Press Release | PM Realty Group and Atlas U.S.A. Holdings Announce Mixed-Use Development in Energy Corridor
January 15, 2014
PM Realty Group (PMRG) announced today it will lead the redevelopment of a recently purchased 35-continuous-acre tract, the current location of ExxonMobil Chemical Company, in the heart of Houston's Energy Corridor. The site offers prime frontage along Interstate 10 and Memorial Drive, and borders Terry Hershey Park, a 500-acre public park that winds through the Corridor, connecting neighborhoods and businesses with 11 miles of wooded green space. ExxonMobil Chemical Company will remain at the site before moving to North Houston in 2015.
“Our vision is to create a strong sense of place within a premier business community. Here, all of the corporate user’s needs will be met in one location, unlike the single purpose office park that forces users into automobiles to obtain amenities and services,” said Dan Leverett, PMRG Executive Vice President, Managing Director, Development.
Making a billion-dollar investment over the next 10 years is Atlas U.S.A. Holdings LLC (Atlas) which owns, acquires and develops real estate throughout the United States, including major projects in California, Florida, New York and now Texas.
Atlas and PMRG plan to create a high-density sustainable community built on the principals of New Urbanism: walkability and connectivity; a mix of shops, restaurants, hotel, meeting space, offices, and residential; density and diversity of people; quality architecture and urban design; creating a pedestrian-and-eco-friendly environment that offers a higher, healthier quality of life.
“Location is everything, and this coveted property is in one of Houston's fastest growing markets. Additionally, it's one of few remaining large tracts available and equal in size to City Centre. These attributes led us to Atlas, a long term investor, to acquire the site in one of the largest local real estate transactions of 2013,” stated Rick Kirk, PMRG Chairman and Chief Executive Officer. “Together, we intend to transform this highly desirable land into a distinctively special development, unparalleled in the Corridor, in which to live, work, play, and learn.”
Atlas stated how pleased they are to be collaborating with PMRG on this transformational project. Based on PMRG’s track record of success in Houston, and other major markets, Atlas has every confidence that together they will create a mixed use community that will prove attractive to businesses, retailers and hoteliers, and provide highly attractive residential opportunities.
“This site in the heart of the Energy Corridor, is without question one of the best in Houston, a city which is now a model for new development projects in the United States,” said Tim Relyea, Cushman & Wakefield Executive Vice Chairman, Brokerage. “Finding this size of tract within close proximity to the city is getting harder and harder to come by, so it represents an excellent development opportunity.”
About Houston and the Energy Corridor
Diverse, multi-national companies and a high volume of office space has made the Energy Corridor one of Houston’s fastest growing submarkets. The district, loosely bordered north to south by Interstate 10 (the Katy Freeway) and Briar Forest Drive, and east to west from Kirkwood Road to Barker Cypress, employs more than 84,000 and is growing at a rapid rate.
Houston is currently ranked as the fastest growing economy in North America by the Brookings Institution, and recently was named one of the most affordable, diverse, and cultural cities in which to live.
Distinguished as one of only two of America’s top 20 metropolitans to regain all jobs lost in the recent recession, Houston today leads the nation in annual job growth and effective rent growth. Houston is home to twenty-five Fortune 500 headquarters, ranking second in the nation behind New York. Of the world’s 100 largest non-U.S.-based corporations, more than half have non-retail operations in Houston. Houston is the domestic and international center for virtually every segment of the petroleum and natural gas industries, earning its title as the “Energy Capital of the World.”
Houston’s strong economic base and affordable business and living costs continue to attract new citizens and businesses, giving Houston the strongest office market fundamentals of any major metropolitan area in the U.S. Sunbelt.
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors insurance companies and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities. Currently, PMRG is developing a 40-story, upscale multi-family project at Weslayan and Alabama, and 1.5 million square-feet of office and mixed-use development in core areas of Houston.
PMRG’s goal is to generate exceptional returns for their clients and investors by focusing on real estate fundamentals. All inquiries and requests for additional information should be directed to PMRG Dan Leverett, 713.209.5898 or firstname.lastname@example.org www.pmrg.com.
About Atlas U.S.A. Holdings LLC (Atlas)
Atlas is a US based company, which selectively acquires and strategically develops real estate projects to transform and enhance commercial, luxury residential, resort and even entire communities. Atlas’ current portfolio includes projects in California, Florida, New York and now Texas. All inquiries and requests for additional information should be directed to PMRG’s Dan Leverett, 713.209.5898 or email@example.com www.pmrg.com.