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Revitalization of Downtown Houston The “Out of Towners” Timothy Flusche, Ross DeForrest, Matt Morrison, William Huebner.

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Presentation on theme: "Revitalization of Downtown Houston The “Out of Towners” Timothy Flusche, Ross DeForrest, Matt Morrison, William Huebner."— Presentation transcript:

1 Revitalization of Downtown Houston The “Out of Towners” Timothy Flusche, Ross DeForrest, Matt Morrison, William Huebner

2 Downtown Development

3 Downtown Decay

4

5 Minute Maid Park Financing Architect: HOK Sport (Kansas City) Construction: Brown & Root, a business unit of Halliburton Company (Houston), Barton Malow (Southfield, MI) and Empire Construction Owner: Harris County-Houston Sports Authority Cost: $250 million Public financing: $180 million, or 68 percent, from a 2 percent hotel tax and a 5 percent rental-car tax Private financing: $52 million, or 20 percent, from Astros owners; $33 million, or 12 percent, from no-interest loan Lease: 30 years ( ); $7.1 million annually ($4.6 million rent; $2.5 million to capital improvements fund)

6 Minute Maid Park Constructed in 2000 Almost 6 Million in attendance in past 2 years Average of $28.00 a ticket brings net profit of 168 Million in only two years from ticket sales

7 Toyota Center Arena is home of Houston Rockets and many other events Average over $50.00 a ticket just for Rockets games

8 Reliant Stadium Cost $500 million Reliant Paid $300 million over 32 years for name rights Average game generates over $4 million in ticket sales alone

9 Economic Development Redevelopment of empty space and abandoned buildings New restaurants and entertainment to complement sports arenas Creates Culture Based Economy

10 Sources Website of the Houston Astros Historic Houston Robert Fisher, Urban Studies, Urban Policy in Houston, Texas City of Houston Website Midtown Redevelopment Authority


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