memorial city refreshed

Memorial City Mall rings up a reimagined shopping experience

Memorial City Mall will undergo a massive renovation.

Photo courtesy of Trademark Property Company

West Houston shoppers should get ready for a whole new Memorial City Mall. That's because the 1.7-million-square-foot shopping destination overseen by Metro National has hired Trademark Property Company to renovate, reimagine, and redevelop the retail space.

Plans call for redeveloping the entire 265-acre Memorial City campus as a more vibrant, upscale, integrated locale. All of it will create “a one-of-a-kind experience for shoppers and visitors through additional public spaces, increased walkability, more best-in-class retail, restaurants and entertainment uses, curated mixed-use, and a master plan for the next 50 years and beyond,” according to the press release announcing the master plan.

That plan will take firmer shape over the next 12 months, but expectations for it include a new experience on the mall's south side, where the recent closing of Sears presents a huge opportunity for retail, dining, or gathering spaces.

“MetroNational is excited to collaborate with Trademark to deliver a best of class development that will transform Memorial City Mall,” said Jason Johnson, president of MetroNational in the release. “With Trademark’s expertise in mixed-use developments and MetroNational’s six decades of experience in west Houston, the end result will be spectacular and undoubtedly benefit the community for generations to come.”

Trademark is no stranger to redevelopments like this. The mixed-use development, investment and institutional services firm, based in Fort Worth, has worked on projects like Houston's Rice Village and Market Street - The Woodlands, as well as South Victory and Galleria Dallas in Dallas; WestBend and Waterside in Fort Worth; La Palmera in Corpus Christi; and other mixed-use developments in Annapolis, Maryland and Napa, California. Trademark plans to work closely not only with MetroNational, but also community stakeholders redevelopment plans that recognize Memorial City Mall's legacy, while bringing it to the next level.

Tommy Miller, Trademark Property Company's managing director and chief investment officer said, “This strategic property is poised to enhance its position as the market dominant shopping destination in west Houston for many decades to come.”

shopping

bang for your buck

These are the 6 most affordable ZIP codes for Houston renters

Facebook / City of Bellaire, Texas

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Trying to afford buying a home in Houston is difficult enough with current mortgage rates, and doubly so if you're already paying high rent on an apartment or a house. But there are six Houston ZIP codes where renters can get the most bang for their buck, according to a new study by financial services company CashNetUSA.

To find the most affordable ZIP codes to rent in the U.S., analysts compared median household incomes by ZIP code to the average annual rent costs using the Zillow Observed Rent Index. ZIP codes where the average annual rental costs required the lowest percentage of median household income were considered the "most affordable."

Two Houston-area ZIP codes specifically stood out in CashNetUSA's ranking of the most affordable ZIP codes for renters in America: 77401 in Bellaire (No. 9) and 77094 in the Energy Corridor (No. 12).

According to the study's findings, the average monthly cost of a rental in Bellaire comes out to $2,401.25, and the median annual income of a Bellaire household is $210,577. Analysts then calculated that the annual rent of a home in the Bellaire ZIP code only takes up 13.68 percent of a household's median income, which is the ninth-lowest in the nation.

But as Houstonians know all too well, Bellaire residents aren't exactly struggling to pay their rent, seeing as they live in one of the wealthiest places in America.

Meanwhile in Houston's 77094 ZIP, annual rent costs only represent 13.88 percent of a household's median annual income. The area – which encompasses the Kingsland Estates, Green Trails, Green Trails Oaks, Windsor Park Estates, Windsor Park Lakes, and Barker neighborhoods – has a median household income of over $168,000, and average rent costs add up to $1,944.58, according to the study.

CashNetUSA found the No. 1 most affordable ZIP code for renters nationwide is 66224 in Leawood, Kansas, where annual rent only takes a 10.57 percent cut out of a household's median annual income.

Elsewhere in Texas, San Antonio's 78248 ZIP ranked as the No. 4 most affordable ZIP code for renters in the U.S., and the No. 1 most affordable ZIP code statewide. The North Texas ZIP code 75013 in Allen ranked two spots behind Houston to claim the No. 14 spot nationally.

The most affordable Houston ZIP codes for renters
CashNetUSA further unveiled the five most affordable ZIP codes across major U.S. cities, including in Houston, Austin, and San Antonio.

Following 77094 (which took the No. 1 spot citywide) is 77008 (No. 2), which spans Greater Heights, Houston Heights, Shady Acres, and Lazybrook/Timbergrove. Rent costs in this ZIP code averaged out to $1,856 per month, the report found.

Landing in the No. 3 spot is 77024, which includes four of Houston's historic Memorial Villages, including Hedwig, Bunker Hill, Hunters Creek, and Piney Point. The report said average rent in the area comes out to $1,730 per month, which takes up 16.88 percent of a household's median annual income.

The remaining top two most affordable ZIP codes for Houston renters are located in 77007 (Washington Avenue Coalition/Memorial Park, Rice Military, and Crestwood/Glen Cove) and 77345 in Kingwood, which is about 30 miles north of downtown Houston.