So, the future of the embattled Houston Pavilions may not be so murky after all, thanks to financial support from the one and only Earvin "Magic" Johnson.
The NBA legend's Canyon-Johnson Urban Funds (CJUF) announced a joint venture with Midway — the Houston real estate firm behind the thriving CityCentre development — to acquire the massive downtown mixed-use project.
Working with Midway, Canyon-Johnson hopes to continue its Bayou City winning streak by investing an undisclosed sum to revitalize the Houston Pavilions with fresh batch of leaseholders.
Built in 2008 as a means to breathe life into a relatively quiet part of downtown, the Houston Pavilions had a rocky start at the height of the economic downturn, but managed to gather a host of high-profile tenants like House of Blues, Forever XXI, Lucky Strike and NRG Energy, which maintains a full 11 stories of office space.
Nevertheless, the development went into receivership in late 2011 after the original owners failed to make loan payments for more than a year.
“We are both proud to be investing in Houston again, and to be partnering with Midway to maximize the potential of such an incredible mixed-use asset," said Johnson and CJUF business partner Bobby Turner in a statement Monday. "The support we have received from the City of Houston’s leadership makes projects like this a possibility.”
A prominent urban revitalizer in his post-basketball career, Johnson and his company have enjoyed success with two Houston projects in recent years, buying and rebranding the Hotel Icon and revamping the Marq*E center.
Working with Midway, CJUF hopes to continue its Bayou City winning streak by investing an undisclosed sum to revitalize the Houston Pavilions with a fresh batch of leaseholders.
