Plan for Clinton Drive stirs East End interest
February 5, 2010
By: Jennifer Dawson

KBR Inc.’s decision to cancel a West Houston campus and consolidate downtown was the real estate buzz last week. ...

... The 138-acre Clinton Drive campus is generally regarded as the largest redevelopment site in close proximity to the downtown area of any major U.S. city. ... 

... Palmer, a real estate broker with Studley Inc., says land prices in the area have fluctuated from $4 to $13 per square foot over the past five years — making KBR’s site worth anywhere from $24 million to $79 million.

He notes that residential development in the area is on hold, which has caused land prices to drop to an unknown level from their peak in 2008.

“There are no significant recent sales to point to exact pricing,” Palmer says. “The size of the KBR tract would necessarily suggest a lower value, particularly in light of the change in values related to the former Astroworld site and Union Pacific Hardy Rail Yard.” ...

Link to article