More mall demolition is in the news, along with what might rise up from the debris:
Ed Wulfe, the Houston developer known for reviving such failing retail centers as Meyerland Plaza and Gulfgate Mall, has purchased the Pavilion on Post Oak with another grand plan in mind.
The mall that once housed a Saks Fifth Avenue department store, along with an adjacent retail center, will be demolished to clear 21 acres of land just north of the Galleria for what could include a new outdoor shopping center, a residential high-rise and a hotel.
“This will change the landscape of the Post Oak/Uptown area,” Wulfe said.
Wulfe, president of realty firm Wulfe & Co., purchased the Pavilion from the Radler Limited Partnership. The sales price was not disclosed, but real estate sources figure the property is worth more than $50 per square foot, or more than $28 million.
He and his partner, Bob Sellingsloh, who also bought an adjacent strip center last year that’s home to Cafe Annie and Eatzi’s, are still working out the details.
The redeveloped property near the corner of San Felipe and Post Oak Boulevard could include up to 400,000 square feet of shops and restaurants developed by Wulfe. The company will likely sell remaining parcels to developers to build several hundred high-rise residential units, a hotel, four-story apartments and brownstones.
It sounds fancy — and big.
Two days ago we learned that Northline Mall might face the wrecking ball. There’s no mention in today’s story of a future light rail line benefit for Wulfe’s development, but there’s probably a plan for it.
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