Posted Oct 18, 2019, 11:30 PM
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downtown houston
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Join Date: Aug 2018
Location: houston, tx
Posts: 23
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Quote:
Bank of America Tower developer buys downtown Houston parking lots for mixed-use
By Olivia Pulsinelli – Senior web editor, Houston Business Journal
Oct 18, 2019, 1:26pm CDT Updated Oct 18, 2019, 5:20pm CDT
New York-based Skanska USA Commercial Development has purchased four parcels of land around Discovery Green in downtown Houston for a new development.
Skanska paid $55 million in total for the properties, which were sold by a private citizen, according to an Oct. 17 press release. The parcels total around 3.5 acres, and Skanska plans to develop a mix of office, multifamily and retail on the land.
The press release does not identify where exactly the parcels are located, but a spokesperson for Skanska confirmed that one of the parcels is a full city block bordered by Dallas, Lamar, LaBranch and Austin streets, with another just to the south and a third just to the east, wrapping around the Embassy Suites by Hilton Houston Downtown. There's also a small parcel in another adjacent block.
Those four properties are all parking lots owned by MIPS Investments LLC and MIPS Parking LLC, according to the Harris County Appraisal District. Combined, they have an appraised value of nearly $30.06 million and span about 3.48 acres, according to HCAD.
Skanska plans to begin the master planning process for the sites by the end of the year, which will help determine a development timeline and more details about the project, a spokesperson confirmed.
“We are excited about this next endeavor for Skanska Commercial Development in Houston," Matt Damborsky, executive vice president of Skanska USA Commercial Development in Houston, said in a statement to the HBJ. "For this project, Skanska will tap our global expertise in multifamily, office and retail development as we consider the best uses for these sites advantageously located in the city’s front yard at Discovery Green. These prime acquisitions include a full city block, which will be transformed into sustainable, high-quality space in the urban core. We look forward to advancing the master planning process so we can begin creating this dynamic community reflecting the vibrant cultural fabric of Houston.”
Skanska just opened its Bank of America Tower — formerly known as Capitol Tower — in downtown Houston earlier this year.
Bank of America Tower takes its name from the building’s anchor tenant. In July, Charlotte, North Carolina-based Bank of America (NYSE: BAC) moved more than 600 local employees into the building. The banking giant occupies 205,000 square feet of office space spread across six floors in the 775,000-square-foot building.
The building's tenants also include Skanska, Houston-based Waste Management Inc. (NYSE: WM), Houston-based Quantum Energy Partners and international law firm Winston & Strawn.
The lower floors of Bank of America Tower are dubbed Understory and connect to the downtown tunnels. The 35,000-square-foot Understory includes a 9,000-square-foot food hall that opened in August.
By Olivia Pulsinelli – Senior web editor, Houston Business Journal
Oct 18, 2019, 1:26pm CDT Updated Oct 18, 2019, 5:20pm CDT
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