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Greenspoint Mall Under Contract to be Redeveloped to Mixed-Use

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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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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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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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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

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

 

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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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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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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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18 hours ago, mkultra25 said:

 

60d962466e0dc2dafb2ac10065539ddb.jpg

 

 

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

you are the best!!!

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19 hours ago, mkultra25 said:

 

60d962466e0dc2dafb2ac10065539ddb.jpg

wow, now that takes me back to the "glorious" 80's !  Actually, since I grew up and graduated H.S. in the earlier 80's, I think that's why I always thought they were "all that".  Scary thing is, the 80's were so long ago, they are bound to come around as retro very soon, if not already underway as I suspect.  But, wow, what a throwback.  Anyone remember Command Performance in the Galleria ? 

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2 hours ago, Timoric said:

 

Did you own a Michael Jackson Thriller Jacket with one white glove? I did. I had a hacky sack in my pocket.

didn't own the jacket or glove but WANTED ONE !  My college roommates had hack sacks as well LOL.

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Another Anchor Tenant Digs In At Greenspoint Mall Amid Talk Of Redevelopment

 

HoustonRetail August 17, 2017 Kyle Hagerty,

 

More questions have surfaced about the redevelopment of Greenspoint Mall, the 1.3M SF struggling retail center in one of Houston's roughest areas. 

 

A representative of Fitness Connection, one of the mall's remaining anchors, said the gym has a lease through 2030 and has no plans to close. The rep said its Greenspoint Mall fitness center is one of the company's highest-performing locations.

 

That is a serious problem for the investors behind the redevelopment, Global Plaza Union, which has stated the deal is an "all-or-nothing kind of project."

 

A broker close to the deal tells Bisnow that the long-term leases do not have buyout provisions pending a sale and there are multiple other long-term leases that will cause serious problems for any future redevelopment. 

 

Factoring in the other plans that two other anchors have for their site, there is serious doubt as to whether any major redevelopment will happen with the long-suffering mall. 

Read more at: https://www.bisnow.com/houston/news/retail/another-anchor-tenant-digs-in-at-greenspoint-mall-amid-talk-of-redevelopment-77910?rt=46067#ath?utm_source=CopyShare&utm_medium=Browser

Edited by Fortune
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9 hours ago, Fortune said:

Another Anchor Tenant Digs In At Greenspoint Mall Amid Talk Of Redevelopment

 

HoustonRetail August 17, 2017 Kyle Hagerty,

 

More questions have surfaced about the redevelopment of Greenspoint Mall, the 1.3M SF struggling retail center in one of Houston's roughest areas. 

 

A representative of Fitness Connection, one of the mall's remaining anchors, said the gym has a lease through 2030 and has no plans to close. The rep said its Greenspoint Mall fitness center is one of the company's highest-performing locations.

 

That is a serious problem for the investors behind the redevelopment, Global Plaza Union, which has stated the deal is an "all-or-nothing kind of project."

 

A broker close to the deal tells Bisnow that the long-term leases do not have buyout provisions pending a sale and there are multiple other long-term leases that will cause serious problems for any future redevelopment. 

 

Factoring in the other plans that two other anchors have for their site, there is serious doubt as to whether any major redevelopment will happen with the long-suffering mall. 

Read more at: https://www.bisnow.com/houston/news/retail/another-anchor-tenant-digs-in-at-greenspoint-mall-amid-talk-of-redevelopment-77910?rt=46067#ath?utm_source=CopyShare&utm_medium=Browser

 

 

I guess Greenspoint Mall is here to stay.  I still say redo the mall like Gulfgate or Meyerland.

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3 hours ago, CrockpotandGravel said:


Wasn't that the original plan year ago? An open mall like the ones in The Woodlands, Pearland, and Sugar Land?

Not quite. There were parts of the Greenspoint Mall floor plan would've been left enclosed in the original layout. Others would have become open air.

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Eh, just make the property a 150 pump Buc-ee's already, minus the Fitness Connection/Lord & Taylor/Mervyn's box of course, and call it a day.:)

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On 8/21/2017 at 3:47 PM, Purpledevil said:

Not quite. There were parts of the Greenspoint Mall floor plan would've been left enclosed in the original layout. Others would have become open air.

 

This still could work if Greater Greenspoint District ever achieves its vision of a sky bridge connecting to the office buildings across Greenspoint Dr. I'm thinking Factory Outlets mixed in with restaurants, and the existing cinema & Fitness Connection could do well here. 

 

I also think if more of the GP Mall redevelopment is focused towards Greenspoint Dr, eliminating swaths of parking lots in between that and the office towers, could produce a fairly dense developed area that might look more desirable. 

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1) Connect Benmar Dr to the 45N feeder road by knocking down the portion of the mall in front of Dillard's. Let Dillard's and the others stay. Future connection of Benmar and Gears on the other side of 45 next time construction takes place.

2) Give Wal-Mart and HEB deals of a lifetime on land deals on opposite ends of the property. To rejuvenate an area you must bring in the people. HEB and Walmart will bring in the retailers that follow them everywhere. The area is in desperate need of grocery options. 

3) Develop a park fronting Greenspoint Dr and the office buildings. Food options at the park for the daytime office workers a must. Add jogging trails that course throughout the property. Plant a ton of trees.  

4) Make the big development money building 4-5 story apartment wraps with structured parking and office buildings as the market dictates.

 

Don't try to do it all at once. Don't try to kick out the retailers that want to stay.  

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1. I see no need to connect Benmar and 45. Especially with an open parking lot you can simply drive through. Extending Benmar to me just seems like creating a speed hazard that does not improve the area.

 

2. When it was cool outside I would walk from Imperial valley to the Walmart And Fiesta on West road, or the Kroger (now closed) and 99c only on greens. A Walmart that close would probably not survive. It's less than 2 miles away from another Walmart with two more fairly close on 1960. There is also Joe Vs down on 45 and a 4th Walmart on Airline. 

 

3. I agree with the trees and greenery. Crossing that huge parking lot is brutal. But your benmar plan would hurt the jogging trail idea. There are miles and miles of jogging trail along the bayou and people jog along the former Exxon complex and along imperial valley. If they could extend that to the mall that would be great. 

 

4. I am not sure if the market is there for more wraps right now. The tax day flood decimated occupancy in the area with many residents fleeing to Ella. The area is already saturated with wraps. Not sure about leasing in the Exxon buildings so I don't know if there is a market for office either. Keeping it retail with some special draw would be the best bet for now as the area isn't currently lacking in residential, grocery, office or hotel.

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Lone Star has that small campus in the office building across the beltway. It'd be great if they could turn the mall into a giant Lone Star College Campus.

Unfortunately the former department stores still own their buildings, leading to a patchwork of different owners that makes it difficult to ever come up with one cohesive plan.

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1 hour ago, Dolphin said:

Lone Star has that small campus in the office building across the beltway. It'd be great if they could turn the mall into a giant Lone Star College Campus.

Unfortunately the former department stores still own their buildings, leading to a patchwork of different owners that makes it difficult to ever come up with one cohesive plan.

 

I say transform it into a big entertainment complex like Marq E Houston.  Retail, bars, clubs, concert venue, theater, etc.  all with palm trees

Edited by htownbro
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4 hours ago, htownbro said:

 

I say transform it into a big entertainment complex like Marq E Houston.  Retail, bars, clubs, concert venue, theater, etc.  all with palm trees

The only problem with that is that I don't think Marq*E has ever been as successful as it was intended. And in the Greenspoint area, it's just another place for unsavory characters to loiter. The good thing is that they can integrate the existing movie theater and fitness place into it if they did turn it into an entertainment center.

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I actually think the concept is pretty neat. And one HAS to assume the cafe has a bar component... liquor sales would absolutely be necessary for any concept like that to succeed. 

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I really like the idea of more open air development in this area. I don't feel this area NEEDS to be another CityCentre style development. I've never been a fan of Greenspoint for a number of reasons. One of the MAIN reasons though is that the natural landscape is underutilized. This area has lots of pine trees. I think it's great for business parks along with attracting large campuses for companies. The idea of a driving range/gold course works well with this. The only reason I say all of this is because I think the city needs to focus mostly on inner loop city centers and drawing people in to the loop, not keeping them in the burbs.

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On 11/9/2017 at 10:58 AM, j_cuevas713 said:

I really like the idea of more open air development in this area. I don't feel this area NEEDS to be another CityCentre style development. I've never been a fan of Greenspoint for a number of reasons. One of the MAIN reasons though is that the natural landscape is underutilized. This area has lots of pine trees. I think it's great for business parks along with attracting large campuses for companies. The idea of a driving range/gold course works well with this. The only reason I say all of this is because I think the city needs to focus mostly on inner loop city centers and drawing people in to the loop, not keeping them in the burbs.

I think it's a great concept.  The inner loop is already crowded as is and the burbs bring much traffic.  

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https://www.ziebengroup.com/portfolio/industrial/

 

Quote

 


The Zieben Group (ZG) plans to revitalize the former Greenspoint Mall site located in the rebranded, North Houston District. The property is located on a 125-acre, four-parcel site located at the Northeast intersection of Beltway 8 and Interstate 45, where an estimated 500,000 cars a day pass by. The site is in an Opportunity Zone. ZG has been the first and only group to put all four parcels under contract simultaneously.

ZG plans to develop an industrial business campus, Revolution Park. It will have approximately seven industrial buildings, a lake with other water features scattered throughout the site, walking trails, a new high-speed BRT transit center, Fuel Station, Retail including a bank, and 300 – 500 units of workforce housing.

 

 

Quote

 

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19 hours ago, Urbannizer said:

 

Warehouses. So Greenspoint Mall will become warehouses. Makes perfect sense. Retail is in decline and warehouse/distribution is hotter than ever. Major freeway interchange, Pinto Business Park to the southwest a huge success. Too bad for those office buildings, I don't think this will help their prospects.

 

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What I find interesting is they list a few of the changes that will be made and one of those is a BRT station. This is the second development I've seen jump the gun before the vote. Are developers that confident the Metro bond will pass?

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2 hours ago, H-Town Man said:

 

Warehouses. So Greenspoint Mall will become warehouses. Makes perfect sense. Retail is in decline and warehouse/distribution is hotter than ever. Major freeway interchange, Pinto Business Park to the southwest a huge success. Too bad for those office buildings, I don't think this will help their prospects.

 

 

I don't know. Lets see. If they go with a techy, sorta retro-industrial look and feel like they are doing with The Foundry on I-10 then maybe this will be something. Definitely better than a dead mall thats for sure.

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45 minutes ago, j_cuevas713 said:

What I find interesting is they list a few of the changes that will be made and one of those is a BRT station. This is the second development I've seen jump the gun before the vote. Are developers that confident the Metro bond will pass?

 

I'm surprised some of these large developers haven't put out ads promoting the Metro bond as being great for business.

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55 minutes ago, Luminare said:

 

I don't know. Lets see. If they go with a techy, sorta retro-industrial look and feel like they are doing with The Foundry on I-10 then maybe this will be something. Definitely better than a dead mall thats for sure.

 

I guess it could be a flex business center which would be much better at that location. And that would sort of line up with the description "industrial business campus." I think the old shopping center across I-45 from there became some sort of business center catering to back office tech.

 

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