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Houston Regional Center PDF Print E-mail
Written by ARC   
Wednesday, 24 March 2010 16:42
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PROJECT BACKGROUND
Global Century Development projects are located in Houston, which is the fourth-largest city in the USA with a population of more than 5.5 millions, and is the home to NBA team Houston Rocket where Yao Ming plays. Besides having the NASA headquarters, the Port of Houston ranks first in the United States in international tonnage handled, the city is also known as the “Energy Capital of the World,” homes for many oil company headquarters. The heart surgeon team pioneered by Dr. Michael DeBakery in St. Luke’s Episcopal Hospital performed more heart surgeries than any hospital in the world. Houston in particular and Texas in general is forecasted to have the fastest growth rate in the United States by Time Magazine, hence will have many very prospering business opportunities for years to come.
PROJECT INTRODUCTION
The present project initiated from the crying needs from Government of the City of Houston for hotel rooms to support the 1,800,000 square feet area George R. Brown Convention Center, where there are limited hotel rooms in its immediate neighborhood. With this Convention Center Hotel project completed, the Houston George R. Brown Convention Center can readily market itself to far larger targets of opportunities, and fills the needs of many more major meetings to take place there. Hence, many favorable financial incentives were granted by the authority, making the project exceptionally attractive to investors.
This project is a 750 room class-A convention center hotel with connecting bridge to the South entrance of the George R. Brown Convention Center; it is one block across the street from the NBA Houston Rocket basketball arena; four block from the future home of Major League Soccer Dynamo Stadium; and within walking distance to the famous Major League Baseball Astro Minute Maid Field and the luxurious Four Seasons Hotel. When connected to the George R. Brown Convention Center, the hotel project will become part of Houston Central Business District.
The project property is located in the Houston Regional Center - the primary objective of the Regional Center is to channel immigrant investor capital to create employment and improve neighborhoods. This property is within the Houston Tax Increment Reinvestment Zone #15, which is a special district created by the City of Houston’s City Council to attract new investment by helping finance the cost of redevelopment in the area.
In addition, the project is also within the Texas Enterprise Zone which offers financial incentives for new developments. Another benefit of the location is that it is literally seconds away from a famous music venue, Warehouse Live, which has won the Best Concert Venue and the Best Rock Venue for the whole USA two years in a row. There are other music and entertainment venues in this district, which is historic and is considered the art deco district for Houston.
The manager of the general partnership, Global Century Development, L.L.C, and it’s president Dan Nip who is a certified public accountant (CPA) and holds a Texas real estate broker’s license for over 30 years. He is President and Owner of Product Marketing International Inc., a real estate development and international trade company chartered in 1988. Successful real estate projects include:
• 1986-87: Inverness Resort Inc. Dan Nip served as Conptroller in charge of overall Development and operation of six timeshare resorts in Texas.
• 1987: Developed the 55,000 s.f. Kim Hung shopping center in Chinatown.
• 1998: Mekong Center, a 20,000 s.f. retail strip center in Houston.
• 1999: Rainbow Village, an 80 unit HUD 202 senior project in Houston.
• 1999: Hong Kong City Mall, the largest Asian owned retail development in the U.S. with 369,000 square feet of retail shopping in southwest Houston.
• 2006: Rainbow Village II, a 68 unit HUD 202 senior housing project.
• 2009: Golden Bamboo Village, a 60 unit senior housing project.
Currently developing three projects, including a 100 acre land development project; a 45 acre project; and an 18 acre residential, commercial and mixed use project.
As part of the management team, Lee P. Brown has served in various academic and community positions, including Sheriff of Multnomah County, Oregon; Public Safety Commissioner of Atlanta, Georgia; Director, Office of National Drug Control Policy for President Clinton’s administration; Police Chief to the City of Houston, Texas; and
Mayor of the City of Houston, Texas. Currently, he is the Chairman of the Board of Unity Bank, Houston, Texas.
PROJECT DESCRIPTION
A 750 room four star convention center hotel is in brand/management negotiation stage, with plan to begin construction in first half 2010.
This project receives tremendous support and financial incentive from city & state government; including, but not limited to hotel tax revenue rebate, sales tax revenue rebate, tax credit grant, development infrastructure subsidies and more.
INVESTMENT PATTERN
Project is a limited partnership structure having domestic and foreign investors participating as limited partners. Investor will own equity ownership in the project and share all financial benefits the project generates. Investor will receive annual financial and tax statements on the share ownership. At the end of five years, when project is refinanced or other financial events, investor has the option to be cashed out.
ADVANTAGES OR FEATURES OF THE PROJECT
It will be a 4-5 star hotel with internationally recognized brand name located in the middle of a master planned new “International District” mixed use development. Project is receiving tremendous financial incentive/benefits from various city, state and federal government programs. Due to under supply of hotel rooms in downtown Houston both city government and convention center will build a bridge to connect the hotel to the convention center so the project can capture a lion share of the convention business. Doing this project in today’s economic environment could save 20%-25% in construction costs and when project is open for business 2 years later room rate and occupancy will improve greatly compare to today’s market condition.
CONTACT DETAILS AND WEBSITE:
Global Century Development LLC
11205 Bellaire Blvd., Suite B33
Houston, Texas 77072
T:281-568-8388
F:281-568-8338
Last Updated on Thursday, 20 May 2010 17:38
 

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