GreenStreet

GreenStreet

GreenStreet
Location Houston, Texas, USA
Opening date 2008
Developer Texas Real Estate Trust, Inc. & Entertainment Development Group
Management Unknown
Owner Unknown, North Houston Bank
Architect Laguarda.Low Architects
No. of stores and services Unknown
No. of anchor tenants 3
Total retail floor area 350,000 ft² [1]
No. of floors 12
Website GreenStreet Official Website

GreenStreet, formerly known as Houston Pavilions, is a commercial development in Downtown Houston, Texas, United States.

Construction was scheduled to begin in Spring 2006,[2] with the first developments opening in the fourth quarter of 2007. The project possesses an estimated cost of 200 million United States dollars and is expected to contain almost 560,000 square feet (50,000 m2) of space, including 360,000 square feet (33,000 m2) of retail space in the first two levels of the development.[1] The project covers three 1.4-acre (5,700 m2) city blocks. As of November 16, 2006, 50% of the retail space had been leased. 200,000 square feet (19,000 m2) of loft office space will be available on the mid-block between Fannin and San Jacinto Streets. Office parking will be provided in the Houston Pavilions' 1,675 garage located on the corner of Main and Polk.[3]

The project is being developed by Texas Real Estate Trust, Inc. and Entertainment Development Group, who also developed the Denver Pavilions in Denver, Colorado. Geoffrey Jones[4] and William Denton served as the co-developers of the project. The designers were Laguarda.Low Architects from Dallas.

To finance the development, developers obtained a construction loan from North Houston Bank, an $8,800,000 development grant for infrastructure improvements from the city of Houston, and $5,500,000 from Harris County.

The Houston Chronicle reported that the Pavilions will provide around 1,800 to 2,000 full- and part-time jobs.

The Houston Pavilions office tower, which is 11 stories tall, is named the NRG Tower, after its main tenant.[5]

History

The construction of Houston Pavilions ended in October 2008. The office building originally had no tenants.[6] On June 30, 2009, Reliant Energy announced that it will take 10 floors in the Houston Pavilions tower.[7] NRG Energy, which had acquired the retail operations of Reliant Energy, announced that it would take 234,000 square feet (21,700 m2) of space in a 10-year lease. Houston Pavilions redesigned its space to make room for NRG. Geoffrey Jones, the co-developer of Houston Pavilions, stated that the complex administration planned to convert about 62,000 square feet (5,800 m2) of retail and swing space into office space for NRG, and the Houston Pavilions management office decreased the amount of occupied space to make room for NRG.[6]

Prior to January 2011 rumors stated that the 23,000-square-foot (2,100 m2) Books-A-Million location was closing. In January 2011 the management of Houston Pavilions finalized an extension of the lease with Books-A-Million.[8]

David Knox, an NRG spokesperson, said NRG employees and contractors had been moving into the 1201 Fannin St. from other locations since January 2011. Two weeks before March 17, 2011, the employees of NRG finished moved into 1201 Fannin St. Around March 17 the office building was renamed the NRG Tower.[5]

In May 2011 the Downtown Redevelopment Authority of the City of Houston decided to release $3.3 million as loans, instead of cash, earlier on schedule to the developers after the developers asked for the funds as soon as possible.[9] In December 2011 Mark Fowler, a receiver for Transwestern, took control of the development.[10]

In 2012 NBC Sports and Comcast Sports created a studio in the center.[11][12] Later that year, Canyon-Johnson Urban Funds and Houston-based Midway Cos. acquired the Houston Pavilions.[13] In December 2012 the Books-a-Million closed.[14]

In 2013 the new developers, Midway and Canyon-Johnson, announced plans to add outdoor landscaping and outdoor patios for dining. The developers planned to add other amenities and to schedule events. Additionally, the complex was renamed to GreenStreet.[15] Changes to the 568,294-square-foot complex include removing the existing implements in the interior corridor and creating a new linear urban park, including the installation of unique water features at Caroline and Main. The linear urban park will span all three blocks and include mid-block crossings on Fannin and San Jacinto between Dallas and Polk. A central courtyard in the project block between Fannin and San Jacinto; outdoor patios.[16]

Signed tenants

In the office space, as of 2011 1,300 NRG Energy employees work in 263,000 square feet (24,400 m2) of office space. To accommodate additional workers, Houston Pavilions converted some of its empty retail space into office space.[5]

Kevin Howell, the president of NRG's Texas operations, said that certain characteristics of the Houston Pavilions office space; the high ceilings and the bright, open spaces; reflect the environment of the NRG corporate headquarters facility near Princeton, New Jersey.[6]

Signed retail tenants of the development include:[17][18]

The management office is on the third floor, in Suite 325. Suite 325 is above the center court.[19]

See also

References

  1. 1 2 Houston Pavilions
  2. ↑ Houston Pavilions
  3. ↑ Houston Pavilions Groundbreaking Release
  4. ↑ Bio
  5. 1 2 3 Dawson, Jennifer. "Houston Pavilions office tower gets new name." Houston Business Journal. Tuesday March 15, 2011. Retrieved on Thursday March 17, 2011.
  6. 1 2 3 Dawson, Jennifer. "Pavilions picks up NRG." Houston Business Journal. Sunday July 5, 2009. Last modified on Friday July 3, 2009. Retrieved on March 20, 2011.
  7. ↑ Kaplan, David. "Pavilions: Half full or half empty?." Houston Chronicle. July 18, 2009. Retrieved on July 19, 2009.
  8. ↑ Wollam, Allison. "Books-A-Million retains space, Pavilions grabs more tenants." Houston Business Journal. Friday January 7, 2011.
  9. ↑ Patel, Purva. "Pavilions developers to get advance from city." Houston Chronicle. Thursday May 5, 2011. Retrieved on December 24, 2011.
  10. ↑ Sarnoff, Nancy. "Downtown’s Houston Pavilions taken over by receiver." Houston Chronicle. December 22, 2011. Retrieved on December 24, 2011.
  11. ↑ http://houstonpavilions.com/news/detail/from-storefront-to-studio-comcast-sportsnet-houston-makes-its-mark-on-houst/
  12. ↑ Sarnoff, Nancy. "NBC Sports seeks incentives to put studio downtown." Houston Chronicle. Friday January 20, 2012. Retrieved on January 22, 2012.
  13. ↑ Sarnoff, Nancy. "Magic Johnson’s company buys Houston Pavilions." Houston Chronicle. August 20, 2012. Retrieved on August 28, 2012.
  14. ↑ Kaplan, David. "Books-A-Million closes in downtown Pavilions." Houston Chronicle. December 26, 2012. Retrieved on April 7, 2013.
  15. ↑ Kaplan, David. "Developers announce plans to reinvent Houston Pavilions." Houston Chronicle. Friday April 5, 2013. Retrieved on April 5, 2013.
  16. ↑ http://www.downtownhouston.org/news/press_release/midway-reveals-new-name-and-construction-plans-iconic-downtown-mixed-use-property/
  17. ↑ Houston Pavilions Fact sheet
  18. ↑ http://www.houstonpavilions.com/retail_bigfloor.php
  19. ↑ "Contact." Houston Pavilions. Retrieved on February 13, 2012. "Houston Pavilions Management Office 1201 Fannin Street, Suite 325 Houston, TX 77002 Located on the 3rd floor above center court"

Further reading

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Coordinates: 29°45′15″N 95°21′55″W / 29.7543°N 95.3652°W / 29.7543; -95.3652

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