Real Estate Rumblings
New luxury hotel tries to revitalize Magic Johnson's GreenStreet as Downtown Houston grows up
Valencia Group, the company that created Hotel Sorella, is coming to downtown Houston with an luxe hotel that will energize a rebirth of the GreenStreet mixed use development.
GreenStreet, the downtown development formerly known as Houston Pavilions, covers four blocks and it is home to the House of Blues, Lucky Strike, CSN Houston's studios and office space.
Named Hotel Alessandra, the new 225-room hotel is slated to open in late 2016, just in time for the 2017 Super Bowl in Houston.
The upscale hotel, developed in partnership with Hotel Sorella’s Valencia Group, will create new momentum at the GreenStreet mixed-use development at 1201 Fannin in downtown Houston, according the project’s owners, Midway Cos. and an investment group led by basketball legend Magic Johnson.
Hotel Alessandra may be the spark GreenStreet needs. Downtown Houston has been criticized for having a shortage of hotel rooms.
GreenStreet, a 570,000-square-project covering four blocks east of Main Street, was formerly the Houston Pavilions, which suffered in the recession leading a judge to appoint a receiver to manage the property in 2011, before it was sold to the Midway group in 2012.
It was renamed GreenStreet and the city has been waiting for see what Midway will do to redevelop the project.
Hotel Alessandra may be the spark GreenStreet needs. Downtown Houston has been criticized for having a shortage of hotel rooms, which has prevented the city from being in the highest echelon in attracting conventions. Hotel Alessandra will be a strong addition to Houston’s offerings to convention decision-makers.
This isn’t the first time Midway and the Valencia Group — both Houston-based companies — have paired up. Consider CityCentre. Midway received a great deal of acclaim for CityCentre, a mixed-use project near the intersection of the Katy Freeway and the Sam Houston Tollway, near the Memorial area of West Houston. CityCentre has office, multifamily, townhomes, shops, restaurants and, notably, Hotel Sorella, which is operated by the Valencia Group. Hotel Sorella, a Conde Nast Gold List hotel which opened in 2009, commands some of the highest nightly rates in Houston.
“As Houston continues to see an influx of business and leisure travel, we recognized an opportunity to provide the downtown area with a more sophisticated, best-of-class hospitality option,” says Midway CEO Jonathan Brinsden. “Through our partnership with Valencia Group, Hotel Alessandra will deliver the ultimate experience for guests and set a new standard for luxury in the city.”
Designed by Gensler, plans for the hotel include architectural details that will allow for sweeping views of the city and lavish indoor-outdoor spaces.
Located east of Main Street, GreenStreet spans four city blocks, connected via sky bridges and above-ground walkways. Earlier this year, redevelopment construction commenced on the 568,294 square foot development, which will include a three block urban linear park, mid-block pedestrian crossings, water features, a central courtyard in the project block between Fannin and San Jacinto, outdoor patios, and updated wayfinding signage and lighting.
Ralph Bivins, founding editor of RealtyNewsReport, is a past president of the National Association of Real Estate Editors.