Tuesday , 20 March 2018
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Lionstone Joins Forces with Midway to Develop GreenStreet Mixed-Use Project in Downtown Houston

HOUSTON Lionstone Investments has become part of a partnership with Midway Cos. to develop the 570,000-square-foot GreenStreet mixed-use development in downtown Houston.

“It’s an extraordinary time in downtown Houston. The pace of development and capital investment is strong and steady, which underscores Houston’s resilience in the current economy,” said Jonathan Brinsden, CEO of Midway. “Midway and Lionstone have a shared vision for downtown and our partnership will result in exciting developments over the next months and years.”

JLL Capital Markets – a full-service global provider of capital solutions for real estate investors and occupiers – played an integral role in facilitating the formation of GreenStreet’s new partnership. Leading the JLL team on to broker the transaction is International Director Tom Fish, Managing Directors Margaret Caldwell and Tom Podgorski and Vice President Jonathan Paine.

Midway said plans are to solidify the ongoing investment in this mixed-use destination by further enhancing the pedestrian feel of the three-block development and to serve as an anchor to downtown Houston’s shopping district along Dallas Street. Improvements include activating additional walkways to instill a more walkable and pedestrian feel along the three-city blocks.

Jane Page, Lionstone CEO, said “GreenStreet has the right combination of location and amenities that make it a ‘win.’ The ongoing focus to enhance the sense of place will not only draw more visitors but raise the interest from new and varied tenants that want to be part of its success.”

“GreenStreet is an extraordinary real estate asset,” said Fish of JLL. “The property is located in the heart of downtown Houston’s Central Business District, and provides a rare opportunity for investors to deploy capital into a premier urban mixed-use project that continues to show enormous potential and capital gains.”

The Downtown Management District is investing $16 million along Dallas Street that will see new street surfaces, vehicular and pedestrian lighting, sidewalk pavements and landscaping and overall enhancing the sense of place in downtown Houston’s Shopping District. Plans by Houston First will extend the pedestrian feel from Dallas Street toward the George R. Brown Convention Center where substantial renovations include retail, restaurants and a grand entrance to the building.

“We are extremely pleased to have GreenStreet as the first investment in our new value add fund. As downtown Houston evolves, we believe the environments demanded by its most highly productive people will also change. With its high level of amenities, its differentiated office space, and the coming hotel, we believe GreenStreet is well positioned to capitalize on these changing preferences,” said Tom Paterson, Senior Vice President and Portfolio Manager at Lionstone.

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