The Houston Livestock Show and Rodeo board of directors today authorized Show officials to acquire 48 acres of land out of a 92-acre tract commonly referred to as the Astroworld property.
This land, to be purchased from MHB Asset LP, Fort Worth, will serve as a long-term investment for the Show, diversifying its investment portfolio.
The purchase also will facilitate significant near-term operating opportunities that include spectator parking and the possible relocation of Show-time support personnel, support vehicles, and logistical operations. This purchase is a strategic transaction that will provide significant flexibility in Show operations now and many years into the future.
The 48-acre tract abuts Chuck Davis Chevrolet on the west and generally runs north to south from Loop 610 to W. Bellfort and has ingress and egress from Loop 610, Kirby and W. Bellfort. The property has access to the pedestrian bridge that crosses over Loop 610 to the Reliant Park parking lot.
The purchase price of the land to the Show, after charitable considerations by the seller, is $42,863,040 ($20.50 per square foot).
The purchase agreement is subject to final execution and closing.