The acquisition solidifies the city's ownership of the"Superblock" in front of the George R. Brown Convention Center anda block immediately to the west. The land tract will become part ofa $35-million, 13-acre urban central park, which is expected to beopen in 2007. The park design is scheduled to begin in 2005, withconstruction expected to start in 2006.

Houstonians have called for the park to be named after MayorBill White, who led the charge for the urban park. White currentlyis working to obtain private funding to complete the acquisitionand park development. No funds will be derived from property taxrevenue.

In a press release issued this morning, Fort Worth-basedCrescent reported proceeds were used to pay down its revolvingcredit facility. Crescent is the largest property owner in downtownHouston with 11.2 million sf of office space. It is in the midst ofselling non-core assets. Earlier this year, it placed 11 acres ofdowntown land in Houston up for sale.