Wednesday , 28 September 2016
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Chevron Selling Huge Tract on Loop 610

BELLAIRE, Texas – Chevron Corp. is vacating its 28-acre campus on Loop 610 in Bellaire, creating a prime development opportunity about two miles south of The Galleria.

The Chevron site, which has a 10-story building and huge expanses of manicured lawns, represents one of the largest parcels of available land in the Inner Loop area of Houston.

The property is in the city limits of Bellaire, a municipality with controlled development planning and A+ demographics and hundreds of million-dollar single-family homes.

Chevron, the largest employer in Bellaire, will move its 900 employees to Chevron’s downtown offices by the end of 2017 and sell the property, reports Michelle Leigh Smith, a journalist with Southwest News.

The site is on the west side of Loop 610 at 4800 Fournace and it stretches westward to Rice Avenue. Cushman & Wakefield, which has multiple signs on the property, is marketing the site with the Jeff Peden/David Cook brokerage team. A gas station is on the hard corner of Loop 610 and Fournace.

Although there is no immediate demand for new office buildings in Houston’s down office market, the frontage along Loop 610 is appropriate for office development in the long-term. High-rise residential and retail could also be a fit, although the planners at Bellaire City Hall will carefully scrutinize proposals and the overlay of its zoning principles.

In April, Chevron announced it was cutting 650 jobs in Houston, about 8 percent of its Houston workforce.

July 22, 2016

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