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GreenStreet: Mixed-Use Development At 1201 Fannin St.


MontroseNeighborhoodCafe

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I wrote to the e-mail address provided on www.houstonpavilions.com. Here's the reply:

"XXXXX:

Thanks for your interest in Houston Pavilions. We will be closing on the land this week, and will have a major public announcement right after the 1st of the new year.

William Denton"

Good deal.

thank-you.gif

LargeTEXAS you have any knowledge you want to add?

Edited by eelimon
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I wrote to the e-mail address provided on www.houstonpavilions.com. Here's the reply:

"XXXXX:

Thanks for your interest in Houston Pavilions. We will be closing on the land this week, and will have a major public announcement right after the 1st of the new year.

William Denton"

Welcome to the forum.

That's really great news. I know we've been disappointed on these things before, but fingers crossed that this gets built as planned. This will be a great project for downtown. It finally brings some major street-oriented retail to downtown, along with some condo units to help develop a residential base. Plus, it will fill up three entire blocks of surface lots that are like a scar in the heart of downtown. I'm excited about this one. :)

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THAT'S KRUNK!!!! It's good to finally hear something good about this project. I agree it will bring much needed street retail for Downtown. I also hope that this send positive messages to other devolopers that might be looking to build something new. I would love to see this project get off the ground already. I think that it would be nice for them to speed up the revitalization of Buffalo Bayou to give developers incentives for building in the downtown network.

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Fear the wrath of Tierwestah!! :)

I'd think, though, that if the "news" is that they're are, in fact, closing on the land that it probably wouldn't be major news in that you'd see a big write up in any of the relevant publications (I could be wrong about that). Nevertheless, it would be really sweet to read continuing news on the progress of the project now that the city's given its blessings and acquiesced to the developer's requests to make this financially viable for them.

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Yo LargeTX, where you at on this information? What was the good part about that week you were talkin' bout. The good week already passed now!

I guess this is what LargeTX was talkining about

it appears the project is one more step closer to happening

Dec. 22, 2005, 2:40AM

A step forward downtown

Land purchase could set stage for retail, condos

By NANCY SARNOFF

Copyright 2005 Houston Chronicle

A real estate development group has purchased three blocks of prime downtown land, a move that takes it one step closer to building a proposed retail, condominium and office complex on the site.

The property was purchased by a partnership between William Denton, CEO of California-based Entertainment Development Group, and Geoffrey Jones, CEO of the Texas Real Estate Fund.

The group paid more than $20 million for the property, according to individuals close to the deal, who released the price on the condition they not be identified.

The three blocks bordered by Main, Polk, Dallas and Caroline streets are currently used for downtown parking.

The developers want to fill the large site with restaurants, shops, offices and residential units in a project called Houston Pavilions.

They won't reveal more specific details or tenant names, however, until their plans are further along.

Still, some details were released earlier this year when the developers requested public financial assistance to build the project.

They said the $200 million development would contain 365,000 square feet of retail space, a 194,000-square-foot office tower and more than 200 condominiums.

A few months ago, the city of Houston and Harris County agreed to expand the Main Street/Market Square Tax Increment Reinvestment Zone, which was enlarged to encompass the entire site of the proposed Pavilions project.

Through their participation in the TIRZ, the city and county will provide financial assistance to the project through an economic development grant and public infrastructure improvements.

The money will then be paid back by taxes generated by the project.

The Houston Pavilions has been more than two years in the making.

Denton and Jones first signed a contract to purchase the land in January 2004.

"The project is going forward as evidenced by the fact that we have purchased this land," said Jones.

Here's the entire article

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Dec. 22, 2005, 2:40AM

A step forward downtown

Land purchase could set stage for retail, condos

By NANCY SARNOFF

Copyright 2005 Houston Chronicle

A real estate development group has purchased three blocks of prime downtown land, a move that takes it one step closer to building a proposed retail, condominium and office complex on the site.

The property was purchased by a partnership between William Denton, CEO of California-based Entertainment Development Group, and Geoffrey Jones, CEO of the Texas Real Estate Fund.

The group paid more than $20 million for the property, according to individuals close to the deal, who released the price on the condition they not be identified.

The three blocks bordered by Main, Polk, Dallas and Caroline streets are currently used for downtown parking.

The developers want to fill the large site with restaurants, shops, offices and residential units in a project called Houston Pavilions.

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$200 million development.

The positives here in terms of the odds of project realization is that they already know going in that construction and development costs will be high. This suggests that they already know what type of retail tenants they'll need in addition to the commercial office and residential space that would be available. Signing retail tenants would be big because it makes the residential aspect that much more appealing. And residential space makes the potential commercial space that more appealing.

But the biggest positive is that they've done a very similar project in Denver and the conditions there at the time of pre-development were much like what they are here in Houston. In other words, they've been here and done this before, so they're very likely to know exactly what they need to do. I'd caution patience about ground breaking, however, because there are still a variety of developmental factors that can make pinning down an actual ground breaking difficult.

Edited by The Great Hizzy!
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