I know this is a little old, and it might be posted on here, but has anyone heard of any new high-rise development proposals for that piece of land in Clear Lake that Hakeem "THE DREAM" Olajuwon purchased. Man, I bet that strip of Nasa RD 1 will soon be full of high-rise residential. If Endeavor is successful, then you know this will happen sooner than later.
Here's the article....
Former Rocket acquires historic site along Clear Lake
Olajuwon scores again
By NANCY SARNOFF
Copyright 2006 Houston Chronicle
Former basketball star Hakeem Olajuwon has purchased the historic West mansion along Clear Lake, a Mediterranean-style estate on 41 acres of prime property.
Built in 1929 and designed by prominent architect Joseph Finger, the home at 3303 E. NASA Parkway was built for the family of oil, lumber and cattle baron James Marion West. His son, Jim West Jr., was a colorful millionaire known as "Silver Dollar Jim" because of his penchant for showering silver dollars on those around him.
Olajuwon, who bought the property for an undisclosed price, is planning to sell it to developers, who could build high-rise residential buildings, retail centers or medical facilities there.
"It's a typical Hakeem move of buying the primo site," said David Cook, a real estate broker with Cushman & Wakefield who represented Olajuwon in the purchase and is now marketing the property for sale. Olajuwon bought the property from the Pappas family of Houston, which owns restaurant chains.
Although he no longer lives in Houston, Olajuwon has become an active real estate investor in the city.
Over the years, the retired Houston Rockets center has purchased many high-profile sites, including the southwest corner of Kirby Drive and the Southwest Freeway, the city's former Federal Reserve Bank building, the old World Trade Center building near Minute Maid Park and a historic downtown bank building, which he turned into a mosque. He's made millions on the sale of many of these properties.
Olajuwon, who now lives in Jordan, could not be reached for comment. It is expected that the property will be divided and sold in parcels, similar to what he did with land he acquired at Kirby and the Southwest Freeway, according to Cook. What was once the Westheimer Transfer & Storage facility is now a CVS and Chick-fil-A.
A 35,000-acre spread
Surrounded by mature trees and Spanish moss, the West estate was part of 35,000 acres that the family patriarch assembled in the 1920s, according to the Houston Architectural Guide. A portion of that property is now the Johnson Space Center.
Located in Pasadena, the entire property is appraised at just over $3 million, according to the Harris County Appraisal District, but its market value is much higher.
Property along the water in this rapidly growing area is selling for an average of between $25 and $30 per square foot, according to the Bay Area Houston Economic Partnership.
Developers have been grabbing land around the lake for high-rise residential, hotel and other real estate projects.
"There's a bunch of people that would love to have that mansion," said Barbara Cutsinger, marketing manager for the Bay Area group. "It's one of the most beautiful settings."
Immediately adjacent to the estate, a developer is selling upscale townhomes for between $300,000 and $500,000.
The company says on its Web site that the project's "Italianate-styled architecture" was inspired by its neighbor, the West mansion.
The house has been vacant for many years and is in need of serious renovations.
Legend has it that the family moved to River Oaks after Jim West Sr. died, stipulating in his will that the home on Clear Lake would never be used as a residence again. It stayed vacant for decades and was often the target of vandals.
It later became the Lunar Planetary Science Institute, and some of its interior architectural charm was replaced by commercial embellishments like acoustical tile ceilings.
What's next?
Now that it has a new owner, the property's future is unclear.
Its designation as a recorded Texas Historic Landmark and its placement on the National Register don't preclude it from being demolished, according to the Greater Houston Preservation Alliance. It does, however, allow for substantial tax benefits if someone wanted to restore it.
"The West mansion is the most significant and visible historic landmark in that part of Harris County," said Ramona Davis, executive director of the alliance. "We're encouraged that the West mansion is now owned by someone who has the resources to restore this beautiful house to its former grandeur."