BELLAIRE, Texas – Chevron’s 30.5-acre tract along Loop 610 in Bellaire will attract interest from significant developers from around the nation, according to the HFF real estate firm, which was recently retained to handle the disposition of the prime site near Houston’s Inner Loop.
The Bellaire City Council voted Monday night to adopt planning language that could pave the way for more dense development on the site, which has used by Chevron and Texaco for decades.
“This is a high profile investment that will attract some of the most creative developers in Houston and across the United States,” said Davis Adams, Managing Director for HFF in Houston. “Chevron, and Texaco before it, is proud to have been a good neighbor and corporate citizen of Bellaire for over 70 years and would like to see the next owner do something with it that will benefit the citizens of Bellaire well into the future.”
Chevron is vacating the property, which has potential as a mixed-use development, and relocating its Bellaire employees to Chevron’s offices in downtown Houston. The Chevron site, about two miles south of the Galleria also has frontage on South Rice Avenue and Fournace Street.
The Chevron site is the largest privately-owned property in Bellaire and one of the largest close-in development tracts between downtown and Beltway 8. Any development will be subject to municipal zoning and planning in the City of Bellaire.
A group led by veteran Houston developer Ed Wulfe recently acquired the 2.5-acre Shell service station at the northwest corner of Fournace and 610. Wulfe’s site is adjacent to the Chevron property.
Some people in the Bellaire community had expected another national commercial real estate firm to handle the disposition of the Chevron site. However, Chevron selected HFF for the assignment. HFF’s senior managing directors Robert Williamson and Wally Reid are also working on the marketing the Chevron property.
HFF operates from 24 offices providing clients with the expertise of more than 300 transaction professionals and a support staff of more than 550. Since 2010, HFF has expanded by opening six new offices, which are located in Austin, Tampa, Denver, Orlando, Philadelphia, Charlotte and, most recently, Phoenix.
April 5, 2017 Realty News Report Copyright 2017