If the purchase deal can pass City Council, the Water Wall next to the Williams Tower will go from developer amenity and vacant-lot placeholder to actual Galleria public park:
The seller is an affiliate of Houston-based Hines Interests LP, which originally developed the Water Wall and adjacent Williams Tower along with Transco Energy Co. in the 1980s. The skyscraper, Water Wall and green space have changed hands over time, but went back under Hines-related ownership earlier this year when they were acquired by Hines Real Estate Investment Trust Inc.
The city is expected to pay $8.5 million for the Water Wall and the three-acre park where it sits.
How good a real estate investment was that fountain back in 1985?
The land was most recently appraised at $3.8 million, according to Harris County Appraisal District records. But [Mayor] White and [Uptown TIRZ administrator John] Breeding said the $8.5 million price was well below market rates, which occasionally have gone as high as $200 per square foot, which would have amounted to a $24 million selling price.
- City makes splash with Water Wall [Houston Business Journal]
- $8.5 million deal assures Water Wall will survive [Houston Chronicle]
Photo: Dave Thomas