A significant 2-acre retail plaza near Rice Village, an area known for its vibrant atmosphere and proximity to key Houston landmarks, has been placed on the market. This site, identified by its addresses at 2,400 Times Blvd., 2400 Rice Blvd., and 2444 Times Blvd., provides a substantial redevelopment opportunity with a focus on mixed-use applications.
The property, situated close to the Texas Medical Center and Rice University, consists of three parcels. It is currently listed by Colliers, a respected real estate company that highlights the site’s potential as a unique redevelopment venture in a sought-after area within West University. Colliers suggests transforming the existing structures into a mixed-use project that incorporates multifamily residences alongside retail outlets, noting the limited availability of similar development opportunities in this submarket.
Presently, the property encompasses 28,500 square feet of office space and 38,035 square feet of retail space, with the office segment enjoying a 68% lease occupancy. The location features amenities such as retail options and rooftop parking, making it appealing for potential developers and investors. The property’s net operating income is reported at $992,000 annually, although the asking price has not been publicly disclosed. Lease agreements are primarily short-term, with termination options available after 18 months, providing flexibility for redevelopment plans.
The surrounding area, characterized by a population of approximately 197,221 within a 3-mile radius, includes around 99,200 households, further supporting the site’s redevelopment potential. The Rice Village shopping district itself has seen recent growth with new boutiques and restaurants, such as Jeni’s Splendid Ice Creams and ParkerJoe, planning to open, thereby enhancing the area’s retail appeal.
Additionally, a 15-story luxury condominium project is slated to begin construction in Rice Village this fall, further emphasizing the area’s attractiveness and potential for high-end residential and commercial development.
