real estate news

Memorial City developer acquires all of CityCentre's retail properties

Many of the businesses are adjacent to this green space.

Photo by ShauLin Hon

One of Houston’s premier shopping and dining destinations has a new owner. Houston-based real estate developer MetroNational has acquired the retail portions of CityCentre from Midway, which is also a Houston-based real estate developer. Terms of the deal were not disclosed.

Notably, the deal includes an over 300,000-square-foot property that’s home to more than 20 restaurants — ranging from casual concepts such as Hopdoddy, Grimaldi’s, and Bellagreen to more upscale options such as Daily Gather, the Capital Grille, North Italia, and Eddie V’s Prime Seafood — as well as retailers such as Kendra Scott, Sur la Table, and Warby Parker. It also includes entertainment destinations such as movie theater Star Cinema Grill and upscale bowling concept Bowl & Barrel.

However, the deal does not include The Moran hotel or CityCentre’s office buildings or apartments. Midway will retain ownership of those properties.

Since MetroNational also owns the 300-acre Memorial City complex, its holdings now consist of several large tracts that run along the south side of I-10 from Bunker Hill Road to the Sam Houston Tollway, including Memorial City Mall, Gateway Memorial City, Hotel ZaZa Memorial City, and Memorial Hermann Tower. Earlier this year, MetroNational added the 15-story office tower at 990 Town & Country Boulevard. It also has holdings north of I-10, including Greenside, a new project that will transform former industry buildings into retail and dining spaces. In total, it owns more than 10 million square feet of commercial real estate.

“For the last 15 years, we have watched and admired how well Brad Freels and Midway have enhanced the customer experience with the CityCentre offering,” MetroNational CEO Jason Johnson said in a statement. “We believe CityCentre is a legacy asset that will perform for many more decades. Together, Memorial City and CityCentre expand the footprint of premier amenities, supporting our vision for a ‘city within the city.’ This transaction not only enhances our portfolio but also underscores a long-term commitment to positioning Memorial as one of Houston’s most dynamic business and leisure destinations.”

Just as it did for Greenside, MetroNational is working with Houston’s Radom Capital to “reimagine and elevate the retail experience at CityCentre,” according to press materials. Radom is known for developing a number of mixed-use developments, including MKT Heights, the Montrose Collective, and the historic Tower Theater complex and adjacent buildings on lower Westheimer.

“We are proud to partner with MetroNational and CityCentre on this exciting opportunity,” added Steve Radom, managing principal of Radom Capital. “Their vision for vibrant, connected destinations aligns perfectly with our commitment to delivering best-in class spaces that bring people together.”

wasting away

3,500-home community for 'active adults' approved for Galveston Bay tract

Residents of a Latitude Margaritaville community riding golf carts.

Photo courtesy of Minto Communities

The parrothead ethos lives on.

Jimmy Buffett may be gone, but the Parrothead ethos of chilling on the water lives on. Minto Communities announced this week that they would be opening Latitude Margaritaville Galveston Bay, a 3,500-home active adult community aimed at residents 55 years and older. Opening of the sales center and model park is targeted for first quarter 2028. This will be the first Latitude Margaritaville community in Texas.

“This is an exciting milestone for Minto as we expand into Texas and introduce Latitude Margaritaville to the Greater Houston market,” said Minto Communities executive Dutch Neuweiler. “We appreciate the thoughtful engagement and support of Texas City officials throughout this process and share their vision for creating a community that will have a positive impact well beyond its boundaries. With its location on Galveston Bay and access to everything the surrounding area has to offer, we believe this is an exceptional setting those interested in the iconic lifestyle our communities provide.”

The Latitude Margaritaville brand of communities launched in 2017 in Daytona Beach, Florida as part of the late singer's massive brand corporation dedicated to easy living, music, beaches, and food. Aimed at retired adults, they offer access to polls, lounges, theaters, spas, and work centers on top of prioritizing ocean views from the homes.

There should be no shortage of ways to see the water in the Galveston Bay community. The 1,318-acre property is located between State Highways 3 and 146, north of the Emmett F. Lowry Expressway and extending toward Moses Bayou. Texas City Commission has approved the Planned Unit Development (PUD) and Development Agreement (DA).

“Margaritaville has a strong commitment to Texas, and Galveston Bay is a perfect place to bring the Latitude Margaritaville lifestyle to life,” said Jim Wiseman, president of development at Margaritaville. “There’s something special about life along the Gulf — the water, the energy, the music, and that unmistakable sense that you’re never too far from a good time. Together with Minto and Texas City, we’re creating more than a community. We’re creating a place where neighbors become friends, every day feels a little more like vacation, and the Margaritaville state of mind comes naturally. We very much appreciate the positive vote and look forward to the road ahead.”

Minto Communities says the development will create 1,742 permanent jobs and generate $68.8 million in annual labor income in Galveston County. No pricing information has been provided yet, but prospective residents can find more information at LatitudeMargaritaville.com.