Tilman Fertitta Nabs Development Site Near Memorial Park

Houston Rockets owner Tilman Fertitta has snagged a prime piece of real estate near Memorial Park.

The billionaire hospitality and gaming tycoon acquired the 1.6-acre property at 5757 Memorial Drive and is exploring development opportunities for the site, the Houston Chronicle reported. The sale price was not disclosed, but the parcel is valued at $791,630, according to Harris County records. Appraised values often come in far under actual market prices.

The property encompasses a Comerica Bank, which will rent the building until it relocates next summer. The site, north of River Oaks, is near a Brenner Steakhouse, owned by Fertitta’s hospitality company, Landry’s Inc.

“Memorial Drive is a renowned thoroughfare in Houston, and the synergy with Brenner’s on the Bayou nearby made the decision simple,” Fertitta told the outlet. “The adjacency of River Oaks and Memorial Park only enhances the appeal of this location, and we look forward to expanding our business in this area.”

Fertitta also owns the nearby White House, a multi-purpose event venue that falls under the Brenner’s brand. The Toyota Center, where the Rockets play, is just four miles east.

While Fertitta’s plans for the site are unclear, his growing assemblage of properties in the area hints that the billionaire could be plotting a large-scale development with a variety of uses. If that happens, Fertitta would join a growing list of professional sports owners to embark on massive mixed-use projects near their team’s home stadium.

This trend, exemplified by Stan Kroenke’s $5 billion stadium and surrounding development for the Los Angeles Rams, has already made its way to the Bayou City. Houston Astros owner Jim Crane has tapped Houston-based Hines to develop an entertainment district next to the team’s Minute Maid Park. It’s set to include a 17-story, 300-key hotel with about 60,000 square feet of retail and entertainment space.

—Quinn Donoghue