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Astroworld Plot Redevelopment News


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I heard that there were three 80 story skyscrapers going up where Astroworld used to be, and that they were being built there because of FFA height restrictions down town. I doubt this is a seriouse topic but if any body has any info i would appreciate it.

I don't think an 80 story building would be affected by any height restrictions enforced by the FAA downtown. Also it does not seem very rational to put an 80 story tower on such cheap land (relatively) much less three. It would make more sense to have more or larger shorter towers. Either way though, this sounds completely and utterly fake.

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WOW

Now everyone start figuring out how this will place Houston up against the nations other 80+ story towers. And dont forget being built on former Amusement Park land...that will surely count for something as well in the rankings! This may make Houston the 3rd largest town in the nation!!!!

Edited by MiDTOWNeR
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  • 4 weeks later...

http://news.moneycentral.msn.com/ticker/ar...9&Symbol=US:PKS

excerpt:

The Company also announced that it has entered into a contract to sell the 104-acre site of AstroWorld in Houston, Texas. The property - which has been cleared of all buildings, rides and structures in anticipation of sale - is being sold for $77 million; the closing date is expected to be early June. The sale is subject to customary closing conditions.

No buyer yet announced.

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How about an amusement park?

Seems like the PERFECT place.

Aparently it is no longer the PERFECT place.

How about an amusement park?

Seems like the PERFECT place.

Aparently it is no longer the PERFECT place for an amusement park

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Aparently it is no longer the PERFECT place.

Aparently it is no longer the PERFECT place for an amusement park

I'm just glad Six Flags didn't get their fantasized $180 million they thought they could get for it. What I hear over on sixflagshouston.com is that they spent 20 just clearing the land. 70 - 20 = 50 mil. Some of the newer coasters are approaching that price. Doh!

I truly believe somebody visionary (with the $$$) will eventualy come along and actually build and operate a great theme park in this large and proven profitable market.

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Judging by the website, they don't seem to be a developer. They are more of a land investment firm so I imagine they try to flip the land for a nice profit. That's a shame because for the price the land sold for, a developer could have done something amazing.

Edited by SMUrban
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Back when Kieran Burke (former CEO of Six Flags) opted last September to have Cushman and Wakefield put this land on the market, they were confident they could get between $95m-$145m for the property. Rising land value was the primary party line for why they chose to close the park.

Now, eight months later, we find they couldn't get anyone to bite for the land in that range. Further, Six Flags seems to have grown impatient waiting for a buyer so they offloaded it for $77m. If you look at Angel/McIver's site ( http://www.angelmciver.com/ ) it's obvious they aren't a developer but just another real-estate agent middleman. Six Flags also spent about $21m demolishing the place, leaving them with about $56m cash left.

So basically, nothings going on with this property yet, it's basically still on the market. Six Flags gained a quick $56m cash which barely dents their $2+ billion debt and a couple of the old rides are showing up in other parks instead of new attractions (quite a few rides are lost forever and sent to the scrapyard, including Texas Cyclone, Viper, XLR8, Astroway, Bamboo Shoot, Serpent...)

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A huge mistake in a long line of huge mistakes the former management team at Six Flags made in the last five years. Maybe not as detrimental to the company's performance as what transpired in Ohio and Europe, but far more of concern to us in Houston. The point is that it was a needless waste.

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Judging by the website, they don't seem to be a developer. They are more of a land investment firm so I imagine they try to flip the land for a nice profit. That's a shame because for the price the land sold for a developer could have done something amazing.

I am suprised that is went so quietly and for that price. I was sort of expecting a big bang announcement with master plans and excitement. I suspect you are correct. These guys will most likely put together a master plan and then sell off parcels to residential/ industrial/ retail / and office developers.

It is also my thought that this is NOT a developers dream site. If so there would have much more interest in the purchase.

This is no Andro Airport !!!

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Judging by the website, they don't seem to be a developer. They are more of a land investment firm so I imagine they try to flip the land for a nice profit. That's a shame because for the price the land sold for a developer could have done something amazing.

That's the impression I got too. Six Flags had no serious bidders for what they expected, grew impatient, and then sold for whatever they could get to another realtor to get what cash they could now. Reminds me of how Six Flags put the company itself up for sale not too long ago and had no bidders either.

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  • 2 weeks later...

http://www.houstonchronicle.com/disp/story...ss/3900739.html

Yo, check it. The dude that is buying the old Astroworld lot is Micheal McIver, who will be buying it for $77 million. He beat out Vincent Kickerillo, who planned to open up apartments, townhomes, and shops. The current assumption is that McIver will build a mixed-use development (which I hope), but we probably will not know what he wants to do until next Wednesday, when the deal is final.

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i am happy to see that...

but what about the other trees?

it was such a large amount , i'm sure they found a dollar

to be made from that too. with their debt, i'm sure they

or the demo company found some way to benefit.

Absolutely, they made a few bucks. Conservation does not have to be a non-profit operation. Copper, tin, glass and plastic is recycled for profit. The Virgin Islands makes millions on eco-tourism. Windmills and solar panels are manufactured and sold.

The important thing is that the trees were saved. That's more than can be said for most large developers, who clear cut land before building on it.

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Thanks for sharing the link to the Chronicle article. I've been wondering who bought that site (and for 1/2 of what Six Flags said it was worth :angry2::rolleyes: ). I am one who is still very saddened by the loss of Astroworld. As a native Houstonian, I have a lifetime of memories at this park. I'm so glad that I got to go a few times in the last few years -including this past October. I was looking forward to taking my young child there someday - to experience that together. Now I will never get the chance :( . Even though it will never be the same, I hope we get another park in the not so distant future.

i am happy to see that...

but what about the other trees?

it was such a large amount , i'm sure they found a dollar

to be made from that too. with their debt, i'm sure they

or the demo company found some way to benefit.

Some of the other trees were donated to a house that was built by Extreme Makeover Home Edition near the Texas/ LA border (during their hurricane rebuild special series). I'm so glad that another small part of Astroworld lives on.

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Thanks for sharing the link to the Chronicle article. I've been wondering who bought that site (and for 1/2 of what Six Flags said it was worth :angry2::rolleyes: ). I am one who is still very saddened by the loss of Astroworld. As a native Houstonian, I have a lifetime of memories at this park. I'm so glad that I got to go a few times in the last few years -including this past October. I was looking forward to taking my young child there someday - to experience that together. Now I will never get the chance :( . Even though it will never be the same, I hope we get another park in the not so distant future.

I'm curious how McIver plans to use the development to coincide with the Astrodome/Reliant Park. That pedestrian bridge still exists, yo. Can you imagine what that area would be like if the Astrodome Hotel plans go through AND the old Astroworld site becomes a world-class multi-use?! > :) Let's see what's said this Wednesday...

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