It’s not just McDonald’s: Future Greyhound closure, proposed ‘sky park’ could transform Midtown
isn't the only parcel at play in the area that could – when combined with a major proposed"sky park’ – help to reshape the southern edge of downtown.
“Midtown has experienced a continued transformation which will be amplified by the transition from the Greyhound Bus Station to its future use,” said Kristen McDade of Cushman and Wakefield, in a statement. “This redevelopment opportunity will completely change the face of Midtown and should directly impact the quality of day-to-day living in this area.”Cushman didn’t disclose the list price of the property, but it has an appraised value of $7.
A McDonald corporate spokesperson confirmed the restaurant closure but did not respond to request for comment about their plans for 0.77-acre parcel, which has an appraised value of $3 million. Central Houston has proposed constructing greenspaces underneath portions of Pierce Elevated. This is a rendering of what an"understory park" could look like by the so-called"Four Corners" intersection of Interstate 69, Pierce Street and the current I-45 highway.The sky park proposal has been bandied about for several years and could become more of a possibility as the Texas Department of Transportation inches closer to launching the I-45 expansion.
A site plan showing what a proposed sky-park and associated green spaces could look like if the Pierce Elevated section of Interstate 45 was converted.Parks and regional amenities tend to generate spillover economic benefits and appreciate real estate values nearby. The study estimated that commercial properties within a quarter mile of the proposed sky park could rise between 25 to 33 percent while residential property values could rise between 13 to 31 percent.
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