With the first leg of the light rail now open, city officials approved a 72-mile extension of the Metro Solutions Transit System. Traffic is a detriment right now, but the improvements being made to several major arteries in the city will deliver a big payoff, David Gaines, vice president of business development for locally based Stewart Title Co., tells GlobeSt.com. Expansions and upgrades are underway on Interstates 10 and 45, the 610 Loop and US Highway 290.
Gaines says several downtown street projects completed prior to the Super Bowl are sparking additional development from lofts to entertainment venues. He cites the growth of the apartment market, with high-rises in downtown and the Galleria, as strong evidence that more people are preferring to live, work and play in the same neighborhood, a positive for the real estate market.
"The word is out," Chip Clarke, Southwest region president for Houston-based Transwestern Commercial Real Estate Services, tells GlobeSt.com. "Houston's strong economic drivers and significant infrastructure investments within our community have provided a solid foundation to fuel what would otherwise be a lagging economy."
Pam Lovett, president of the Greater Houston Partnership's economic development council, says the public has shown great tolerance of the ongoing construction because they realize the long-term benefits. "Improved mobility due to the infrastructure improvements leads to a lot of renovation," she says, adding the impact already is visible in many changing streetscapes.
Market reports across the board show the Houston market is gaining strength. O'Connor & Associates' quarterly apartment performance update says developers are building more complexes with direct freeway access, allowing resident commuters to avoid side streets.And O'Connor's team says in its office report, major sporting events places Houston in a positive light. Gaines agrees, stressing events like the Super Bowl and the All-Star game have been good marketing tools for the city. "They're getting a look at this town, where otherwise they might never have noticed it," he says.
As a member of Stewart's national division, Gaines crisscrosses the country's metros for clients. "I personally think that Houston is one of the best markets in the country, probably in the top three," he says.
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