It only makes sense being on the Fannin South station and all.
Jan. 21, 2007, 9:05AM
AstroWorld site's transformation surges ahead
Group seeks city designation to aid in acreage's development
By NANCY SARNOFF
Copyright 2007 Houston Chronicle
The investment group that bought the former AstroWorld site is moving forward with plans to redevelop the 104-acre property.
Angel/McIver Interests is seeking the creation of a municipal management district for the site.
The special district would help finance infrastructure, such as roads and drainage systems, as well as parking facilities, landscaping and security, according to Robert Randolph, an attorney working with the Conroe-based company that bought the acreage last summer.
The investment group is planning a mixed-use transit-oriented development for the former theme park land. It would include high-density residential units, offices, shops and a hotel.
The management district would sell bonds to build the facilities, as well as collect taxes, user fees, parking revenues and potentially levy special assessments on property owners to pay for the bonds.
Part of the plan includes a proposal to reroute the light rail line through the property.
A Metro spokeswoman said the Metropolitan Transit Authority has requested a proposal from Angel/McIver, but it has not yet received it.
Management districts are meant to promote employment, economic development and public welfare in commercial areas.
Other Houston-area districts include downtown, Uptown, Greenspoint, Upper Kirby, Westchase and the Energy Corridor.
The Legislature approves the districts and initially appoints their boards.
Angel/McIver could not be reached for comment.
AstroWorld closed in 2005 after 37 years in business. Park attendance had been waning, while the value of the real estate had risen.
Angel/McIver signed a contract last year to buy the site from Six Flags for $77 million.
To be sure, the area has been in transformation.
While there are still numerous industrial developments there, townhome builders have been adding new housing and investors have been snapping up parcels and betting on the area's future potential.
Located just outside of the 610 Loop between Fannin and Kirby, the former AstroWorld site is near Reliant Park, the Texas Medical Center and Metro's light rail line.
http://www.chron.com/disp/story.mpl/...z/4484877.html