Houston based real estate private equity firm, Three Pillars Capital, has grand plans to transform the area surrounding NRG stadium with City Center like development consisting of luxury apartments, high end restaurants, bars and retail shopping. The firm plans to acquire all the land between Kirby Drive and Main Street by acquiring all the existing multifamily properties, hotel, strip centers and storage facility. The firm has been on a buying spree and recently completed a rumored a $100M acquisition to kick off its master plan.
Three Pillars’ CEO, Josh Welch, said, “We are extremely excited about this covered land play. If you look on a map between Kirby & Main, Westridge Street is the last bit of remaining under-valued real estate. The acquisition represents a way for us to cash flow until we begin our plan to redevelop the area. It’s an extremely high traffic area and Westridge feeds right into NRG Stadium. We want to transform that whole area with mixed use construction offering high end apartments, shopping, restaurants and bars. On one side you have NRG Stadium and on the other side you got brand new multifamily development, which shows inflow of smart money.
There are too many buyers competing to buy out the properties on Westridge Street. We’ve taken a big bite out of it with our recent acquisition and in the process own more than one million square feet of contiguous land. But we are not done yet. Our next plan is to buy out the remaining multifamily properties, the strip centers, hotel and storage facility between Kirby and Main. With that we would own all the contiguous land right next to NRG stadium. We already have our investors excited about being part of a transformational project of this magnitude next to the iconic NRG stadium & Texas Medical Center, which has a ton of new development plans of its own.
It’s remarkable that such a young firm is able to compete and acquire such prized real estate, a true sign of smart investing by Josh Welch. Mr. Welch said “Investors often look to acquire shiny real estate that dozens of other firms are chasing. We look to acquire under-valued real estate that will create immediate cash flow and big pay offs for us in the future.” Such a redevelopment around NRG and Medical Center area would truly transform the area around NRG stadium and create thousands of new jobs and improve the value of the area. Having high end bars and restaurants on Westridge Street would also offer event goers at NRG Stadium a place to entertain before and after events.