Savvy minds driving down Westheimer have wondered what is happening with the five-acre parcel near River Oaks District between the railroad tracks and Mid Lane. It will become a park, for now.
Stonelake Capital Partners is in the process of demolishing the buildings on the land, which, other than the Kiran's (which is moving to Kirby Grove), have struggled to find regular tenants in recent years. Construction on the park will begin within 60 days. Don't get too attached to the idea, though.
"[The] highest and best use is not a park, but we feel it's a great amenity for the development and the area," Stonelake's William Peeples told the Houston Business Journal. Stonelake's long-term vision is to convert the plot to a luxury mixed-use project "when market conditions change," he said. [HBJ]
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