The ground-breaking is taking place nearly nine months after the project had been made public. The development will be located at 1401 McKinney and is an expansion of Houston Center, a large collection of office towers, retail space and a hotel owned by Crescent since 1997.
The building is only a few blocks from the city's new stadium, Enron Field, and is part of a rebirth of the Eastside of Downtown. Nearby, work already is under way to turn Texaco's old headquarters building into a new Ritz-Carlton hotel. And a proposed basketball arena--which faces a test at the ballot box Nov. 9--could bring additional vitality to the Eastside.
The original Houston Center development dates back to 1970, when Texas Eastern Corp. developed the project. JMB Realty of Chicago had bought the development in 1989 for about $400 million. Eight years later, Crescent had picked it up for about $325 million. The deal had included the office complex, a Four Seasons Hotel, a high-rise apartment building, the Park Shops shopping center and 20 acres of mostly vacant land.
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