DISTRICT PROJECT IS UNDERWAY
The City of Houston and Houston First Corporation recently announced the successful sale of approximately $1.38 billion of Hotel Occupancy Tax and Special Revenue Bonds to fully fund the first phase of the Convention District Transformation Project. Made possible by strong city leadership and Houston’s growing economy, the full financing of this initial phase of the master plan sets the stage for future phases that will further redefine downtown Houston and enhance the city’s position as a top-tier convention and entertainment destination.
The first phase of the transformation project includes GRB South, a new 700,000-square-foot building that will directly connect to the existing George R. Brown Convention Center, as well as a new 100,000-square-foot pedestrian plaza connecting the facility to Toyota Center. Building on the city’s unique layout – boasting three major sports venues within a several-block radius of its convention center – the evolution of the George R. Brown Convention Center will transform underused blocks into a thriving, walkable district, setting the bar for convention and entertainment-centered development around North America.
“The overall success of this bond sale speaks to the confidence the markets have in Houston as a city moving in the right direction,” said Houston Mayor John Whitmire. “This project has been a priority of mine since I was a state senator, and I’m excited to see it materialize as Mayor and set the tone for what the future of Downtown Houston will become.”
Houston First and the City structured the bond financing with three critical objectives: affordability, flexibility, and multiple pathways to access future funding. All three objectives were achieved.
“We could not be more pleased that we have reached this important milestone in this generational project for Houston,” said Michael Heckman, President and CEO of Houston First. “This is a highly complicated and ambitious project, but we have set a standard for how to move an initiative of this scale forward efficiently and effectively and bring it to market.”
Designed to attract the leading events in the industry as the most sellable and innovative convention facility in North America, the initial expansion will feature two exhibition halls, flexible indoor/outdoor and atrium space, the largest ballroom in Texas, and dedicated ground-level spaces for retail and restaurants, all designed with inspiration drawn from Houston’s bayous and native prairie landscape. On schedule to open in May 2028, the building’s environmental footprint will be reduced through the incorporation of low-carbon materials, high-efficiency building systems, and native landscaping in a new expansive living roof, with potential solar integration.
For more information: www.houstonfirst.com.
