Cushman & Wakefield of Texas Inc.'s broker, David L. Cook, represented the landowner, Saul Friedman, et al. in the deal. Cook tells GlobeSt.com that this is one of the first parcels the sports authority has purchased for the arena and signifies the commencement of work towards on the project. Cook had been joined by fellow Cushman and Wakefield brokers, Todd A. Mason and Jeff G. Peden, in orchestrating the buy.
Cook says the tract is part of a six-block package the sports authority is putting together for the parking structure. Cook and team will represent other as-yet-unidentified landowners in the package sales. Demolition already has begun on the Block 328 property, he says.
In November, 65.5% of the Harris County voters approved the arena plan. The arena budget is $175 million. Slated for completion by Sept. 1, 2003, the arena will be used by the Houston Rockets and will be designed to handle a NHL team as well. The structure will have with 18,000 to 19,000 seats and 800,000 gross sf of space.
The city will own the land for the arena, while the sports authority will oversee construction. The city will grant the sports authority a 30-year lease on the property and will manage its use by the Houston Rockets and a potential hockey team.
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