The Houston 2020 Downtown Awards
By Ralph Bivins, Author of Houston 2020: America’s Boom Town – an Extreme Close Up
Downtown Dealmaker of the Year: Skanska Commercial Development. Skanska completed two headline-making transactions in downtown Houston. Most notable was its purchase of four surface parking lots near Discovery Green — a combined 3.5 acres bought for $55 million. With high-rise, mixed-use development planned, this tract represents some of the most strategic development land in downtown and will be pivotal to the city’s long-term growth. For decades the city has aimed to transform the eastern half of downtown into a premier activity center, and Skanska’s project will be essential to achieving that vision. In a second major move, Skanska sold a 90 percent stake in its new downtown skyscraper, Bank of America Tower, at a record Houston price of $695 per square foot. The 35-story building was acquired by the California State Teachers’ Retirement System for $542 million.
Downtown Builder of the Year: Hines. In 2019 Hines broke ground on two major towers in downtown Houston: the 47-story Texas Tower office project and The Preston, a 46-story residential tower. Both rise near the corner of Texas Avenue and Milam on parcels that formerly held the Houston Chronicle building and its parking garage. The office tower, designed by Pelli Clarke & Pelli, and the multifamily tower, designed by Muñoz + Albin, will expand Hines’ distinctive presence on the Houston skyline and add significant new office and housing stock to the urban core.
Downtown Office Tower of the Year: TC Energy Center (formerly RepublicBank Center). Renamed TC Energy Center in late 2019, the 56-story tower at 700 Louisiana is one of Houston’s most recognizable landmarks. Designed by Philip Johnson and John Burgee, the red-granite building features a steep gabled roofline punctuated by spires. After Bank of America, the building’s longtime namesake tenant, relocated in the summer, the landlord moved quickly to refill office space. A significant renovation is underway in the historic bank lobby, which originally accommodated dozens of tellers. A long-hidden Western Union mechanical area, enclosed behind granite since the building opened in 1983, is being converted into leasable ground-floor space. The property is being repositioned by Ken Moczulski, CEO of M-M Properties.
Downtown Philanthropist of the Year: Lynn Wyatt. Prominent Houston philanthropist Lynn Wyatt has pledged $10 million toward the redevelopment of Jones Plaza, the public square that serves the Theater District’s Jones Hall, Wortham Center and Alley Theatre. The plaza will be renamed Lynn Wyatt Square for the Performing Arts. The broader $29 million renovation will replace the existing tile-clad surface with a thoughtfully designed public space more fitting to the district. Bounded by Smith, Louisiana, Capitol and Texas Avenue, the plaza renewal aims to create a welcoming civic gathering place. Wyatt, long active in Houston’s cultural and social life, has been a high-profile supporter of arts and charitable causes for decades.
Houston 2020: Newcomer of the Year Award: SoDo. Cities often brand nearby districts—Denver has LoDo, Manhattan has SoHo—and Houston already has EaDo. A growing movement is advocating for a “SoDo” identity (Southern Downtown) to help define and promote this emerging area. The primary catalyst for this recognition is the upcoming Southern Downtown Park, planned for a block bounded by Fannin, San Jacinto, Leeland and Bell. The park, which will include a restaurant and public gathering space, is expected to open in 2021. While officially referred to as Southern Downtown Park by the Downtown Redevelopment Authority, adopting the “SoDo” name could help shape a new, lively urban district around the park.
Dec. 4, 2019 Realty News Report Copyright 2019 (Commentary by Ralph Bivins.)
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