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DOWNTOWN HOUSTON'S CONVENTION CENTER HOTEL GETS FINAL GO-AHEAD
By Olivia Pulsinelli, Houston Business Journal | April 9, 2013
HOUSTON, TX -- With necessary agreements finalized, work can begin on Houston's second convention center hotel, which will be next to the George R. Brown Convention Center.
The city of Houston, Houston First Corp. and Houston-based RIDA Development Corp., the hotel's developer, said Tuesday the development agreement between Houston First and RIDA has been finalized.
Houston First's financing â€“ which will fund the acquisition of the hotel site, construction of an adjacent parking garage and other improvements to the convention district â€“ is also complete, and Houston First has been authorized to transfer the hotel site's land to RIDA.
Geotechnical work on the project is expected to begin within the next two weeks, and construction should begin next year. Completion is targeted for spring 2016.
Houston-based Morris Architects unveiled renderings of the $335 million, 1,000-room Marriott Marquis late last year. Houston will be the sixth city in the U.S. with a Marriott Marquis.
The project will create more than 1,800 construction jobs and add 800 permanent jobs, according to Houston First's Tuesday statement. The new parking garage will add 1,800 parking spots for hotel guests and George R. Brown visitors. Houston First said it plans to issue a request for qualifications for a garage developer soon.
Headquartered in Houston, Texas - with major operating divisions in Florida and Europe - RIDA's CEO, Ira Mitzner, has assembled a dedicated and highly competent team of outstanding professionals to create and maintain an ever expanding real estate portfolio.
RIDA is the managing partner of Apollo-RIDA Poland and strategic partner to Ares Management, formerly known as Apollo Real Estate Advisors, making it one of Poland's largest and most well known private real estate investment groups. The Polish portfolio includes over eight million square feet and is valued at over $2 billion. In addition, RIDA is an experienced owner developer in Germany, Russia and the Ukraine.
Jacob, David & Ira Mitzner
In the United States, RIDA has become one of the South's most active development groups, with $2 billion under development or in final planning.
Worldwide, RIDA is the managing partner of, and is currently developing retail, office, distribution, residential, hotel, and mixed use land developments with a total value in excess of $6 billion. The pages that follow focus on RIDA's expertise in each of its project sectors, highlight specific examples of outstanding and innovative development achievements, and detail the "RIDA Philosophy" of real estate.