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Real Estate News and Advice |
July 10, 2009 |
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Downtown Houston Is Hot, Hot, Hot
by Lew Sichelman
Downtown Houston is alive, not just with the sound of music, but also restaurants, sports venues and, best of all, people. It used to be that the 140,000 folks who worked downtown, where the National Association of Real Estate Editors celebrated its 75th anniversary late this spring, went home to Houston's sprawling suburbs when their offices shut down. And the vast majority still do, braving traffic jams in the process. But some now stay to eat dinner or take in a ball game or the latest hit show before heading out. And a growing number remain overnight in their very own apartments. "Something special is going on here," Houston's 51st mayor, Bill White, told NAREE's annual real estate journalism conference. "People are speaking with their feet." White, a former developer who had spent just 100 days in office since being elected last year when he talked to the realty writers, pointed out that only three of the nation's 20 largest cities have gained population since 1930 -- New York, which grew by 15 percent, Los Angeles, which grew by 300 percent, and Houston, which has seen a 700 percent increase in the number of people which live within the city limits. And though there is plenty of room to grow in a metro area that is larger than 28 states, more and more are choosing to reside somewhere within this city's 1,200-acre, 1.8-square-mile downtown. Sure, the heat and humidity are a little rough, especially in the dog days of August. That's why downtown's underground shopping and dining spots are still thriving. But much of what the mayor calls "a city of opportunity" is going on at ground level, too. Within the last few months alone, for example, four of the nation's largest corporations have decided to relocate to downtown Houston. But the revitalization actually began nine years ago, when the Houston Downtown Management District was formed to facilitate redevelopment. Since 1995, developers have spent more than $4 billion to transform the area, which is ringed by three major highways. And now there is fine arts and fine dining, street festivals and Super Bowls, theaters and baseball. But perhaps the most remarkable transformation is in the surge of residential real estate. In the last nine years, many historic buildings, including such landmarks as Hogg Palace and the Rice Hotel, have been turned into residential lofts. Several brand, spanking new apartment and townhouse complexes have been put up, too. In the past few years alone, some 2,600 dwelling units have been built downtown, and 4,000 more are expected to be completed within the next few years. By 2010, projections are that nearly 10,000 people will reside here. "Downtown is becoming a more desirable location for those seeking an exciting and convenient way of life," said Bob Eury, executive director of the downtown management district. "Given the opportunity to walk to work, shops and galleries, parks, the theater and sporting events, Houstonians are seeing many advantages to living downtown." City officials count more than 80 major projects that have either been built downtown or are nearing completion. Among them are Minute Maid Park, the 49,500-seat baseball stadium where the 2004 All-Star Game was played earlier this month, and Toyota Center, a multi-purpose facility that seats 18,500 for basketball, 17,800 for hockey and 19,300 for concerts. There's also a new convention center, a new 7.5-mile light rail systems that travels along Main Street and links two of the city's employment centers on one end to Reliant Park, home of Houston's professional football team on the other, and several new hotels, including the 1,200-room Hilton Americas, where the realty writers convened. In addition, the city has a thriving theater district that is home to eight world-class performing arts groups. The district is second only to the Big Apple in the number of theater seats in a concentrated downtown area, and more than two million people fill those seats every year to see dance, opera, symphony and plays. There are new office buildings, too. Four have been built in the last two years, the first ones since 1986. And 230 restaurants, bars and clubs also dot the downtown area. "This city is on the right tract," Mayor White, a lawyer who served as Deputy Secretary of Energy from 1993 to 1995, told NAREE. "We believe we can grow and continue to attract the new blood that gives you a sense of renewal." Published: July 28, 2004 Use of this article without permission is a violation of federal copyright laws.
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