NEWS: Mallick Group buys former AstroWorld theme park site

[jedimaster1227]

http://www.star-telegram.com/2010/06/02/2235198/mallick-group-of-fort-worth-buys.html

 

The Mallick Group of Fort Worth has bought the 104-acre former AstroWorld theme park site in Houston with plans to redevelop the property.

Although those plans are not completely sketched out, Michael Mallick, principal of the real estate investment company, said Wednesday that the property's location sealed the deal for him -- along Houston's Interstate 610 inner beltway and across from Reliant Park and the former Astrodome.

It's also close to the city's medical district and is at the terminus of a commuter rail line.

 

"I view it as one of the best pieces of property in Texas," Mallick said. "I've got a few ideas. As the U.S. economy recovers, Houston's diverse commerce base should continue to grow ahead of the curve, and we believe this property can be an important part of this region's ongoing vitality."

Mallick bought the property from Conroe-based developer Angel/McIver Interests for an undisclosed price. Angel/McIver owned the site for only a few years, buying it in 2006 from Six Flags for $77 million, according to reports.

 

The property was developed in the 1960s for the once-popular theme park. In 2005, Six Flags razed the park when attendance dwindled.

Mallick once owned the 170-acre former Masonic Home site in southeast Fort Worth and is developing the 95-acre Sierra Vista residential community off East Berry Street and South Riverside Drive. He also owns office buildings, including the Ridglea Professional Building in Fort Worth, and was involved in the development of Horseshoe Bay Resort in the Hill Country.