This past November, the Astrodome Conservancy introduced Vision: Astrodome, a redevelopment concept that would return the Eighth Wonder of the World to its former glory. Recently, the conservancy has released a new, updated plan for the Houston Astrodome development project, including a new financial analysis that reveals its potential to generate $1.5 billion in economic impact.
In the updated concept for its proposed Vision: Astrodome redevelopment project, the conservancy proposes repurposing the Astrodome into a mixed-used sports and entertainment venue that includes hotel, retail, office, and restaurant space. Gensler, an architecture firm based in San Francisco, would head the design.
In its previous proposal this past November, the Astrodome Conservancy announced its redevelopment project would requirement an investment of $1 billion. However, the conservancy has since adjusted that value to $840 million, per the aforementioned analysis. The redevelopment would be funded in part public, part private: foreseeing a public investment of $270 million and private investment of $570 million.
The analysis was conducted in coordination with LeVass Ventures real estate development firm based in Houston and the Astrodome Conservancy.
According to the analysis, in addition to its $1.5 billion in economic impact – generated over the course of 30 years – the Astrodome redevelopment would generate net fiscal benefits to Houston, Harris County, and Metropolitan Transit Authority of Harris County to the sum of $237 million, while creating 3,750 permanent jobs.
“The takeaway from this is that of all these competing studies and proposals for NRG Park, the most compelling and economically viable opportunity for the county — which owns the asset — is to reutilize and create a revenue stream in the Astrodome,” Beth Wiedower Jackson, Astrodome Conservancy Executive Director, told the Houston Business Journal.
Following its proposal this past November, president and CEO of Houston Livestock Show and Rodeo – one of NRG Park’s two tenants – Chris Boleman, told Houston Chronicle that Astrodome Conservancy had not been in the lease and NRG Park masterplan negotiations.
The conservancy is presently meeting with private developers and possible commercial tenants. According to Wiedower Jackson, she expects a decision on this proposal to be made in between 6 and 8 months. If accepted, the redevelopment project could begin within the next year.
