Mayor White’s office issued a press release saying that the land acquisition for Houston’s own Central Park is complete:
“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.”
I suspect Crescent Real Estate Equities Co. still made out okay, in spite of the mayor’s hint that the company had a philanthropic moment.
The end of the press release says this:
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.
In addition, the park should be a nice place for Houston’s homeless to hang out.
UPDATE: Here’s another press release, with some details of the land acquisition between Crescent Real Estate and the city of Houston:
Dec. 20, 2004–Crescent Real Estate Equities Company (NYSE: CEI) today announced it has finalized the sale of 5.3 acres of non-income producing land to the City of Houston, which was previously disclosed as being under contract on October 19, 2004. The land is adjacent to the 5.5 acres located in front of downtown’s George R. Brown Convention Center that Crescent sold to the City at the end of 2002. This transaction allows the City to consolidate its land in order to develop an urban park of more than 13 acres. The sale generated proceeds, net of selling costs, of approximately $23 million, or $100 per square foot, and were used to pay down the Company’s revolving credit facility.
