PM Realty, Atlas USA to Redevelop $1B M-U Site in Houston
- Jan 28, 2014
PM Realty Group, of Houston, and financial partner Atlas U.S.A. Holdings will undertake the redevelopment of a 35-acre parcel in Houston’s Energy Corridor that is currently the location of ExxonMobil Chemical Co., PMRG announced Monday. The project reportedly will require an investment of a billion dollars over a 10-year period.
The site has frontage along I-10 and Memorial Drive and borders Terry Hershey Park, a 500-acre, 11-mile-long public park that winds through the Energy Corridor. ExxonMobil Chemical will remain at the site until it relocates to North Houston in 2015.
The partners intend to create a “high-density sustainable community built on the principles of New Urbanism,” such as walkability, with a mix of shops, restaurants, hotel, meeting space, offices and residential in an eco-friendly environment.
An inquiry to PMRG had not gotten a response as of press time.
The Houston Chronicle reported on Jan. 16 that the property is slated to include several million square feet of office space in multiple high-rise towers, an upscale hotel of up to 350 rooms, retail space and apartments.
The ExxonMobil facility was built in 1980, and the main office structure there is a 332,000-square-foot low-rise building, according to the Chronicle.
“Our vision is to create a strong sense of place within a premier business community. Here, all of the corporate user’s needs will be met in one location, unlike the single purpose office park that forces users into automobiles to obtain amenities and services,” Dan Leverett, PMRG executive vice president and managing director/development, said in a release.
Atlas U.S.A. Holdings L.L.C. owns, acquires and develops real estate throughout the United States, including major projects in California, Florida, New York and now Texas.