A world-class downtown requires financial incentives
KTRK-13 has a story up about a developer's proposal to change radically the look of one part of downtown:
There's a bold plan to change the face of downtown Houston. Some developers want to turn three city blocks into a $200 million retail center. Those blocks -- running from Main Street to Caroline, along Polk Street -- are currently parking lots.
[snip]
Three parking lots could turn from a ghost town into a retail mecca, if they're replaced by the Houston Pavilions – a $200 million grand entertainment complex, with condos, office space and lots of shopping.
"Every city's thirsty for something like this," suggested developer William Denton. "This is the last piece of the puzzle – a major turnaround for downtown."
Denton and his business partner were secretive about their plans until Tuesday, when they presented their big idea to commissioner's court.
Harris County Judge Robert Eckels said, "We certainly want to support them coming in to downtown Houston and to the city. It would be a great asset for the city. We're just looking through their proposals and what they're asking for and look at where it makes sense for the city and the county to partner together for the infrastructure needs to make a project like this a reality."
[snip]
Imagine a 20-screen movie theater along with shops such as a Virgin mega-store, Barnes and Noble and of course a number of clothing stores all appearing in about two years. It sounds very ambitious. The developers plan to show their plan to city council next week. They are hoping for some sort of financial incentive from the city and the county in order to make this a reality.
There's always a catch. Will the financial incentives be loans, since the Magnolia Hotel loan worked out so well for the city, or will it be tax breaks? Maybe it'll be both! Shall we start guessing what clichés and phrases will be tossed around by city and county officials? "World-class" is a given.
Posted by Anne Linehan @ 08/23/05 09:12 PM | Houston Miscellany | Print | Comments (1)
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