MAYOR BILL WHITE ANNOUNCES PENDING LAND TRANSACTION FOR NEW CENTERPIECE PARK IN DOWNTOWN HOUSTON
October 18, 2004 -- Mayor Bill White announced today that he has completed negotiations with Crescent Real Estate Equities, Ltd. Partnership to acquire 5.29 acres of land for a major new central park in downtown Houston. The new central park would entail over $35 million in private contributions, and amount to more than 13 acres. This acquisition will consolidate the City of Houston’s ownership of the “Superblock” in front of the George R. Brown Convention Center and a block immediately to the west, all of which will be made into an urban park to be opened as soon as late 2007.
“Great cities preserve land for public plazas, parks and gathering places for the future,” said Mayor White. “We now have an opportunity - probably our last opportunity as a city - to create a place like that for us in Houston’s central core. A new major park will be an enduring legacy for our efforts to improve Houston’s quality of life.”
Eighty percent or more of incremental funds required to complete acquisition and development of the park will be raised from private sources. Design and development will be accomplished through a private/public partnership.
Mayor White currently is working with a number of interested individuals and organizations to secure the private funding required for site acquisition, design and construction. The schedule calls for site acquisition to be complete by the end of 2004, pending City Council approval of the project and agreement with those private funders. Design is scheduled to begin in 2005 and construction will commence in 2006.
It is expected that the park would provide another important downtown amenity that would help attract convention-goers and other visitors. Another goal is that the park will help attract to the area high-quality, mixed-use urban development, with residential, retail and uses that complement the convention center and sports facilities.
“Real estate experts believe that the park will sharply accelerate responsible growth within the city, strengthening the tax base of the city and county and school district, and allowing the taxpayers to recoup this public investment,” according to Mayor White. None of the City’s contributions will be funded through property taxes.
Mayor White offered appreciation to the Crescent Partnership for its fair and civic-minded dealing with the City throughout negotiations, and the work of Parks Board President Jim Elkins.
