Will Lionstone Infusion Turn Midway's GreenStreet into Downtown Mixed-use Darling?
Midway and Lionstone Investments are partnering up to continue developing Downtown Houston’s GreenStreet. The team promptly poured the foundation for Hotel Alessandra in the 570k SF mixed-use complex; could more revitalization be next for the property and its neighbors?
Midway purchased the property in 2012 and has been rebranding and redeveloping it ever since. Lionstone CEO Jane Page says the combination of location and amenities made the property too good to pass up. Midway EVP Jamie Bryant (right, with director of leasing Suzanne Anderson at the GreenStreet unveiling) tells us the two companies share a similar vision for driving downtown resurgence, and while development is ongoing, there is not a firm timeline on improvements.
Redevelopment plans include activating additional walkways and creating a more walkable, pedestrian feel throughout the three-block area. The Downtown Management District is also investing $16M along Dallas Street to improve surfaces, vehicular and pedestrian lighting and landscaping. JLL arranged the Midway/Lionstone partnership.
According to Houston Downtown Management District’s Angie Bertinot (center, between colleagues Laura Van Ness and Bob Eury), business is good for tenants of GreenStreet and development is also sparking nearby. The Downtown Redevelopment Authority has an RFQ out for the redevelopment of 1111 Main, a 36k SF site across the street from GreenStreet. The site is expected to house a multifamily or hotel property with retail. The adjoining 19-story office tower at 1010 Lamar will also provide two or three levels to repurpose into retail space. Angie says that the potential project is a direct result of the success of GreenStreet. While the area has already undergone significant transformations, she hopes future development will include sidewalk cafés and more innovative signage and lighting.
The new partnership celebrated a huge milestone right away—Hotel Alessandra poured its foundation last week. Here are reps from Valencia Group, Midway, Gensler, Cardno Haynes Whaley, HOAR and Thompson Co flipping commemorative coins into the slab. Approximately 8 million pounds and 200 truckloads of concrete were poured for the 10k SF foundation mat; it'll be able to withstand more than 25,000 tons of weight. The hotel is scheduled to open in Q4 '16.