memorial drive at loop 610, houston, tx€¦ · to the market. situated at the nwq of loop 610 and...

PINNACLE AT MEMORIAL©2019 Jones Lang LaSalle IP, Inc.

1

Simmi JaggiManaging Director+1 713 888 [email protected]

Elizabeth ClampittSenior Vice President+1 713 888 [email protected]

FOR MORE INFORMATION, CONTACT:

HOUSTON • TEXAS

MEMORIAL DRIVE AT LOOP 610, HOUSTON, TX

UPTOWN/GALLERIA

MEMORIAL DR.

N. POST OAK RD.

N. POST OAK LANE

*Artist rendering of potential future development

+/- 4.38 ACRES

CALL FOR OFFERS: JUNE 10, 2019

255,390 VPD

PINNACLE AT MEMORIAL

HOUSTON | TEXAS

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BUSINESS SUMMARY 1 MILE 3 MILE 5 MILE

Total Businesses 1,050 12,785 34,797

Total Employees 11,789 174,578 411,205

Employee/Residential Population Ratio (per 100 Residents)

8,451 142,119 513,389

TRAFFIC COUNTS VEHICLES PER DAY

Memorial Drive and N. Post Oak 12,230

I-610 255,390

DEMOGRAPHICS 1 MILE 3 MILE 5 MILE

Population 8,451 142,119 513,389

Households 4,297 70,460 231,356

Families 2,157 32,547 112,856

Median Age 49.7 39.2 35.9

Avg. Household Income $159,069 $146,518 $121,270

THE OFFERING — A PREMIER REDEVELOPMENT OPPORTUNITY

JLL is pleased to present the Pinnacle at Memorial to the market. Situated at the NWQ of Loop 610 and Memorial, the Pinnacle at Memorial is located at the epicenter of Houston’s booming Galleria/Memorial trade area. The Pinnacle at Memorial is approximately 4.38 acres (190,792.8 SF), and boasts over 700 feet of frontage along N Post Oak Road, offering unobstructed views of Memorial Park and downtown for any vertical development.

UNPARALLELED LOCATION

Nestled alongside Memorial Park with the world-famous Galleria to the south, Pinnacle at Memorial is in a rare urban environment where international business professionals, fashionistas, city dwellers and tourists from all around the globe converge to experience Houston’s finest offerings. The Pinnacle at Memorial is situated in a community of exceptional beauty, sophistication, style and international prominence in the heart of the city. Defined by its unique blend of prestigious business and residential addresses, with the best in shopping, hotels, dining and entertainment, this area is one of the world’s great urban centers. Located along Loop 610, the Pinnacle at Memorial allows convenient access to all of Houston’s main arteries. The Galleria, downtown, the Museum District and the Texas Medical Center are all easily accessible from the available site.

ECONOMIC STABILITY — SOLID DRIVERS

Located within the Houston-Galveston-Brazoria Consolidated Metropolitan Statistical Service Area (CMSA), the Property resides in the fifth largest metropolitan area in the United States. The city is 9,444 square miles and has a population of approximately 6 million people.

INVESTMENT HIGHLIGHTS


255,390 VPD

238,520 VPD


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Memorial Park is one of the largest urban parks in the nation with approximately 1,500-acres (nearly double the acreage of Central Park in New York City) with an estimated value of $1 billion. One of Houston’s best natural assets, Memorial Park includes the 600-acre Memorial Park Golf Course, the 155-acre Houston Arboretum and Nature Center, a three-mile, lighted jogging and exercise trail, six miles of multi-use trails, five softball fields, a rugby and soccer field, two sand volleyball courts, a tennis and swimming center, numerous picnic tables, grills and pavilions. Memorial Park is truly a symbol of Houston and attracts joggers, golfers and nature enthusiasts alike.

The Master Plan focuses on connectivity and access, protecting and enhancing the Park’s green infrastructure, preserving natural resources, revealing Houston’s history, and improving recreational assets and amenities for all visitors. It includes capital improvements, long-term conservation, operations and maintenance plan for the park.

The Ten Year Plan will provide ecological restoration work and capital improvements for the park including connectivity and resiliency projects, and cultural and recreational amenities.

PARK HOURS 6:00am - 11:00pm, 365 days a year

Lieberman Exer-Trail open 24 hours a day

Cullen Running Trails Center Hours ‐ Monday‐ Friday 6 am‐8 pm,

Saturday 6 am‐6 pm, Sunday 6 am‐2 pm

Memorial Park Conservancy - Dispatch

Memorial Park Conservancy - Main Office

Trail Closure Hotline

Park Permits

FOR EMERGENCIES ONLY 911

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713.853.9371 713.863.8403 713.863.8403 x1 713.863.8403

Old Archery Range (OAR)

PARK HOURS 6:00am - 11:00pm, 365 days a year

Lieberman Exer-Trail open 24 hours a day

Cullen Running Trails Center Hours ‐ Monday‐ Friday 6 am‐8 pm,

Saturday 6 am‐6 pm, Sunday 6 am‐2 pm

Memorial Park Conservancy - Dispatch

Memorial Park Conservancy - Main Office

Trail Closure Hotline

Park Permits

FOR EMERGENCIES ONLY 911

PEDESTRIAN, BIKE & EQUESTRIAN TRAILS

PEDESTRIAN ONLY TRAILSGOLF COURSE PATHSBALL FIELDSROADSPARKINGBUILDINGSBUFFALO BAYOU

TRAIL HEAD

RESTROOMS

WATER FOUNTAIN

PHONE

CROSS WALK/UNDERPASS

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PLAYGROUND

DOG WASH

CANOE/KAYAK ACCESS

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Running Trails Center

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Old Archery Range (OAR)

MEMORIAL PARKAMONG THE LARGEST URBAN PARKS IN THE NATION

*Artist rendering of proposed Memorial Park improvements


HOUSTON | TEXAS

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GETTING AROUND P O S T OA K B O U L E VA R D U P G R A D EGetting around the city is easy when you are starting at Pinnacle at Memorial. This prime location is situated close to the crossroads of 610 and I-10; and though there is currently quick access to other parts of the city via 69 and 610, upgrades underway will make travel around the city even more convenient.

Major renovations at the 69 & 610 interchange will improve safety, mobility and reduce congestion. The project involves:

• Reconstructing one-lane connectors to two-lane connectors

• Upgrading interchange to current design standards

• Adding shoulders on I-610 West main lane bridge• Adding detention ponds to eliminate major

weaving

Upgrades to Post Oak Boulevard’s infrastructure will enhance the travel experience for motorists, public transit users and pedestrians alike.


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M E T R O U P G R A D E SThe Uptown Development Authority is building a Bus Rapid Transit (BRT) project on Post Oak Blvd to deliver transit service from Westpark to the Northwest Transit Center, which is a short walk from Pinnacle at Memorial.

METRO has been coordinating with Uptown throughout the project, which began in 2013, and will provide transit service to the new center at Westpark Drive, which will serve as the terminus of the line. This new line will provide quick and convenient access to multiple Uptown destinations, including The Galleria.

WHAT’S HAPPENING


HOUSTON | TEXAS

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AMENITIES

Memorial Park is home to the 600-acre Memorial Park Golf Course, the 155-acre Houston Arboretum and Nature Center, a three-mile, lighted jogging and exercise trail, six miles of wooded multi-use trails, five softball fields, a rugby and soccer field, two sand volleyball courts, a tennis center, and a swimming center.

Situated just 3 miles from The Galleria and its vast array of retailers, Pinnacle at Memorial is less than 10 minutes from any retail destination a resident would desire: from Whole Foods to Neiman Marcus and everything in between.

Premier dining options abound in every direction. No matter your taste, you can satisfy your palette via the Uptown and Galleria area restaurants featuring cuisines from around the world. Quick bites to five star feasts can be easily had.

Pinnacle at Memorial central location is close to any type of housing desired. Multi-family, single family, condominiums and luxury units can all be found in the surrounding neighborhoods.H

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OVERVIEWUPTOWN/GALLERIA


HOUSTON | TEXAS

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The Galleria/Uptown District is Houston’s most active development market with $1 billion in new commercial activity planned and under way. Centrally located and spanning approximately 500 acres, the Galleria/Uptown District is approximately ten miles west of downtown Houston. Anchored by Post Oak Boulevard, alongside Memorial Park, and flanked by the world-famous Galleria, the District is home to 25 million square feet of commercial office space, 5 million square feet of retail space, 8,200 hotel rooms, more than 100 restaurants and a booming residential market. More than 200,000 international business professionals, fashionistas, city dwellers and tourists from around the globe converge in this area daily. Defined by its unique blending of prestigious business and residential addresses with the best shopping, dining, and entertainment, the Galleria/Uptown District is one of the world’s leading urban districts and hosts more than 24 million visitors annually.

The recent growth of the District stems from the strength of the Houston economy. Houston has been rated highly on a variety of lists recently, with many number one rankings including the Best Cities for Your Career ranking. Job creation is booming, and Houston was the first city to return all of the jobs it lost during the last economic downturn.

The Galleria District is the corporate or regional headquarters for numerous national and international companies including AON, Apache Corporation, Baker Hughes, BHP Billiton, Bechtel, Cameron International, Christus Health, Southern Union, GDF Suez Energy North America, Duke Energy, Hines, Marathon Oil, Parsons Engineering, Schlumberger, Stewart Information Services, Weatherford International, Landry’s Restaurants, and the Williams Company. The Galleria District is also home to many major commercial real estate firms in the city. Approximately 2,000 companies call Galleria home, drawn to the area’s rich amenities, convenient access to major thoroughfares, and proximity to Houston’s most sought-after residential neighborhoods.

The Galleria/Uptown District features some of the most iconic and luxurious residential developments Houston has to offer. From the nearby stately single-family residences to soaring condo towers, and everything in between, the Galleria area truly has a vibrant and diverse residential component. With property values beginning to rebound from the recent recessionary lows many developers are starting to consider new residential product in the Galleria area. Due to the lack of existing supply, new product, and the influx of new residents, the Galleria submarket has seen sale prices increase as well as increases in rental prices and occupancy rates. The Galleria/Uptown area remains one of the most popular areas for upscale living. With its close proximity to many corporate employers and the heavily forested surroundings of Memorial Park, it is no surprise that the area is also one of the most densely developed areas in all of Houston.

• One of the largest business districts in the nation, ranked 15th overall in the US in terms of office space.

• Home to approximately 2,000 companies with 80,000 employees, ranging from small- to large-sized commercial businesses, representing a variety of diverse industries including prominent energy, financial, real estate and professional services companies.

• With 2.4 million square feet and more than 400 stores and restaurants, the Galleria is ranked as the largest mall in Texas. The Galleria is anchored by two Macy’s, Neiman Marcus, Nordstrom, and Saks Fifth Avenue and averages approximately $900 in sales per square foot.

• The Galleria/Uptown District is the most sought-after tourist destination in the city, and the Galleria, itself, is the number one shopping and tourist attraction in Houston.

• The Uptown Houston Tax Increment Reinvestment Zone #16 (TIRZ) and the Uptown Development Authority work in tandem to encourage new development and grow Uptown Houston’s tax base.

• Uptown’s TIRZ is implementing a plan to mitigate traffic congestion. This plan includes an overall budget of $235 million for local mobility improvements during its 30-year life.


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The Houston Metropolitan Statistical Area (MSA) encompasses 10 counties and 9,444 square miles, boasting an economy that produces more goods and services than all but 21 nations worldwide. Houston is the fourth most populous city in the nation, trailing only New York, Los Angeles and Chicago, and is the largest in the southern U.S. and Texas. Houston is also the fastest growing metro area in the nation (adding more than 1.2 million residents from 2000 through 2010) with the nation’s second youngest median age among large metropolitan areas in the United States. Historically the heart of the global energy business, Houston’s title of “Energy Capital of the World” has been firmly secured by the continued growth and expansion throughout this critical industry.

Houston is home to the Texas Medical Center (located 5 miles southeast of the Site) that has an annual economic impact of $20 billion and employs approximately 106,000 employees. Texas Medical Center also is an academic center of the Southwest with more than 360,000 students enrolled in local universities, colleges and institutions. Additionally, Houston is home to 413 chemical plants employing over 33,100 people, more than 300 electronics manufacturing plants employing over 27,500, more than 250 software development companies employing 50,000+ and 67,000+ engineers and architects employed at more than 1,900 firms. Houston is also home to the 1,650-acre NASA Johnson Space Center (25 miles southeast of Highland Village) that has an annual economic impact of $4.5 billion and employs approximately 14,000 engineers, scientists and administrative personnel. Additionally, Houston is the birthplace of nanotechnology and the Texas leader in plastic and resins with 47 plants located within the MSA and more than 235 manufacturing establishments for plastic and rubber products.

Houston offers its residents and businesses high quality-of-life attributes including a low cost structure, no state income tax, abundant tax incentives, ample cultural and recreational resources, quality public education, good weather and easy access to public services. Additionally, according to a recent Occupational and Employment survey, Houston workers are paid more than the national and the state averages.

Statistics released by the U.S. Bureau of Labor Statistics (BLS) show that the average wage paid to Houston workers is 5% higher than the national average and 10.2% higher than the Texas average.

Highly regarded as a business-friendly destination for Corporate America, the city of Houston ranks second nationwide (trailing only New York City) with 26 Fortune 500 companies headquartered here. As a result, Houston has received numerous national accolades including recent recognition by Site Selection Magazine as the number one metro area in the nation for corporate location, relocation and expansion. This is the third time in four years the Houston metro area has taken the top spot, logging 325 new and expanded facilities to garner the honor. This ranked Houston ahead of second-place Chicago, which had 311 projects, and third place Dallas/Fort Worth with 224 projects. The combination of these attributes makes Houston a highly desirable location for businesses.

HOUSTONOVERVIEW

Houston has received numerous national accolades including recent recognition by Site Selection Magazine as the number one metro area in the nation for corporate location, relocation and expansion


HOUSTON | TEXAS

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Houston’s Cost Advantages

Houston has a superior reputation worldwide for being a business-friendly destination for corporations and their employees. The lack of state and city taxes on personal and corporate income and some of the lowest housing and living costs within the top 20 major U.S. metro areas are among the many motivations for businesses to reside in Houston. Additionally, the city’s central location and excellent transportation infrastructure further enhance Houston’s appeal to local, national and international companies with an interest in logistical efficiency.

Local office rents also remain among the most competitive of major U.S. cities. Houston is the nation’s sixth-largest office market, and more than one-half of the world’s largest non-U.S. based corporations have major non-retail operations here. Houston also has a strong international presence as over 3,500 firms and organizations report business dealings in over 200 countries worldwide. Houston ranks second in the nation in terms of available convention/special event space, with more than 2.5 million square feet of convention facilities.

Houston: An International and Cosmopolitan City

Houston is an international, entrepreneurial, diverse, cosmopolitan city in which 92 countries have consular offices (the third highest in the nation), and more than 90 languages are spoken throughout the Houston area. Houston has a Theater District second only to New York City with its concentration of seats in one geographic area. Located downtown, the 17-block Theater District is home to eight performing arts organizations with more than 12,000 seats. In addition, Houston has a unique Museum District offering a range of museums, galleries, art and cultural institutions. Houston has more than 500 cultural, visual and performing arts organizations, 90 of which are devoted to multicultural and minority arts and is one of five U.S. cities that offer year-round resident companies in all major performing arts.

Houston: A High End Shopping Destination

Houston is home to a number of thriving high end luxury retail centers all of which contribute to its’ well-deserved reputation as a top tier shopping destination. Luxury retail is thriving and is expected to continue with a number of labels having recently made their Texas debuts in Houston over the past few years. The strength of the energy industry in Houston coupled with the remarkable population growth should attract additional luxury retailers. While many big-box chains are downsizing nationally, the number of luxury retailers here have been increasing. The geographic heart of Houston luxury retail is Uptown District and the western portion of the Inner Loop area, which includes the Highland Village Shopping Center, the Galleria, Uptown Park, BLVD Place, River Oaks Shopping Center, Upper Kirby District, Rice Village and West Ave.

Houston’s Young, Well-Educated, Expanding Population

In addition to its exceptional population growth, the Houston metro area also boasts a young and well-educated population. According to the Census Bureau’s American Community Survey, Houston has the second-youngest median age among large metropolitan areas in the United States. Houston is the fourth-largest city in the United States with a population of 2.3 million people, while the Houston MSA is now the fifth-most populous metro area with 6.4 million residents. During the last decade, Houston was the fastest growing metro area in the United States, adding more than 1.2 million residents. According to a study by the Kinder Institute for Urban Research, this growth represents more people in the past decade than the population growth in the New York and Chicago metropolitan areas combined. Houston has capitalized on its proximity to Latin America, its emergence as a major destination for immigrants from around the world, the area’s pro-business policies and low cost of living.

Texas Medical Center

The healthcare industry continues to be another significant economic driver in Houston, adding 9,600 local jobs on average within the past 5 years, representing a growth rate of 6.5%. The epicenter of Houston’s healthcare presence is the internationally recognized Texas Medical Center (TMC).TMC is the largest medical center in the world and has more than 7.1 million patients annually, of which approximately 16,000 are international patients. TMC is situated on 1,300 acres just outside downtown Houston and is comprised of 280 buildings—including 21 academic institutions and 14 hospitals—totaling 45.5 million gross square feet of patient care, education and research space. Together TMC’s 51 member institutions employ more than 92,500 people, making it Houston’s second-largest employer outside of the CBD. Texas Medical Center has a regional annual economic impact of $14 billion. $7.1 billion was approved for building and infrastructure improvements that were initiated in 2008.

Simmi JaggiManaging Director+1 713 888 [email protected]

Elizabeth ClampittSenior Vice President+1 713 888 [email protected]

FOR MORE INFORMATION, CONTACT:

©2019 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the accuracy thereof.

*Artist rendering of potential future development


memorial drive at loop 610, houston, tx€¦ · to the market. situated at the nwq of loop 610 and...

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