Midway and Lionstone Investments partner on GreenStreet enhancing the momentum for Downtown Houston
HOUSTON, TEXAS – September 16, 2015 – Midway and Lionstone Investments announce today a new partnership on GreenStreet in downtown Houston. Plans are to solidify the ongoing investment in this mixed-use destination by further enhancing the pedestrian feel of the three-block development and to serve as an anchor to downtown Houston’s shopping district along Dallas Street. Improvements include activating additional walkways to instill a more walkable and pedestrian feel along the three-city blocks.
“It’s an extraordinary time in downtown Houston. The pace of development and capital investment is strong and steady, which underscores Houston’s resilience in the current economy,” said Jonathan Brinsden, CEO of Midway. “Midway and Lionstone have a shared vision for downtown and our partnership will result in exciting developments over the next months and years.”
Jane Page, Lionstone CEO, added, “GreenStreet has the right combination of location and amenities that make it a ‘win.’ The ongoing focus to enhance the sense of place will not only draw more visitors but raise the interest from new and varied tenants that want to be part of its success.”
JLL Capital Markets – a full-service global provider of capital solutions for real estate investors and occupiers – played an integral role in facilitating the formation of GreenStreet’s new partnership. Leading the JLL team on to broker the transaction is International Director Tom Fish, Managing Directors Margaret Caldwell and Tom Podgorski and Vice President Jonathan Paine.
“GreenStreet is an extraordinary real estate asset,” said Fish. “The property is located in the heart of downtown Houston’s Central Business District, and provides a rare opportunity for investors to deploy capital into a premier urban mixed-use project that continues to show enormous potential and capital gains,” Fish adds.
The partnership comes at a time when momentum in the central business district is at an all-time high. The Downtown Management District is investing $16 million along Dallas Street that will see new street surfaces, vehicular and pedestrian lighting, sidewalk pavements and landscaping and overall enhancing the sense of place in downtown Houston’s Shopping District. Plans by Houston First will extend the pedestrian feel from Dallas Street toward the George R. Brown Convention Center where substantial renovations include retail, restaurants and a grand entrance to the building.
Furthermore, the residential and hotel development downtown remains strong. As a result of the Downtown District’s Living Initiative, 12 new high-rises and 8 mid-rise developments are scheduled to be built downtown, tripling the residential population in the next three to four years. In addition, eight new hotel projects will increase rooms by 50% to 7,500 by the 2017 Super Bowl.
"We are extremely pleased to have GreenStreet as the first investment in our new value add fund. As downtown Houston evolves, we believe the environments demanded by its most highly productive people will also change. With its high level of amenities, its differentiated office space, and the coming hotel, we believe GreenStreet is well positioned to capitalize on these changing preferences," said Tom Paterson, Senior Vice President and Portfolio Manager at Lionstone.
According to the Downtown District’s Executive Director Bob Eury, “The new residential projects are changing the game. Higher density encourages restaurants and retail, and layering on walkability will augment the overall downtown experience for residents, office workers and visitors alike.”
A standout development at GreenStreet includes Midway’s partnership with luxury hotel management company The Valencia Group, for Hotel Alessandra – a 20-story luxury hotel that will open in late 2016 – furthering the diversification of this mixed-use project.
The 570,000 SF mixed used destination GreenStreet features premier shopping, dining and entertainment. It was redeveloped into an urban linear park with a central lawn, water features, open-air corridors and mid-block crossings to establish connectivity across the mixed-use destination. Lighting, new trees, greening of the interior corridors and architectural accents have also enhanced the interior walkways. Downtown residents and office workers enjoy dining al fresco on a cool evening and the year-around free programming including outdoor movies and concerts, or yoga or games on The Lawn.
BRIEF GREENSTREET TIMELINE
2012 Houston Pavilions was acquired by Midway, in partnership with the Canyon-Johnson Urban Fund
2013 Repositioned + Rebranded as GreenStreet
Hoar Construction begins work at GreenStreet
2014 Plans for Hotel Alessandra announced
Enertia Software announced
Hub for Zipcar announced
2015 1Q Caffé Bene announced
2015 3Q Partnership with Lionstone Investments
2016 4Q Hotel Alessandra scheduled to open
Conveniently located, with easy access to Discovery Green and its neighboring attractions, GreenStreet is a 570,000 square foot mixed-use destination located in the heart of downtown Houston featuring three-city blocks of premier shopping, dining and entertainment destinations. GreenStreet is home to III Forks, McCormick & Schmick’s™, House of Blues, Lucky Strike and NRG’s regional headquarters, one of the nation’s largest energy providers. The Lawn, a central open air green space, provides a dynamic venue for year-round event programming. GreenStreet will become further diversified with the addition of Hotel Alessandra – a 225-room luxury hotel slated to open in late 2016.
For more information on happenings at GreenStreet, visit greenstreetdowntown.com or contact Jennie Bui-McCoy at firstname.lastname@example.org or 713-524-0661.
Midway’s purpose is to create enduring investments and remarkable places that enrich people’s lives. Houston-based Midway is a privately owned, fully integrated real estate investment and development firm that has provided the highest level of quality, service and value to its clients and investors for more than 47 years. The Midway portfolio of projects completed and/or underway consists of approximately 44 million square feet of properties in 23 states and Northern Mexico ranging from office and industrial facilities, corporate headquarters, mixed-use centers, business and industrial parks, medical facilities, manufacturing facilities, and master-planned resort and residential communities. For more information on Midway, visit midwaycompanies.com. To learn more about Midway and its other mixed-use properties in the Houston area, visit midwaycompanies.com
About Lionstone Investments
Founded in 2001, Lionstone Investments is a privately owned real estate investment firm that specializes in researching, conceptualizing and executing national investment strategies on behalf of institutional investors and high net worth individuals. Lionstone bases its investment strategies on proprietary data and ideas centered on the ownership of real estate that serves the most productive segments of the U.S. economy. The company’s current investment programs span the risk spectrum, from Core to Opportunistic, and are often customized with consideration given to market opportunities and the structure our investors desire. For more information, please visit lionstoneinvestments.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.