The $9.7 Million Corner Lot

Corner of Braeswood and Main

Buried at the end of a Houston Business Journal report on a new Hilton Garden Inn that’s going to replace the Droubi’s boxcar at 7807 Kirby, between South Main and OST, is this gem:

Moody National had been on the hunt for more property in the area, and was especially interested in finding more land next to the Hilton site to create a larger footprint for the project. . . .

A 1.2-acre vacant lot on the northeast corner of Main and Braeswood, across from Moody National’s Residence Inn, also caught the developer’s eye, but the price was too high there as well. Moody says an offer of $140 per square foot was rejected by the owner, who said he would entertain an offer of $185 per square foot.

“The land has been extremely hard to come by,” Moody says.

Sure, that’s expensive, but there’s a premium for waterfront property.

Photo: Bradley Broom