Here’s the latest glamour shot of Hotel Alessandra, looking sharp at the northern edge of the GreenStreet complex (and being photobombed by the former Sakowitz building from across Dallas St.). The hotel — initially planned around a 25-story question mark before it was reigned in to a less introspective 21-story design — was issued a set of floor-by-floor building permits at the end of January following its September foundation pour. Only 20 floors-worth of permits were issued, though, and Midway’s partner-in-highrise Valencia Group has updated its online description of the hotel’s specs to match the lower number since last spring.
Growing at GreenStreet
Clearly, former NBA star Earvin Johnson knows the value of renaming — and Houston Pavilions, which Magic and other investors 
Houston’s Midway Companies, along with an unnamed New York Partner, is set to acquire Houston Pavilions from the receiver who took over the Downtown mall last year, according to a report in today’s HBJ. Reporter Jennifer Dawson notes reports to the bankruptcy court indicate that the development’s retail space is now 66 percent leased, and the property has a positive cash flow — before debt service. In the year before its default, Pavilions’ original developer made no payments on its original $120.6 million 2007 loan. [Houston Business Journal; 
The Downtown Redevelopment Authority this week approved a loan of $3.3 million to the developers of the Houston Pavilions. But the mall’s developers likely won’t need to pay it back. According to a 2006 agreement that included a promised $14.3 million of TIRZ reimbursements and grants for the sleepy downtown redevelopment project, the developers would only receive the last $3.3 million payment once the retail portion of the project was 70 percent leased. At the moment — thanks in part to efforts by management earlier this year to prevent Books-A-Million from closing up shop there — the retail spaces are 62 percent full. Not a problem: The interest-only loan will tide the developers over until they can get their numbers up. 
“This was mentioned before with the Pavilions…but worth mentioning again—who designed the layout? I agree with other posters—if you drive by you hardly notice the Pavilions exist. The stores face inward so things may be noticeable if [you’re] passing (i.e. walking) through it….but not if you’re driving by from the streets. This is Houston…we don’t exactly walk outside. If the Pavilions had the resources, they should spend it on revamping the outside so people can see what businesses are there from the streets.” [
