MAYOR BILL WHITE PRAISES FOUNDATIONS ON CLOSING OF DEAL FOR NEW DOWNTOWN PARK
December 17, 2004 --Mayor Bill White announced today the closing of a land transaction that will bring a major new park to downtown Houston and praised the leading philanthropic foundations for their roles in helping to fund the project.
“This is a significant transaction that will leave a lasting legacy for future generations of Houstonians - a premier urban park,” said Mayor White. “The role of the private-sector funding organizations in helping the city seize this unique opportunity cannot be overstated. I know everyone in Houston shares our gratitude.”
A combination of gifts and pledges totaling $28.5 million are already committed to the project from the Brown Foundation, Houston Endowment Inc., the Kinder Foundation, the Wortham Foundation, the Cullen Foundation and the Fondren Foundation.
“This has been a real Houston can-do project,” said Mayor White, who also thanked Crescent Real Estate Equities Co, which reduced substantially the selling price of the land, and Greg Armstrong, who, as an independent adviser to the mayor, led the efforts to acquire the land. “This would not have happened without the leadership and commitment of Greg Armstrong, as well as the foundations’ generosity.”
Houston City Council has voted to create a new Houston Downtown Park Corporation to partner with a privately sponsored Houston Downtown Park Conservancy on the design, construction and operation of the park. The Conservancy will seek input from the community on the park’s design early next year. Construction of the park is expected to be completed by late 2007. The park is expected to complement other downtown amenities, including the Convention Center, and to spur retail and residential development, strengthening the city's tax base.
