare&utm_medium=Browser

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htownbro    40
12 hours ago, Fortune said:

Broker Behind Macy's And Dillard's Says Greenspoint Mall Redev Is 'Full Of flurf'

Read more at: https://www.bisnow.com/houston/news/retail/broker-behind-macys-dillards-says-greenspoint-mall-redev-is-full-of-sht-77797?rt=45921?utm_source=CopyShare&utm_medium=Browser

 

The highly anticipated Greenspoint Mall deal may not be as done as many hope. Maddox Properties’ Jim Maddox, the broker behind the mall's Macy’s and soon the Dillard's, said he has no idea what the mall's investors, Global Plaza Union, led by Chinese developer Feng Gao, are talking about with their recently released redevelopment plans.

 

“I think it’s full of flurf,” Maddox said.

 

Maddox is behind the private investor who purchased the Macy’s earlier this year. The new owner, Spring Real Estate Investment's Zulfiqar Karedia, is planning to convert a four-acre tract along I-45 into a truck stop. Maddox is also representing a client buying the Dillard's, which went under contract last week and is set to close next month. Maddox has lined up a restaurant distribution user.  

 

Reggie Gray, president of the Houston Intercontinental Chamber of Commerce and a partner in the mall redevelopment project, told the Houston Chronicle that Sears, Macy’s and Dillard's must agree to sell before any redevelopment can begin at the declining mall. Gray said the investors have approached each company with purchase offers. If they do not cooperate, he said, the "all-or-nothing kind of project" will fail.  

 

But Maddox has other plans for the Macy’s and Dillard's. He has received offers and counteroffers for the space, but told the investors he is moving forward with the plans for the users he reps. His client is not looking to flip the property.

 

Maddox had not heard anything about a redevelopment either. When he showed the Chinese brokers repping Gao the Macy's space on Monday, they were talking about turning it into storage for a construction materials company, not a redevelopment, he said.  

 

Maddox said he had a heated conversation with Gray after the meeting. Maddox explained to Gray that he had lined up two users for the anchor locations he represents.

 

“I said I might could move them if y'all want to buy the store, but he got all pissy with me about how we’re going to ruin the entire redevelopment of the area. I hung up on him. I don’t know what their deal is,” Maddox said.

 

Reggie Gray and reps from Global Plaza Union could not be reached as of press time.  

 

As for Sears, Maddox said he has been in contact with its owners too about possibly buying it, but he said they were asking $4M, an absurdly high price in his opinion.  

 

Maddox has spoken with the mall's operator, Triyar Cannon Group, which has reiterated it does not want the truck stop to go in, because it would detract from the sale of the mall.

 

“There’s no mall there anyway,” Maddox said.

 

Read more at: https://www.bisnow.com/houston/news/retail/broker-behind-macys-dillards-says-greenspoint-mall-redev-is-full-of-sht-77797?rt=45921?utm_source=CopyShare&utm_medium=Browser

 

 

A truck stop?  Noooo!  Sounds like a bunch of drama.

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gene    783

Greenspoint Mall became worthless the day they closed Chess King and Merry-Go-Round ;) 

 

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wxman    483

There's no hope for that area at all -- at least not in the near term. It'll be hard to shake the ''guns-point'' reputation. When Willowbrook Mall opened, it was trouble. When The Woodlands Mall opened in 1994, that mall was doomed. As long as the burbs continue to develop with new and flashy stores, there is ZERO hope for this area. Sad too.

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Timoric    629
8 minutes ago, wxman said:

There's no hope for that area at all -- at least not in the near term. It'll be hard to shake the ''guns-point'' reputation. When Willowbrook Mall opened, it was trouble. When The Woodlands Mall opened in 1994, that mall was doomed. As long as the burbs continue to develop with new and flashy stores, there is ZERO hope for this area. Sad too.

Same thing happened to Northline when Greenspoint opened I reckon. That was already a dump in the 1980s, didn't Magic Johnson try and rescue it? That is the thing about sprawl, the old stuff decays and the people follow the freeways further and further out leaving billboards, pawnshops, and Gallery Furniture in the old buildings.

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htownbro    40
1 hour ago, Timoric said:

Same thing happened to Northline when Greenspoint opened I reckon. That was already a dump in the 1980s, didn't Magic Johnson try and rescue it? That is the thing about sprawl, the old stuff decays and the people follow the freeways further and further out leaving billboards, pawnshops, and Gallery Furniture in the old buildings.

 

Northline has been redeveloped kind of like Gulfgate.  They may have to redevelop Greenspoint like this.

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mkultra25    456
5 hours ago, gene said:

Greenspoint Mall became worthless the day they closed Chess King and Merry-Go-Round ;) 

 

 

60d962466e0dc2dafb2ac10065539ddb.jpg

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Timoric    629
47 minutes ago, Naviguessor said:

Oh Lord.  I honestly owned that shirt.  In teal. 

 

Remember the Layered Look?

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gene    783
18 hours ago, mkultra25 said:

 

60d962466e0dc2dafb2ac10065539ddb.jpg

 

 

OMG!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! my favorite post EVER on this forum!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

you are the best!!!

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