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August 18, 2005
The latest Dome redevelopment plan
Following on these earlier posts (here and here), this Chronicle story reports that an outfit named Astrodome Redevelopment Corp. has obtained a preliminary $450 million financing commitment to redevelop the Astrodome into a Gaylord Texan-type hotel and entertainment complex. Astrodome Redevelopment Corp. is an investment company comprised of Oceaneering International Inc., a publicly traded firm working in engineering, science and technology; URS, a large architectural and design firm; NBGS International, a theme park developer; and Falcon's Treehouse, a Florida-based design firm.
Emphasis here should be on the word "preliminary." A project of this magnitude would entail working out huge problems, such as how an additional 1,200 rooms can be justified to lenders and equity investors in light of Houston's current glut of hotel rooms, parking woes during football games and the Houston Livestock Show and Rodeo, and the dubious nature of the pitiful Astroworld Six Flags Amusement Park across the freeway from the Dome as a draw for the hotel. As a result, my sense is that this deal will never come together, but crazier financial decision have been made -- just look at the Metro Light Rail line! ;^)
Anne Linehan over at blogHouston.net summarizes local reaction to this latest Dome boondoggle.
Posted by Tom at August 18, 2005 10:32 AM
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� The Astrodome Hotel boondoggle from blogHOUSTON
So, some group has obtained funding to turn the Astrodome in to a hotel/village. What a ridiculous idea.
Sedosi, Tom Kirkendall and Owen Courreges covered the main problems of this impending... [Read More]
Tracked on August 18, 2005 08:02 PM
Comments
Does anyone know the web address for the Astrodome Revelopment Corp.? Thanks.
Posted by: Tom at December 18, 2005 08:12 AM
Tom, I looked for one, but I didn't find one.
Posted by: Tom K at December 18, 2005 10:59 AM
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