Houston's new downtown park has proven to be fertile ground. New development is sprouting up around the park faster than mushrooms in a damp cow pasture.

The 12-acre park is called Discovery Green. I was never wild about the name selected for the park and its location by the George R. Brown Convention Center is not ideal because the convention center is kind of a hulking neighbor. But real estate developers have discovered the opportunities near the park in a major way.

Three major high-rise developments are under construction or recently completed. It does not seem possible that a park could stimulate that kind of growth, but it’s true.

The 29-story Discovery Tower office building, 1501 McKinney, is one of a handful of high-rise office towers being constructed in the nation. Trammell Crow, the developer of the project, has already leased the entire project to the Hess energy company and the building is being renamed Hess Tower. The high rise will open next summer.

Having a view of the park, and knowing that the urban vista there isn’t going to be obstructed with another high rise, had to be a selling point for the decision-makers at Hess who decided to lease the building.

“You could speculate that given the alternatives that Hess had, (the park) had to be one of the factors that was attractive to them,” says downtown real estate broker Mike Hassler of CB Richard Ellis.

Apartment developer Marvy Finger of Finger Cos. Recently completed a 37-story residential tower across the street from Discovery Green. Monthly rents at Finger’s 346-unit project, called One Park Place, start at $2,300. For a cool $12,000 per month, you can rent the luxurious penthouse on the 37th floor.

In terms of attracting tenants, the close proximity of the park has been a real draw, particularly for residents who want to take advantage of Discover Green’s dog run.

“Dog owners really love it,” says Stephanie Cain, a leasing agent at Finger’s project.

Just a couple of blocks away, Nick Massad of American Liberty Hospitality is developing a 22-story Embassy Suites hotel. The 262-unit hotel, 1515 Dallas at La Branch, is expected to open in 2011. The $55 million Embassy Suites will be an addition to Houston’s arsenal of offerings when the city is competing to be selected as a site for a convention.

When you combine all three projects, it represents one of the strongest patches of new construction anywhere in Texas. Typically, new roads and freeways, stadiums or special tax districts are credited for stimulating new development and growth. But Discovery Green has proven that parks can create significant growth, as well.

“It did generate activity. That is why (Mayor Bill) White was a big proponent of it” said Hassler. ”White has always been a big proponent of (Discovery Green) being a stimulus in that area and raising the tax base, which it has.”

However, we may have seen the end of the line. With the economy in a squeeze, it is extremely difficult for real estate developers to obtain financing for new projects. More construction could happen around the park someday, but don’t look for anything to be announced in 2010. So if you go down to ice skate at Discovery Green over the holidays, take a look at those new buildings around you. You aren’t just skating in a park; you’re skating in a catalyst for economic development.

Ralph Bivins, former president of the National Association of Real Estate Editors, is editor-in-chief of RealtyNewsReport.com.