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ESPN Artcile DREAM STOPPING BUILDING PROGRESSION IN HOUSTON

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by SmeggySmeg, Oct 4, 2000.

  1. SmeggySmeg

    SmeggySmeg Member

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    Bizarre
    http://espn.go.com/nba/news/2000/1004/800144.html

    Rockets star accused of 'mothballing' properties

    HOUSTON -- Some local real estate observers credit Houston Rockets
    star Hakeem Olajuwon with blocking more than basketballs.

    They say his unwillingness to develop some downtown real estate has blocked ongoing revitalization of the city's core, the Texas Journal of The Wall Street Journal reported Wednesday.

    Rather than move forward with publicized plans to redevelop some of the seven downtown properties he has acquired since 1994, the NBA's all-time shot blocker's buildings are "being inventoried and mothballed," according to downtown developer Bill Franks.

    Perhaps Olajuwon's best-known property is the long-abandoned World Trade Center, across from Enron Field. Olajuwon beat out several other bidders to buy a 10-year lease for $400,000, then announced plans to convert the eyesore into condominiums or a hotel.

    He and his partners decided against the ideas, however. Only one of Olajuwon's properties has seen any redevelopment activity.

    "I look at each property separately," Olajuwon said. "Whether I decide to develop or sell, it's a business decision."

    He added that his adherence to Islam prohibits him from certain activities, such as paying interest on borrowed money or dealing in alcohol sales, which largely eliminates the hotel business.

    As a result, the World Trade Center continues to be a blight in an area rejuvenated because of the nearby ballpark.

    Jack Rains, former chairman of the Harris County-Houston Sports Authority, was among those trying to buy the graffiti-stained building initially with hopes of razing it and creating a park. He has remained critical of Olajuwon's handling of the site.

    "The building has sat there for two years, and all he's done is show it to people to sell it," Rains said. "They've been acquiring properties and
    announcing grandiose plans and then wind up doing a lot less than they
    say they're going to do."

    Others say Olajuwon is just being a good businessman, buying low and selling high.

    "He's just trying to find good deals, just like any other developer or investor," said downtown broker Reggie Bowman of Reggie Bowman
    Properties, who has worked with Olajuwon. "He's a smart investor."

    According to the Journal and Houston Chronicle, Olajuwon is negotiating to sell the World Trade Center lease for as much as $8 million. A 17-acre tract Olajuwon bought last year for less than $2 million is under contract to Dallas-based Trammell Crow Co. for more than $10 million,
    according to an unidentified source cited by the newspaper.

    The one property Olajuwon is developing is a 72-year-old former bank building he is converting into a mosque.

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  2. BobFinn*

    BobFinn* Member

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    Good post smeg

    Guess I'm the only one to read it.

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  3. PrinceDevon

    PrinceDevon Member

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    Thanks,

    Found the article very interesting...sounds like some sore losers are just trying to force his hand....I Say to each his own, he should be able to due what ever he wants to do with as long as it's legal and moral(with Hakeem I don't think that would be an issue).

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  4. PrinceDevon

    PrinceDevon Member

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    Thanks,

    Found the article very interesting...sounds like some sore losers are just trying to force his hand....I Say to each his own, he should be able to do what ever he wants to do with as long as it's legal and moral(with Hakeem I don't think that would be an issue).

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  5. Doctor Robert

    Doctor Robert Member

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    His business partners have been bending over backwards to accomodate his requirements for not borrowing money, but they have run into too many obstacles to handle. As long as he adheres to these things he should simply stick to real estate instead of developing. Unless he puts up extraordinary amounts of money he won't be able to accomplish much.

    I do think that if Hakeem is really interested in development and not just the business of making money he should consider selling during this building boom so that others can make improvements to the city.

    How would you like it if someone bought four houses on your street and let them all rot away? Your property values would drop, your street would look like he1l and you wouldn't be able to sell your own house because your neighbor was nuts.

    Prince Devon, I know that developers are primarily interested in money in many cases, but I think that there is a moral question to ask.

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  6. Jeff

    Jeff Clutch Crew

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    Smeg: I did see your email by the way. Thanks for the head's up.

    I think that this is just more of the "hurry up and develop downtown" thing. It takes time and Olajuwon isn't making that go any faster.

    But, that is his decision.

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