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Downtown: Land Purchase


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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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