Historic Redevelopments Giving Buildings a New Life — Q&A with William R. Franks
William R. Franks
HOUSTON – (Realty News Report) – Long before historic preservation became fashionable, William R. Franks, president of William R. Franks Real Estate, resisted the wave of demolition. Instead of tearing down Houston’s older structures, Franks has consistently sought ways to give them new life. His projects blend the city’s history with modern use—most notably the JW Marriott Houston Downtown, which occupies the 102-year-old Samuel F. Carter Building. He also led the transformation of the 1913 Stowers Furniture building into a 173-room Aloft hotel. Located at 820 Fannin next to BG Group Place, the 10-story Stowers building is one of many historic properties Franks has preserved over decades. Is historic preservation gaining momentum in Houston? Will vacant buildings be revitalized through renovation? What lies ahead for preservation efforts? Realty News Report recently spoke with Franks about these questions and more.
Realty News Report: You’ve overseen numerous redevelopment and historic conversion projects in Houston. When did this approach begin for you, and what motivated it?
William R. Franks: I’ve always been drawn to history and architecture and to understanding the stories behind places. In 1988 I joined a New York investment group and began acquiring distressed assets in Texas—at the time Houston was a center for distressed properties. In 1994 we bought our first downtown Houston property, which led me deeper into the central business district and to acquiring many historic buildings that needed redevelopment and repositioning to become economic drivers for the future.
Realty News Report: Is there one redevelopment you’re especially proud of?
William R. Franks: Historic redevelopment is like raising children: you cherish them all and remember both the great moments and the difficult ones. If I had to pick one, it would be the JW Marriott Hotel Houston-Downtown. I was involved from acquisition through the grand opening and remain engaged with ongoing issues. Converting the one-hundred-year-old S. F. Carter Building into a JW Marriott felt nothing short of a miracle. We began with a problematic corner property that had been poorly modernized in the 1960s—clad in unsympathetic materials and modified with inexpensive tenant improvements over the years. We removed that cladding and undertook a historically sensitive redevelopment that earned the National Trust for Historic Preservation Award for Building of the Year and Marriott Hotels’ Luxury Hotel of the Year for the Americas Western Region. That project shows what can be achieved when restoration is done thoughtfully.
Realty News Report: What would you say has been the most significant redevelopment in Houston?
William R. Franks: Houston hasn’t traditionally been celebrated for historic preservation, so I’d argue that every successful redevelopment matters. In the 1990s a small group of us began to push this movement forward, helping make historic redevelopment an admired and compelling approach.
Realty News Report: Many older buildings have been converted to multifamily units or lofts. Is there a limit to how many buildings can be adapted for residential use?
William R. Franks: Simply put: no. There doesn’t appear to be a limit. Demand has remained strong and, in many ways, has only increased. In the late 1990s and early 2000s we acquired the Southern Pacific Railroad Building, which had housed the railroad since 1910, and converted it into Bayou Lofts—a mixed-use development combining retail, parking, restaurants, offices and loft residences. We were the second major conversion after the Rice Hotel, and Bayou Lofts is still thriving today.
Realty News Report: You’ve worked on several hotel projects. Are there specific characteristics or a minimum size a building needs to make a good hotel conversion?
William R. Franks: With historic buildings, the first step is to study the property thoroughly and determine the best adaptive reuse for that specific structure. After that, due diligence will reveal whether the intended use is viable. Hotels are often an excellent fit for certain urban historic buildings: they may be compact compared with modern towers, lack substantial on-site parking, but sit in highly desirable central locations. Some buildings wouldn’t compete well as modern office space but can be perfectly suited for hotel use.
Realty News Report: What is the status of the Imperial Sugar redevelopment in Sugar Land? Is a hotel still planned there?
William R. Franks: Imperial Market & Hotel are scheduled for a groundbreaking at the end of the year, with a grand opening planned for fall 2019. The project has been added to the National Register of Historic Places and is already 61% pre-leased to an excellent mix of restaurants and merchants. Imperial Market is set to become a major commercial and cultural destination for the Houston region.
Realty News Report: Anything else you’d like to add?
William R. Franks: I care deeply about historic rehabilitation because these buildings tell the story of our city and region. Preserving them allows future generations to experience that history. It’s always easy to tear a building down and replace it, but new construction lacks the stories and significance of iconic older structures that helped build our city. Looking back, there are examples—like the Shamrock Hotel—that many in Houston wish had been preserved. I hope we continue to value and protect our architectural heritage for the benefit of our children and grandchildren.
