AstroWorld Site Sold to Developer

AstroWorld, the old Six Flags amusement park site on the South Loop, sold to The Mallick Group of Fort Worth, TX. The site had been vacant since Six Flags Inc. shuttered AstroWorld in October 2005. The new owner bought the 104-acre tract across the freeway from Reliant Stadium in May for an undisclosed amount. The local seller was Angel/McIver Interests LP, of Conroe, TX, which paid $77 million for the dirt in 2006. Mike McIver and David Angel gained quite a bit of local notoriety for themselves when they acquired the "prime" property.

However, they local consortium never unveiled plans for the property, which is linked by light rail to the Texas Medical Center. Speculation was rampant that a mixed-use development that included retail stores, medical space, commercial offices, a hotel and apartments would be a good fit. Access to restaurants and stores for Texans home games was thought to generate a large amount of interest from regional retailers and commercial developments along the South Loop have had good success.

Michael Mallick, the new owner, says he would be just fine if no one knew his group owned the old AstroWorld site. But the cat got out of the bag. His phone has been ringing for the past two weeks since the deal was completed. “We have a few groups that have come to us that have proposals that want portions of it,” says Mallick. The Mallick Group acquired the site as an investment because, as Mallick says, Houston is a great place to invest. He’s not sure what will become of the land, but he says a decision will probably be made around the end of the year.

The group might hold the property for three to five years; sell it in its entirety once the market turns around; or sell it off in pieces. “We’re just going to sit back and see what happens,” says Mallick.

The Mallick Group invests in all commercial property types except industrial. It also develops real estate, such as the Horseshoe Bay Resort Marriott Hotel northwest of Austin. The group has also developed single-family homes in Fort Worth in public/private partnership with the City of Fort Worth.