2 acres - galleria
TRANSCRIPT
O F F E R I N G M E M O R A N D U M
U R B A N D E V E L O P M E N T O P P O R T U N I T Y I N H O U S T O N , T E X A S
2 ACRES - GALLERIA2 ACRES - GALLERIA
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WEST UNIVERSITY PLACERESIDENTIAL NEIGHBORHOOD
WEST UNIVERSITY PLACERESIDENTIAL NEIGHBORHOOD
AFTON OAKS RESIDENTIAL NEIGHBORHOOD
AFTON OAKS RESIDENTIAL NEIGHBORHOOD
2200 POST OAK2200 POST OAK
HILTON HOUSTONPOST OAK HOTELHILTON HOUSTONPOST OAK HOTEL
POST OAK CENTRALPOST OAK CENTRAL
APACHEAPACHE
BLVD PLACE PHASE IIBLVD PLACE PHASE II
SAGE ROAD.
SAGE ROAD.
HANOVER POST OAKHANOVER POST OAK
POST OAK B
OULEVARD
POST OAK B
OULEVARD
SOUT
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WESTHEIMER ROADWESTHEIMER ROAD
GALLERIAGALLERIA
WILLIAMS TOWERWILLIAMS TOWER
BELLAIRERESIDENTIAL NEIGHBORHOOD
BELLAIRERESIDENTIAL NEIGHBORHOOD
ST. MICHAEL’S CHURCHST. MICHAEL’S CHURCH
SUBJECT PROPERTYSUBJECT PROPERTY
AMBASSADOR WAYAMBASSADOR WAY
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AMBASSADOR W
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AMBASSADOR W
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ET BLVD PLACE PHASE IIBLVD PLACE PHASE II APACHEAPACHE
BLVD PLACE PHASE IBLVD PLACE PHASE I
SUBJECT PROPERTYSUBJECT PROPERTY
ST. MICHAEL’S CHURCH
ST. MICHAEL’S CHURCH
HANOVER POST OAKHANOVER POST OAK
SAGE PLAZASAGE PLAZA
HILTON HOUSTONPOST OAK HOTELHILTON HOUSTONPOST OAK HOTEL
POST OAK CENTRALPOST OAK CENTRAL
RIVER OAKS DISTRICTRIVER OAKS DISTRICT
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HFF is pleased to offer qualified investors an exceptional development opportunity of ± 87,120 square feet (the “Property”) located at the NWC of South Post Oak Lane and Ambassador Way in the heart of Houston’s exclusive Galleria/Uptown District. Currently positioned as a condominium complex known as the Ambassador at Post Oak, the location is adjacent to the under construction BLVD Place featuring a new Whole Foods Market along with the proposed Apache Tower. The site offers developers an ideal redevelopment opportunity for office, hotel, residential, or mixed-use development.
PROPERTY INFORMATION
Address 5050 Ambassador Way, Houston, Texas 77056
Total SF 87,120
Current Structure Three story residential with basement parking
Future Use No restrictions
INVESTMENT HIGHLIGHTSPROPERTY• Located right off Post Oak Boulevard, the Property provides excellent access throughout the Uptown District.• Perfect size for a variety of development including office, hotel, residential, and mixed-use.• Unobstructed views across west Houston.
LOCATION• Adjacent to the under construction BLVD Place, an upscale mixed-use development featuring 205,000 SF of retail, which will include Whole Foods and multiple upscale boutique shops, and a 750,000 SF 33-story office building to-be-built as Apache’s new office tower.• Positioned within the 500 acre Galleria/Uptown District, Houston’s ultimate 24/7 Live-Work-Play environment with 25 million SF of office, 5 million SF of retail, 7,100 hotel rooms, and a daytime population of 200,000.• Surrounded by some of the densest development in all of Texas.• Highly walkable to nearby offices, retailers, and dining venues and is in close proximity to the 1,500 acre Memorial Park, one of Houston’s best natural resources.
OPPORTUNITY• Capitalize on the current development of BLVD Place and the popularity of the Galleria/Uptown District.• Houston has the highest projected population growth through 2016.• Houston’s status as one of the nation’s leading economies.• Featuring Galleria Class A Office rents of $33.82 PSF, Class A Apartment rents of $1.65 PSF, and one of the highest average hotel REVPars of any submarket in Houston.
Executive Summary
UPTOWN PARKDEVELOPMENT SITE
LakeHouston
San Jacinto
Bay
SheldonReservoir
GalvestonBay
SmithersLake
ClearLake
George BushPark
LakeHouston
State Park
ArmandBayouPark
WilliamP. HobbyAirport
George BushIntercontinentalAirport
HARRISCOUNTY
LIBERTYCOUNTY
FORT BENDCOUNTY
MONTGOMERYCOUNTY
BRAZORIACOUNTY
GALVESTONCOUNTY
Downtown Galleria
TexasMedical Center
Westpark Tollway
Katy Frwy
Southwest F
rwy
Northwest Frwy
North Frwy
Hardy Toll R
oad
East
ex F
rwy
NorthLoop
LoopSouth
Wes
t Loo
p
East
Loo
p
Sam Houston Tollway
Sam Houston Pkwy
Pasadena Frwy
Baytown East Frwy
Sout
h Fr
wy
Fort
Pkwy
Gulf Frwy
Gra
nd P
kwy
Und
er C
onst
ruct
ion
Propose
d
Grand
Pkwy
Proposed
GrandPkwy
Proposed Grand Pkwy
Westheimer Rd
Beaumont Hwy
Ben
d
2 ACREDEVELOPMENT SITE
SharpstownPark
Country Club
WestwoodCountry Club
BraeburnCountry Club
HoustonCountry
Club
Memorial Park
Memorial ParkGolf Course
River OaksCountry
Club
BaylandPark
ReliantPark
SabinePark
SteinPark
HermannPark
BuffaloBayou
Bayou
Whiteoak
Bayou
Brays
Buffalo
Bayou
River Oaks
MontroseTanglewood
Galleria
HoustonHeights
ReliantStadium
RICEUNIVERSITY
TexasMedicalCenter
The Galleria
MemorialCity Mall
SharpstownMall
UNIV. OF TEXASHEALTH SCIENCESCENTER
HoustonZoo
HoustonAstrodome
Six FlagsAstroworld
HOUSTONBAPTISTUNIVERSITY
MeyerlandPlaza
Westpark Tollway
South Loop
Wes
t Loo
p
Southwest F
reeway
W 11th St
Post
Oak
Rd
Silb
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Woodway Dr
San Felipe St
Chi
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Rd Sa
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Westheimer Rd
Richmond Ave
Foun
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Vie
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Voss
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Fond
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RdG
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Harwin DrGulfton St
Bellaire Blvd
Beechnut St
Bissonnet St
Braeswood Blvd Chi
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Braesw
oodBlvd
S Main
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Main S
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Stel
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Buf
falo
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Holly Hall St
Alam
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RdFa
nnin
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Bissonnet St
Richmond Ave
Alabama St
Westheimer Rd
Westpark Dr
Wes
laya
n St
Edlo
e St
Kirb
y Dr
San Felipe St
Memorial Dr
Shep
herd
Dr
Mon
tros
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lvd
Washington Ave
Westcott St
Arnot St
Shep
herd
Dr
Hei
ghts
Blv
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Allen Pkwy
Holcombe BlvdBellaire Blvd
New
cast
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Ges
sner
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Bla
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Cam
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Memorial Dr
Memor
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Briar Forest Dr
Fannin St
Gre
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Kirb
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Katy Freeway
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THE DEVELOPMENT
NEW DEMAND DRIVERSThe Galleria/Uptown District is Houston’s most active development market with $1 billion in new commercial activity planned and under way for the next five years. These developments include:
• Skanska USA recently completed a 20-story 302,000 square foot office tower at 3009 Post Oak Blvd.
• Redstone Companies recently completed a 22-story office tower with Stream Realty at 2200 Post Oak Blvd. BBVA Compass is moving 800 of its employees into this office tower.
• BLVD Place has begun construction on Phase II, which will be anchored by a 48,500 square foot Whole Foods Market and Frost Bank’s 53,000 square foot regional headquarters.
• BHP Billiton is developing a 30-story 560,000 square foot office tower that will serve as the company’s petroleum headquarters and will house an estimated 3,000 employees at the site on Post Oak Blvd., only a short walk from the Property.
• Hanover Companies is building a 29-story high-rise residential tower that is expected to deliver 355 luxurious for rent units to the Galleria/Uptown market.
24/7 “LIVE, WORK, PLAY”The Galleria/Uptown District is the Houston’s most dynamic, urban mixed-use, pedestrian-friendly environment – densely populated with Class A office space, luxury retail, and affluent residences. It is Houston’s third largest employment center and the 15th largest business district in the US with more than 23 million SF of office space, 2,000 multi-national companies, and 80,000 employees. There is more than five million square feet of upscale retail in the district, which is the largest concentration in the city. As the premier dining and entertainment area of Houston, it is
home to over 100 restaurants, including four of the seven AAA ranked “4 Diamond Restaurants” in the city.
HIGHLY WALKABLE
The Property is located in one of the most walkable areas in all of Houston. Food and groceries can be purchased from the nearly completed Whole Foods Market which is located ajacent to the Property. Other errands can be accomplished on foot as first class retail and entertainment venues can be found within the Galleria/Uptown District, as well as exquisite dining options. In addition, it is a quick connection to Memorial Park and a close walk to and from major employers and office towers.
SUPERIOR DEMOGRAPHICSThe Property has surrounding demographics that prove the area is primed for additional upscale development, with key measures that far exceed Houston MSA averages.
2 ACRES 1M RADIUS 5M RADIUS HOUSTON MSA
Population 18,081 467,818 6,290,000
Avg HH Income $128,566 $102,306 $78,862
% Avg HH Income >$100K 39% 28% 24%
% College Educated 71% 55% 34%
VISIBILITYThe Property is well positioned with excellent access throughout the Galleria/Uptown District. It also possesses prime visibility next to the BLVD Place Development. Being only a stone’s throw away from both Post Oak Blvd. and San Felipe St., two of the most iconic addresses in all of Houston, the Property is in the perfect location, tucked off the main road to provide relief from traffic and noise, but close to provide easy access and excellent visibility. On top of the ideal Galleria location, the Property is also near the I-610 Loop which intersects with I-10 and US-59, two of the most heavily traveled intersections in all of Texas.
Executive Summary
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Executive SummaryBLVD PLACE OVERVIEWBLVD Place is a 22 acre, high-end, mixed-use development in the Galleria/Uptown District with luxury boutiques, fine dining, and premium office space. Located adjacent to the Property, BLVD Place will create a development synergy by providing Houston’s new upscale “hotpot”. Phase 1 of BLVD Place was completed in 2009 with its four-level, 70,000 SF retail/office building that includes Festari, Hermes of Paris, Philippe Restaurant, and RDG+Bar Annie Restaurant. Successive phases are expected to include several hundred thousand square feet of restaurants, shops, and offices, as well as Apache’s corporate headquarters campus, residences, a theatre, and a health club. Currently, a major retail and office phase is nearing completion, with a 48,500 SF Whole Foods Market anchoring the retail portion and Frost Bank with 53,000 SF anchoring the office portion.
With the construction of BLVD Place underway, the Property is in an ideal position to be redeveloped into a number of different uses. In many ways, the Property can be seen as an extension of BLVD Place due to its immediate proximity. Additionally, BLVD Place will be bringing multiple new amenities to the Property’s doorstep.
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OFFICEThe Galleria District is second only to the Central Business District in terms of its concentration of office space in the Houston MSA, totaling approximately 31.9 million square feet in 171 buildings. In fact, the Galleria District is one of the largest business centers outside a historic core in the United States. The District is comparable in size to the CBDs of Baltimore, Denver, and Pittsburgh.
The recent growth of the District stems from the strength of the Houston economy. Houston has been rated highly on a variety of lists recently, with many number one rankings including the Best Cities for Your Career in 2013, with one of the most important statistics being the number of jobs created. Houston was the first city to return all of the jobs it lost in the recent economic downturn; and it is projected to add 445,000 jobs from 2011-2016 (according to Moody’s Analytics May 2013) second to only New York City.
The Galleria District is the corporate or regional headquarters location for numerous national and international companies, including AON, Apache Corporation, Baker Hughes, BHP Billiton, Bechtel, Cameron International, Christus Health, Southern Union, GDF Suez Energy North America, Duke Energy, Hines, Marathon Oil, Parsons Engineering, Schlumberger, Stewart Information Services, Weatherford International, Landry’s Restaurants, and the Williams Company. The Galleria District is also home to many major commercial real estate firms in the city. Approximately 2,000 companies call Galleria Houston home, drawn to the area’s rich amenities, convenient access, and proximity to Houston’s most sought-after residential neighborhoods.
Houston’s strengthening office market is being led by a demand for quality Class A space. With current Class A office space in the Galleria renting for $33.82 PSF, the area continues to be one of Houston’s most popular office markets. As such there have been several recent notable completions in the area: Skanska’s 3009 Post Oak Blvd., BBVA Compass Plaza at 2200 Post Oak Blvd., along with Frost Bank’s new office in BLVD Place.
There are also two large scale projects currently planned in the area: Australian energy company BHP Billiton will break ground in 3Q 2013 on a new 30-story, 560,000 SF global headquarters at 1500 Post Oak Blvd., next to its current operations center at Four Oaks Place. Completion is expected in October 2016. Energy company Apache Corporation is planning to move its headquarters to a to-be-built 33-story, 750,000 SF office building within BLVD Place.
Executive Summary
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RESIDENTIALThe Galleria/Uptown District features some of the most iconic and luxurious residential developments. From the nearby stately single-family residences to soaring condo towers, and everything in between, the Galleria area truly has a strong residential component. With property values beginning to rebound from the recent recessionary lows, many, developers are starting to consider new residential product in the Galleria area. Due to the lack of existing supply, new product, and the influx of new residents, the Galleria submarket has seen for sale prices increase as well as increases in rental product rental and occupancy rates. Class A multi-family properties are boasting a rental rate of $1.65 PSF/Month and occupancy of 87.2%. This occupancy number is slightly misstated due to new product still reaching stabilization. Ultimately, the Galleria/Uptown area remains one of the most popular areas for upscale living. Due to its close proximity to many corporate employers and the heavily forested surroundings of Memorial Park, it is no surprise that the area is also one of the most densely developed areas in all of Houston.
HOTEL
The Galleria District’s hotel market is unquestionably the most prestigious and successful hospitality area in the city, with consistently high occupancy rates. The area contains four of Houston’s top hotels, as rated by the American Automobile Association, and accounts for the most full-service accommodations in the Houston area. The Galleria District contains 33 hotels with 8,200 rooms, the second highest number of hotel rooms in the city (11% of the total) and dominates in generating hotel revenue representing approximately 25% of the city’s total and approximately 65% higher than the next closest submarket. Many of the top hospitality firms in the world have chosen to operate hotels in this prime location and have experienced high-degrees of success. The impressive performance of hotels in the Galleria District can be attributed to many factors including Houston’s healthy growth of business and recreational travel, the development of the Galleria District into one of the most dynamic office, retail, and residential environments in the United States, its central location within the Houston area and the high quality of hospitality facilities.
Executive Summary
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GALLERIA/UPTOWN DISTRICTCentrally located and spanning approximately 500 acres, the Galleria/Uptown District is approximately ten miles west of downtown Houston. Anchored by Post Oak Boulevard, alongside Memorial Park, and flanked by the world-famous Galleria, the District is home to 25 million square feet of commercial office space, 5 million square feet of retail space, 8,200 hotel rooms, more than 100 restaurants, and a booming residential market. More than 200,000 international business professionals, fashionistas, city dwellers and tourists from around the globe converge in this area daily. Defined by its unique blending of prestigious business and residential addresses with the best shopping, dining, and entertainment, the Galleria/Uptown District is one of the world’s leading urban districts and hosts more than 24 million visitors annually.
• One of the largest business districts in the nation, ranked 15th overall in the US in terms of office space
• Home to approximately 2,000 companies with 80,000 employees, ranging from small- to large-sized commercial businesses, representing a variety of diverse industries including prominent energy, financial, real estate and professional services companies
• With 2.4 million square feet and more than 400 stores and restaurants, the Galleria is ranked as the largest mall in Texas. The Galleria is anchored by two Macy’s, Neiman Marcus, Nordstrom, and Saks Fifth Avenue and averages approximately $900 in sales per square foot.
• The Galleria/Uptown District is the most sought-after tourist destination in the city, and the Galleria, itself, is the number one shopping and tourist attraction in Houston and the southwest.
• The Uptown Houston Tax Increment Reinvestment Zone #16 (TIRZ) and the Uptown Development Authority work in tandem to encourage new development and grow Uptown Houston’s tax base.
• Uptown’s TIRZ is implementing a plan to mitigate traffic congestion. This plan includes an overall budget of $235 million for local mobility improvements during its 30-year life.
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MEMORIAL PARKThe Galleria/Uptown District is connected by a hike and bike trail to Memorial Park, one of the largest urban parks in the nation at approximately 1,500 acres (nearly double the acreage of Central Park in New York City) with an estimated value of $1 billion and one of Houston’s best natural assets. Memorial Park includes the 600 acre Memorial Park Golf Course, the 155 acre Houston Arboretum and Nature Center, a three-mile, lighted, crushed granite jogging and exercise trail, six miles of multi-use trails through the woods, five softball fields, a rugby and soccer field, two sand volleyball courts, a tennis center, a swimming center, innumerable picnic tables, grills, and picnic pavilions. Memorial Park is truly a Houstonian icon and consistently attracts joggers, golfers, and nature enthusiasts alike.
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POST OAK BOULEVARD
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SAN FELIPE STREET
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RIVERWAYRIVERWAY
FRESH MARKETFRESH MARKET
TANGLEWOODRESIDENTIAL NEIGHBORHOOD
TANGLEWOODRESIDENTIAL NEIGHBORHOOD
MEMORIAL PARKMEMORIAL PARK
HILTON HOUSTONPOST OAK HOTELHILTON HOUSTONPOST OAK HOTEL
POST OAK CENTRALPOST OAK CENTRAL
BLVD PLACE PHASE IIBLVD PLACE PHASE II
BLVD PLACE PHASE I
BLVD PLACE PHASE I
SAGE PLAZASAGE PLAZA
HANOVER POST OAKHANOVER POST OAK
FOUR OAKS PLACEFOUR OAKS PLACE
FOUR LEAF TOWERSFOUR LEAF TOWERS
ST. MICHAEL’S CHURCHST. MICHAEL’S CHURCH
UPTOWN PARK
UPTOWN PARK
APACHEAPACHE
RIVER OAKSRESIDENTIAL NEIGHBORHOOD
RIVER OAKSRESIDENTIAL NEIGHBORHOOD
SUBJECT PROPERTYSUBJECT PROPERTY
aerial photograph
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North American Oil Production
0
1965 1970 1980 1985 1990 1995 2000 2005 2010 2015
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12 million barrels per dayU.S. Canada
Projected
THE IMPLICATIONS OF ROBUSTSUPPLY GROWTH IN NORTH AMERICA ARE PROFOUND. They include the potential for a radical re-industrialization
of the U.S., based on energy intensive industry and a surge in employment growth not only around enhanced
drilling and industrial growth but in a host of other industrial and services sectors.
- Citigroup Global Markets Inc., March 2012
HOUSTON – HEADQUARTERS OF THE GLOBAL ENERGY RENAISSANCE
Houston’s history with energy dates to 1901 when oil was struck in neighboring Beaumont, Texas, creating the original
“Texas Oil Boom” and pushing the U.S., and specifically Houston, to the forefront of petroleum exploration, development
and technology. 111 years later, Houston is firmly established as the energy capital of the world with approximately
50% of the local economy tied to the petroleum, natural gas, and chemical industries. To keep production in line with
forecasts of increasing global demand, firms avoided layoffs during the recession and are now exceeding their pre-
recession levels of employment. Also, a new wave of “unconventional”
energy developments has oil and gas employment surging as domestic
production increases. From the largest corporation to the smallest
independents, expansions are in full-force across the entire spectrum
of the energy industry. As the energy industry’s home, Houston has
benefited from growth in all of the following sectors:
Upstream – This term describes the exploration and production (E&P) segment of the energy industry, which
basically encompasses drilling for resources and bringing them to market. There are three primary segments which
are classified as unconventional energy, and all three are driving employment growth in upstream investment both
domestically and globally:
• Deepwater Drilling – The Gulf of Mexico is fully recovered and Shell was issued the first new drilling permit
after the moratorium was lifted.
• Canadian Oil Sands – Possibly the world’s largest oil reserve, this field is still in early stages of development
but will contribute greatly to the Houston area refineries as improvements in transportation infrastructure
continue.
• Shale Hydrofracturing – The proliferation of horizontal drilling techniques combined with “fracking” is dramatically
increasing production of oil and gas across the U.S.
Midstream – With large new unconventional supplies coming online, there is an
increased need for transportation and storage infrastructure, which is provided
by the “Midstream” energy segment. There are market bottlenecks that have
emerged with new production, and pipeline companies and other midstream
service providers are scrambling to fulfill the increased demand accordingly.
• Although the Keystone XL pipeline has garnered the most attention,
there are dozens of new pipelines under construction which encompass
thousands of miles and represent tens of thousands of jobs in the
construction and steelmaking industries. As an example, the Marcellus
Shale in the Northeast U.S. had 18 pipelines under construction as of
March 2012.
• New trucks, railways and trains to transport crude are also in high demand
as pipelines are built. As an example, EOG Resources recently constructed
a new rail line to transport crude from the South Texas Eagle Ford Shale
to refineries in Houston.
• Trucks and rail still have constraints as well, so there is also demand for new storage facilities with proximity
to major shales and offshore platforms as transportation bottlenecks are addressed.
Downstream – Historically the prices of oil and gas have been highly correlated, but an unprecedented decoupling
of the two has occurred as gas supplies have outpaced short-term demand. Low cost natural gas is rejuvenating
U.S. manufacturing and is restoring global competitiveness in multiple industries while new sources of demand for
gas are emerging.
• Known as “coal switching”, power plants are converting from coal-fired to natural gas turbine electricity production,
which is lowering electrical costs for manufacturers and consumers and decreasing the environmental impact
of production.
• The fledgling availability of CNG vehicles, buses and truck fleets is poised for growth, with the Detroit three all
introducing CNG light trucks in their 2013 line ups and UPS and Fedex announcing CNG fleets.
• Low cost natural gas inputs have been a boon for steel, plastics, fertilizers, organic compounds and chemicals
manufacturers.
• Many of the same industries benefiting from less expensive inputs are also experiencing increased demand.
Steel, plastics, and chemicals are all required to drill and transport oil and gas, which creates a positive feedback
loop for the industry and bodes well for Houston employment.
houston economic overview
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HOUSTON ECONOMIC OVERVIEW
Currently ranked as the fastest growing economy
in North America by the Brookings Institution,
Houston has consistently been a national leader
in employment and population growth, and, most
recently, named as one of the most affordable,
diverse and cultural cities to live in.
Thriving on expansive and modern infrastructure
facilities, affordable living and business costs, a
young and well-educated workforce, and vital
energy and healthcare industries, Houston
weathered the global recession and economic
volatility better than most of the nation’s largest
employment bases. In fact, the region has the
distinction of being one of only two of America’s
top 20 metros to regain all the jobs lost in the
past recession.
The region entered into 2013 with impressive
momentum. The Greater Houston Partnership
forecasted 87,600 new jobs to be created in
2012 and the city greatly surpassed that number,
adding 118,200 jobs across a wide array of
sectors between January 2012 and January
2013. With a solid economic base built on
industries with healthy long-term fundamentals,
Houston will continue to be among the country’s
pre-eminent growth markets. According to a
March 2013 study by Axiometrics Inc., Houston
is leading the nation in annual job growth and
effective rent growth.
Houston stands as a prime example of a regional economy achieving strength through diversification. In 1986, 80%
of the local economy was tied to the petroleum, natural gas, and chemical industries. Twenty-five years later, and
after concerted efforts to capitalize on other areas of strength, that number has been reduced to approximately
48%. Houston is home to the largest medical center in the world and its companies are leaders in such dynamic
high-tech sectors as biomedical technology, electronics, computers, software, aerospace, integrated power and
plastics manufacturing. The city has become a logistics powerhouse and a key hub in international trade
The Port of Houston, one of the few American port facilities to have both import and export traffic, is responsible
for one in eight jobs in the metro region. Containerized goods, raw materials, and agricultural products come into
the port from all over the world, while U.S. manufactured products and agricultural items depart from Houston to
major overseas markets. Likewise, the vast Houston airport system, which includes three major facilities, is also a
national leader in air cargo served by some of the world’s largest air transport companies. Ranking second in the
“America’s energy boom has been kind to Houston, the country’s fastest-growing job
market. As new discoveries of underground shale rich with pockets of natural gas create
fertile fields of exploration and harvest for many of the world’s largest energy companies,
Houston is reaping a windfall of investment. In 2012, Texas’ largest city added a bevy of
new jobs as it led the nation corporate facility projects, earning Houston the title of Top
Metropolitan Area in the U.S… It’s a familiar ranking for Houston, which also won the
honor for 2011.”
- Site Selection Magazine, March 2013
First in facility expansion: In 2012, Houston earned the top spot for facility expansions for the second straight year. This area saw
325 new or expanded corporate facilities in 2012, ahead of second-place Chicago, which had 311 projects. Nearly $60 billion in energy
projects have either been announced, planned or are under way.
houston economic overview
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nation behind only New York, Houston is home to twenty-five Fortune 500 headquarters. Of the world’s 100 largest
non-U.S.-based corporations, over half have non-retail operations in Houston. Growth in non-energy sectors is
expected to continue over the long-term, driving further diversification of Houston’s economic base and helping the
city achieve a consistently healthy growth rate.
EMPLOYMENT
In February 2013, and according to the Texas Workforce Commission, Houston ranked first in annual job gain, having
added 118,700 new jobs since February 2012.
Most recently, and according to the Texas Workforce Commission, Houston added 118,200 new jobs over the 12
months ending January 2013, equating to a 4.5% year-over-year increase. Effectively, Houston’s employment base
is witnessing consistent expansion – and the region is expected to remain a top performer relative to other MSA’s
nationwide. According to Moody’s Analytics, Houston is forecast to rank first in the nation in job growth between
2011 and 2016, creating 423,500 new jobs.
Job growth is expected to be kindled by continued expansion in both traditional and alternative energy sectors, as
well as profound personnel needs in industries such as healthcare, education, trade, transportation, and professional
and business services.
ENERGY SECTOR
As the domestic and international center for
virtually every segment of the petroleum and
natural gas industries, Houston is known as the
“Energy Capital of the World.” Forty of the nation’s
top 145 publicly-traded oil and gas exploration and
production firms, including 15 of the top 25, are
headquartered in Houston; 11 of the remaining
14 have subsidiaries, major divisions or other
significant operations in Houston. The nine
refineries in the Houston region produce 2.33 million barrels of crude oil annually, or 50% of the state’s total production
and 13.8% of national capacity. Fifteen of the nation’s top 20 natural gas transmission companies have corporate or
divisional headquarters in Houston, controlling 79.5% of US capacity. In total, the Houston MSA has more than 3,700
energy-related establishments, including more than 500 exploration and production firms, more than 150 pipeline
transportation establishments, and hundreds of manufacturers and wholesalers of energy-sector products.
Notably, Houston’s energy focus also includes a concentration on emerging alternative sources. The city is home
to both the Institute for Energy Research (IER) and the Advanced Energy Consortium, groups which are focused on
expanding research and development of alternative and renewable forms of energy. Beyond Houston’s natural ties to
the oil and gas industry, the city has become an established alternative energy research center with concentrations
in wind, solar, biofuel, geothermal, and smart-grid technologies. All told, approximately 48.5% of the region’s economic
base – those sectors of the local economy that export goods and services outside the region – is related to all forms
of energy development and production.
MEDICAL / LIFE SCIENCES / BIOTECHNOLOGY
Houston offers a strong foundation of academic
institutions, research centers, hospitals, and clinics
that have served as a significant driver of economic
growth. Mirroring patterns shown in the U.S. economy,
Houston’s health & educational services sector has
provided the most consistent expansion of any
employment category over the past decade. This trend
continued through August 2012 with the sector adding
14,900 jobs over the preceding 12 months, equating to an
impressive 4.6% growth rate. The primary focus of this
growth is within the internationally-renowned, 1,300+
acre Texas Medical Center – the world’s largest medical
complex with 15 hospitals and over 100 professional
office buildings. The medical, academic, and research
institutions of the Texas Medical Center collectively
represent Houston’s largest employer with more than
92,500 total jobs, including the 25,200 professionals that
have tenure of more than one decade, but not including
the more than 10,000 support personnel who work in
adjacent professional buildings.
More than 7.1 million patients visited in 2011, including over 18,000 international patients. The Texas Medical Center’s
52 member institutions, all of which are non-profit, are dedicated to the highest standards of research, education
and patient and preventive care. In addition to the 14 hospitals, there are two specialty institutions, 21 academic
institutions (including four nursing schools), and dentistry, public health, and pharmacy schools where over 34,000
students attend regular classes. 71,500 persons are currently enrolled in educational or professional retraining at Texas
Medical Center institutions. The Houston region has greatly benefited over the past decade with the development
of satellite campuses of these institutions in suburban growth areas, such as The Woodlands, West Houston, and
Fort Bend County, providing the region with state-of-the-art, advanced medical care.
MAJOR ENERGY PLAYERS IN HOUSTON
Anadarko Petroleum, Apache, BHP Billiton, BP America, Chevron, CITGO, ConocoPhillips, ExxonMobil, Kinder Morgan, Shell Oil, Vlaergo Energy, Baker Hughes, Cameron International, FMC Technologies, GE Oil and Gas, Halliburton, National
Oilwell Varco Schlumberger, Weatherford International
More heart surgeries are performed at Houston’s Texas Medical Center than anywhere else in the world.
houston economic overview
122 ACRES-GALLERIAHFF
Houston Economic Overview
HOUSTON AIRPORT SYSTEM
The Houston Airport System is the fourth largest airport
system in the United States and sixth largest in the
world. In the twelve months ending December 2011,
approximately 50 million passengers and over 750,000
tons of cargo passed through Houston’s three airports:
George Bush Intercontinental Airport/Houston on the
north side, William P. Hobby Airport on the south side,
and Ellington Field near NASA’s Johnson Space Center.
These facilities constitute one of the world’s most
accessible airport systems, and along with Houston’s
central location in the United States, provide an ideal distribution hub for domestic and international markets. Bush
Intercontinental Airport (IAH), the city’s primary airport, is now the eighth largest international passenger gateway
in the U.S. More than 700 domestic and international flights via 20 different carriers originate from the airport daily.
The airport also serves as the largest hub for United Airlines following the recent merger of Continental Airlines
and United Airlines.
Several significant expansion projects have elevated IAH to one of the world’s busiest international cargo gateways,
and the 120-acre, one-million-square-foot facility has the capacity to handle perishables, oilfield equipment, computers,
auto parts and other vital shipments safely and efficiently. Recent upgrades to IAH’s cargo facility were part of the
Houston Airport System’s $3.1 billion capital improvement project that also included terminal expansions, parking
improvements, apron extensions, and a variety of field improvements. Additionally, in early 2012, United reaffirmed its
commitment to both Houston and IAH via a public-private partnership with the Houston Airport System to overhaul
Terminal B with a five-phase, $1 billion renovation project. The first phase of the renovation is expected to cost $161
million, $92 million of which will be funded by United, and is projected to open in late 2013. Hobby Airport (HOU), located
just a few miles southeast of Downtown Houston, is the city’s oldest commercial airport and has historically served
as an important domestic aviation hub for the region. Hobby has multiple low cost carrier operations, although it is
dominated by Southwest Airlines. Southwest has 130 daily flights departing Hobby to 33 cities daily, using 17 gates
at the airport. The airline plans to maintain Houston as
a focus city and is looking to serve new markets from
Hobby. In fact, on May 30, 2012, Houston City Council
approved a deal to have Southwest Airlines build a $100
million international facility at William P. Hobby Airport
and begin operating flights to Mexico and the Caribbean
starting in 2015. At that time, Houston will be served by
two major international airport facilities.
PORT OF HOUSTON / INTERNATIONAL TRADE
The engine that drives Houston’s thriving international trade and commerce is the Port of Houston. Situated along
the Houston Ship Channel, this 25-mile-long complex is the world’s tenth largest port and the nation’s leading port in
terms of US foreign tonnage and second in overall tonnage. More than 7,000 vessels and 150,000 barges call at the
Port of Houston’s 150 public and private terminals, moving 42 million short tons of cargo annually. Increased trade
with Asia and South America, as well as the rapid growth in the energy sector, led the Port of Houston Authority
to develop a $1.7 billion capital improvement plan that will expand the port’s facilities, infrastructure, security and
overall environment.
Highlights of this plan include the Bayport Container Terminal, where the first two phases have been delivered (the
third is now under construction), as well as the Bayport Cruise Terminal. Texas benefits tremendously from the Port of
Houston as the facility has an annual statewide economic impact of more than $117 billion – nearly $4 billion of which
is solely tax revenue. The facility also currently accounts for more than 785,000 jobs in the state and approximately
$39.3 billion in annual personal income. The importance of the Port of Houston to the regional economic base is only
anticipated to grow in coming years. Continued infrastructure expansion of port facilities, particularly the widening
and deepening the Houston Ship Channel, will allow greater volumes of goods to reach the facility for distribution
throughout the United States.
POPULATION GROWTH
According to Rice University’s Kinder Institute for Urban Research, Houston was the nation’s fastest growing
metropolitan area for the decade ending 2010, adding more than 1.2 million new citizens during this period. The influx
of new Houstonians pushed the MSA’s population over an estimated 6.29 million residents by the end of 2012, more
residents than the entirety of several states. During this period, Harris County gained more than 50% of the MSA’s
total increase, making it the second fastest growing county in the nation. According to Texas State Data Center
forecasts, the MSA’s population is going to continue growing at a steady pace over the next several years, reaching
7.1 million residents by 2020 and nearly 9.5 million residents by 2035.
The U.S. Census Bureau estimates that 58.5% of the Houston region’s growth over the last year came from natural
increase, (i.e., the resident births minus resident deaths), 21.9% came from international in-migration, (i.e., people
moving here from overseas), and 19.6% came from domestic in-migration (i.e. people moving here from elsewhere
in the U.S.). The Census accounts for the fact that people move out of the region as well, thus producing an estimate
of net change due to migration. With all variables factored, total growth in the Houston area over the most recent
year was estimated at 110,068.
The metro region’s high natural growth rate is particularly impressive, as even if no one moved to Houston for the
remainder of the decade, the region would add another 600,000 residents by 2020. Moreover, if the in-migration
rate continues, 450,000 transplants will call Houston home by the next census. In summary, the metropolitan area’s
rate of growth looks to continue over the long-term, with approximately one million residents added to the current
population base by 2020.
IAH’s 784,0000-sq-ft Terminal E and Federal Inspection Services (FIS) has 84 primary inspection booths that
can process over 4,500 passengers per hour.
The Port of Houston has a local market reach to over 7 million people within 1 day’s drive time and a regional market reach
to over 28 million people for next day delivery service.
132 ACRES-GALLERIAHFF
Houston Economic Overview
ECONOMIC OUTLOOK
Following on the momentum that developed in 2011, 2012 proved to be a year of continued national-leading economic
expansion. The factors that drove job growth over the last year – high energy prices, advances in exploration and
medical technology, strong demand for Houston’s exports, a weak U.S. dollar, and immigration of residents from
other places (both domestically and internationally) – will continue to drive the economy. Employment now exceeds
pre-recession peaks in several key sectors – oil and gas extraction, food and beverage stores, utilities, trucking,
computer systems design, healthcare, education services, food services, leisure and hospitality, and other (personal)
services. However, in several other sectors – construction, finance, real estate – employment remains where it stood
a decade ago. Of those three, construction and real estate show signs of significant improvement over the next year.
Overall, the Greater Houston Partnership forecasts 87,600 new jobs for the 10-county Houston metro area during
the year. Further, Moody’s Analytics projects another 423,500 jobs to be created over the next five years, as well as
population growth of 614,200 during that same period.
ENERGY CONTINUES TO DRIVE REAL ESTATENot only is energy-related employment one of the driving forces behind the Houston market, but the amount of energy expended by interviewees expressing their enthusiasm for the city’s real estate outlook is overwhelming. “You can buy now at a higher cap rate and benefit from growth over the hold period”; “We love the demand coming from the service industry in the energy renaissance”; and “Houston is a winner.”
-PWC and the Emerging Land Institute, “2013 Emerging Trends in Real Estate”
Forbes magazine rated Houston No. 1 on its list of Coolest Cities to Live in 2012, based on the economic drivers of energy,
technology, and aerospace; urban sprawl; business-friendly policies; multi-cultural and eclectic streetscape; and cost of living.
142 ACRES-GALLERIAHFF
In Houston, one distinct area has truly achieved the 24/7, “live, work, play”
environment that urban planners, developers, and investors seek. Known
as the Uptown District, this area offers an expansive, diverse and energetic
urban environment, weaving together a vital business district, acclaimed retail
stores, luxury hotels, modern condominium and apartment towers, prestigious
residential neighborhoods and lush parks. Because of the concentration of
services and amenities, the Uptown District is recognized as the primary
destination center of the Houston area, attracting both residents from within
the region and visitors from around the nation and the world.
ACCESS & COMPOSITION
The Uptown District benefits from unparalleled accessibility being located
along the western frontage of the West Loop (IH 610). In fact, the Uptown
District’s proximity to this 15-lane highway, one of Houston’s most heavily
trafficked, is a major cause for its success. The area also features exceptional
access being bordered by both the Southwest Freeway (US 59) and Westpark
Tollway to the south and by the Katy Freeway (IH 10) to the north. Major east-
west roadways that bisect the area include Westheimer Road, Richmond
Avenue and San Felipe Street. The major north-south roads include Post
Oak Boulevard, Sage Road, South Rice Avenue, and Yorktown Street. This
extensive transportation network provides convenient access to and from
the Houston MSA’s other major business centers.
The Uptown District features relative proximity to two of Houston’s largest
and most important employment centers and economic drivers, being eight
miles due west of the Houston CBD and five miles northwest of the Texas
Medical Center. The city’s two major airports are each within a thirty-minute
drive; Houston George Bush Intercontinental Airport is located 23 miles to
the northeast and William P. Hobby Airport is only 20 miles to the southeast.
Land use within the Uptown District manifests the area’s diverse and
balance mix of uses, with office, retail, lodging, residential and recreational
development each featured extensively. The area hosts approximately 200,000
office workers and shoppers daily and more than 24 million visitors from all
over the world on an annual basis. It is both the unique mix and also the
large scale of these developments that distinguishes the Uptown District
from other areas of Houston.
OFFICE MARKET
The Uptown District is second only to the Central Business District in terms of
its concentration of office space in the Houston MSA, totaling approximately
31.7 million square feet in 171 buildings. In fact, the Uptown District is one
of the largest business centers outside a historic core in the United States.
The District constitutes the nation’s seventeenth largest office submarket
and is comparable in size to the CBDs of Baltimore, Denver, and Pittsburgh.
The Uptown District is the corporate or regional headquarters location for
numerous national and international companies, including AON, Apache
Corporation, BHP Billiton, Bechtel, Cameron International, Christus Health,
Southern Union, GDF Suez Energy North America, Duke Energy, Hines,
Marathon Oil, Schlumberger, Stewart Information Services, Weatherford
International, Landry’s Restaurants, and the Williams Company. The Uptown
District is also home to many of the major commercial real estate firms in
the city. Approximately 2,000 companies call Uptown Houston home, drawn
to the area’s rich amenities, convenient access, and proximity to Houston’s
most sought-after residential neighborhoods.
RETAIL MARKET
Surrounded by some of the city’s most prestigious subdivisions and home to
more than 300 luxury retailers from across the world, the Uptown District is
to Houston what Beverly Hills is to Los Angeles. Established and legitimized
by the development of Gerald Hines’ renowned Galleria in the 1970s, one of
the most significant and influential mixed-use developments in the nation,
the retail portion of the project now constitutes the seventh-largest mall in
the United States.
The Galleria/Uptown retail market comprises approximately 5.4 million
square feet of retail space spread amongst 63 properties. The area’s high
desirability is evidenced by the market’s 97% occupancy level and average
asking rental rates of more than $30.00 per square foot triple net. Both
domestic and international retailers, ranging from huge department stores to
Galleria/Uptown Market Overview
152 ACRES-GALLERIAHFF
specialty boutiques, are attracted to the surrounding neighborhoods’ desirable
demographic profile. The average per capita income within a three-mile
radius is $47,000 and an average combined household income of more than
$100,000. These income levels are very comparable to the areas surrounding
such renowned shopping locations as South Coast Plaza in Orange County,
Buckhead in Atlanta, and Highland Park in Dallas. The Uptown District’s
immediate population has ample spending power, providing a proven and
powerful base for retail demand.
HOTEL MARKET
The Uptown District’s hotel market is unquestionably the most prestigious and
successful hospitality area in the city. The area contains four of Houston’s
top hotels, as rated by the American Automobile Association, and accounts
for the most full-service accommodations in the Houston area. The sector
contains 33 hotels with 8,200 rooms, the second highest number of hotel
rooms in the city (11% of the total) and dominates in generating hotel revenue
– representing approximately 25% of the city’s total and approximately
65% higher than the next closest sector. Many of the top hospitality firms
of the world have chosen to operate hotels in this prime area — and have
experienced high-degrees of success. The impressive performance of hotels
in the Uptown District can be attributed to many factors including Houston’s
healthy growth of business and recreational travel, the development of the
Uptown District into one of the most dynamic office, retail, and residential
environments in the United States, its central location within the Houston
area and the high quality of hospitality facilities.
RESIDENTIAL MARKET
Rounding out the diversity of the Uptown District is the residential sector.
The area features some of the most striking contrasts in housing available
anywhere. Soaring condominium towers, comfortable mid-rise and garden
style apartments, upscale townhomes, and stately single-family residences
make up the housing stock in and immediately surrounding the Uptown District.
Living in close proximity is very desirable not only because of the availability
of employment, but also because of its heavily forested neighborhoods and
easy access to Memorial Park, Houston’s largest public park.
According to Claritas, Inc., the Uptown District area has a large local
population base to serve. Within a five-mile radius of the intersection of
Westheimer Road and Post Oak Boulevard (the epicenter of the Uptown
District), Claritas estimated a 2010 population of 483,225 and projects a
population increase to 522,945 by 2015. This five-mile radius includes some
of the wealthiest neighborhoods in the nation. Claritas estimates show
average family household incomes in 2010 of $108,008 within a three-mile
radius of this same intersection. Approximately 32% of households within
a three-mile radius reported incomes of more than $100,000. Nearly 15% of
households within a three-mile radius reported income in excess of $250,000.
Neighborhoods surrounding the Uptown District reflect the prominence and
appeal of the area. To the east, across Loop 610, are River Oaks and Afton
Oaks, two neighborhoods with some of the city’s most magnificent homes
and wealthiest families. To the immediate north and west are Tanglewood,
Briargrove and an area known locally as the Memorial Villages. Homes within
each of these neighborhoods boast average sales prices from $600,000 to
over $2 million.
In addition to the prestigious single family neighborhoods surrounding the
Uptown District, the area itself contains numerous high profile multi-housing
projects. Six major high-rise condominium and rental projects have been
completed over the past few years. These projects include 7 Riverway,
1200 Post Oak, The Mark, The Mercer, Villa d’Este, Montebello, Dominion at
Post Oak, the Cosmopolitan and the Titan Condominiums tower. In addition
to high-rise development, several luxury mid-rise projects have also been
recently completed. In the last few years Alexan Post Oak, Lofts on Post
Oak, Montierra, Empire, Manhattan and Metropolis have all been completed.
Due to strong multi-family market fundamentals and consistent demand,
new high-rise and mid-rise projects within the Uptown District have been
announced in 2012 -- with many of these projects scheduled to enter into
inventory in 2013 and 2014.
Galleria/Uptown Market Overview
162 ACRES-GALLERIAHFF
INFRASTRUCTURE EXPANSION/AREA ENHANCEMENTS
Understanding that they need to maintain the Uptown District’s competitive
position in a changing global economic and social environment, the
submarket’s property owners and business leaders have taken the initiative in
making physical improvements to the area. Their commitment to reinvestment
will assure the area’s continued role as an international business center.
Much of the Uptown District lies within Harris County Improvement District
#1, the creation of which was a major step in enhancing the economic vitality
of the area. Private sector interests worked together to establish the District
in 1987. Through special legislation, the Texas Legislature empowered the
district to conduct a broad range of functions related to the improvement
of the area. Property owners may assess themselves on an ad valorem or
benefit basis for needed improvements and programs. The District may issue
bonds supported by ad valorem taxes and or assessments. Its purpose is
not to reduce public sector responsibilities but to leverage public additional
funds with coordinated private resources to improve services and facilities.
The District has distinguished itself by providing highly praised facilities
and improvements.
Focused on providing a healthy and reliable infrastructure system, Uptown
Houston has realized enhanced mobility is a vital component to the success
of the area. Several improvement projects have fundamentally changed the
face of Uptown and were the first critical step to making ambitious plans
become reality.
Recent regional infrastructure projects that have been completed include
improvements to the US 59 Southwest Freeway, IH-10 Katy Freeway, the
Grand Parkway, and the Fort Bend Parkway. The reconstruction of the West
Loop and the new Westpark Tollway have had a significant positive impact
on Uptown Houston. The West Loop with new entrances and exits provides
commuters with “hot links” that give direct access into and out of Uptown.
The Westpark Tollway provides west and southwest Houston communities
a quick and convenient gateway into Uptown.
The Uptown Houston District and its Tax Increment Financing District have
now embarked on a $235 million local street improvement program. Its
focus is to:
•Improve existing streets;
•Create a secondary street network;
•Improve intersections, and;
•Create a pedestrian network.
Complemented by the addition of open, green spaces and lively, active
streetscapes, these improvements not only ease congestion and increase
traffic flow, but enliven the district and create an unparalleled sense of place.
For example, Post Oak Boulevard, the primary north-south boulevard through
the Uptown District, is currently being transformed. Plans will accommodate
the new BLVD Place mixed-use development that incorporates pedestrian
and street activity, as well as a transit corridor (featuring light rail) that links
Uptown to regional transit systems and will offer improved intra-district transit
options. Plans also call for a significant pedestrian improvement program,
currently underway, which widens sidewalks and adds pedestrian lighting
and landscaping to all streets in Uptown.
One major mobility improvement project includes San Felipe. Widened to six
lanes, traffic flows much smoother on this major thoroughfare. It has also
been transformed into an oak-lined parkway with pedestrian walkways and
additional green spaces. Other neighborhood arteries feeding into major
thoroughfares are being integrated into the mixed-use environment. Finally,
a network of secondary streets, like the new Post Oak Lane and Skylark in
BLVD Place, were created to ease congestion, create value, and to provide
more active streetscapes.
CONCLUSION
Houston’s Uptown District is an urban community defined by its unique
blending of prestigious business and residential addresses with the best
in retail amenities. Since the development of the Galleria in the 1970s, this
area has truly grown into a new, twenty-first century downtown for Houston.
During this time, the Uptown District has seen more development of every
property type than any other portion of the metropolitan region, from soaring
office and apartment towers to vast retail and hotel complexes. It is an active,
thriving area which has only gotten better with time — and with more exciting
commercial and infrastructure projects on the horizon — the Uptown District
area promises to remain Houston’s preeminent mixed-use district.
Galleria/Uptown Market Overview
172 ACRES-GALLERIAHFF
INVESTMENT SALES TEAM
CRAIG LAFOLLETTE
Senior Managing Director
Phone (713) 852-3556
DAVIS ADAMS
Managing Director
Phone (713) 852-3558
MARK BRAMLETT
Real Estate Analyst
Phone (713) 852-3469
WILL CRAWLEY
Real Estate Analyst
Phone (713) 852-3547
HFF
9 Greenway Plaza
Suite 700
Houston Texas 77046
Phone (713) 852-3500
Fax (713) 852-3490
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HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF and we make no representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all references to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a buyer. Buyers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change.
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