Prices for surface parking lots near the Dallas park soared to $400 per square foot. In Dallas, land values next to Klyde Warren Park (a former urban freeway covered by green space) went up at least 60 percent in a two-year period, according to Phil Puckett of CBRE in Dallas. Land prices – and tax revenue for governmental entities go up. Property in the northeastern part of Midtown gradually becomes a desirable place for new high-rise office or residential development. Without the Pierce Elevated Wall, the two districts blend together. Removing the Pierce Elevated removes the border between Downtown and Midtown. They can serve as border walls between neighborhoods of mansions and blighted slums.
The Pierce Elevated Playįreeways create almost impenetrable barriers for development. Houston-based Boxer now controls a 17 million square-foot portfolio with over 100 properties across the nation. With an uncanny sense of timing, Segal moved in and out of various cities – buying office buildings when prices were low and selling when they were high. Simply put, Segal made a fortune with Boxer. On the buildings’ exteriors, Boxer plastered garish yellow signs inviting tenants to call “777-RENT” to lease cheap space. Boxer offered low rental rates, attracting small businesses and entrepreneurs who were starting over after the economic crash. Picking among the carnage, Segal began buying Class C office properties.
As a recent college graduate, Segal launched his investment program here in the early 1990s while Houston was still recovering from a massive economic crash with $10 a barrel oil and catastrophic jobs losses. The fact that Segal has noticed the Pierce Elevated potential is noteworthy. The removal of the Pierce Elevated will be transformative because it has served as a grotesque barrier between downtown and midtown Houston for decades. TxDOT is planning to re-route the Pierce Elevated, which is Interstate 45, and move it to the east side of downtown near the George R.
BOXER PROPERTY FIRE IN BUILDING HOUSTON TEXAS PROFESSIONAL
Joseph Professional building, which about 100 feet from the elevated freeway. HOUSTON – (Realty News Report) – Boxer Property CEO Andrew Segal, a bellwether in Houston real estate investment, has made a play on the Pierce Elevated, a downtown freeway destined to be torn down.īoxer just purchased the 136,000-square-foot St. Joseph Professional Building has been purchased by Boxer Property.
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