Astroworld Update: Property Bought By Houston Rodeo

Rockets R' Us · Dec 19, 2012

and the saga comes to an end.

Full Story - Houston Business Journal

Houston Rodeo buys $42M chunk of Astroworld property

The Houston Livestock Show and Rodeo has inked a deal to acquire about half of the long-vacant Astroworld property south of the 610 Loop adjacent to Reliant Park.

R.H. "Steve" Stevens Jr., chairman of the rodeo board, confirmed the deal in an interview with the Houston Business Journal late Thursday after a small notice was posted on the rodeo website.

Rodeo Houston will acquire 48 acres of the 92-acre tract of land owned by Fort Worth-based MHB Asset LP, also known as the Mallick Group. The purchase price was $20.50 per square foot, totaling $42.8 million. The deal is expected to close by the end of the year.

The Mallick Group in May 2010 acquired the vacant land, the former site of the iconic Astroworld amusement park, which had closed in 2005.
The land being acquired by Rodeo Houston abuts Chuck Davis Chevrolet to the west and runs south from the 610 Loop to West Bellfort.

Stevens said the land represents a long-term investment for the rodeo but that it will most likely be used immediately for additional parking for the 2013 show that runs from Feb. 25 to March 17.

"We'll use it for parking for sure. There could be other uses on a longer-term basis, or we could use it to free up space on the original (Reliant Park) footprint," Stevens said. "That's about as far as it goes."

He said negotiations with the seller came together quickly.
"We'd had discussions with them in the past but had really serious negotiations just in the past month," he said.

Speculation has intensified this year on how the land might be developed, including indications that part of the property could end up as a mixed-use development.
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studogg · Dec 19, 2012

it's only half of the property.

and i didn't realize it was a saga.

AMS · Dec 19, 2012

dang!!

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Astroworld Update: Property Bought By Houston Rodeo

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