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Astros Sign Lease Ensuring Reigning World Champions Stay Downtown Through 2050

New Deal Ensures Houston's Major League Baseball Franchise Will Keep Fueling a Downtown Resurgence
July 11, 2018
The lease extension at Minute Maid Park includes a $1 million rent increase beginning in 2018 through the remainder of the original lease in 2030, and another $1 million increase for the new lease extension.



The Houston Astros signed a 25-year lease extension at Minute Maid Park, a move that locks into place until 2050 a sports venue that's been key to a downtown real estate revival.

The ballpark at the eastern edge of the nation's fourth-largest city's downtown has been the Astros home since 2000, and the original lease was set to expire in March 2030. The deal sets up the Astros eventually to play more games at Minute Maid than at their previous home, the Astrodome, where the team played 34 seasons.

The lease extension at Minute Maid Park includes a $1 million rent increase beginning in 2018 through the remainder of the original lease in 2030, and another $1 million increase for the new lease extension. They said a majority of the funds would go toward maintenance and repairs of Minute Maid Park. The extension comes as the Astros are the reigning top professional baseball team after winning the World Series last fall.

Minute Maid Park has been at the center of a decades long restoration of the downtown that has included the opening of the Astros’ Minute Maid Park in 2000, the National Basketball Association franchise Houston Rockets’ Toyota Center in 2003 and BBVA Compass stadium in 2012 for professional soccer's Houston Dynamo, along with a complete rework of the George R. Brown Convention Center. The venues, all within walking distance of each other, have transformed the area.

The Sports Authority's Board of Directors "has worked very hard to be a good landlord to the team, as well as to protect the community's investment and ensure that the stadium remains state-of-the-art," said Houston Sports Authority Board Chairman J. Kent Freidman. "The venue has been a great addition to the downtown landscape for fans and players alike."

Hotel development has followed suit, seeing the opening of several nearby venues, such as the 1,000-room Marriott Marquis and the 300-room dual-branded Hampton Inn/Homewood Suites. Plan Downtown calls for building an additional 4,000 hotel rooms in the area to support the stadiums, convention center and business travelers, with a 20-year goal of 12,000 hotel rooms in downtown.

The Downtown Living Initiative has built on the resurgence, spawning thousands of new residential units. Last May, Downtown Houston officially registered over 8,000 residents, up from 3,800 in 2013. Plans in motion call for 12,000 more units to the support the area’s projected growth over the next two years.

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