Cheap oil halts 35-acre development Cheap oil halts 35-acre development https://www.recenter.tamu.edu/news/newstalk-texas/?Item=135382016-06-15T05:00:00Z2016-06-15T18:30:00Z

​​​​HOUSTON - A mixed-use development slated to break ground this year in the Energy Corridor has been put on hold amid the economic slump that has left millions of square feet of office space unoccupied in area buildings. 

The project, announced about a year ago by Houston-based PM Realty Group, was set to be one of Houston's largest developments of its kind. 

The 35-acre development, named Republic Square, was designed by a slate of national consultants, architects and planners to include hundreds of upscale apartments, restaurants, hotels and high-rise office towers. 

Since the price of oil dropped to a low of $26 earlier this year, the companies that dominate this part of west Houston have been piling gobs of space onto the sublease market and demand for new space is virtually nonexistent.
Houston Chronicle
Houston-The Woodlands-Sugar Land
http://www.chron.com/business/real-estate/article/Oil-rout-stalls-mixed-use-project-planned-for-the-8108999.php#photo-10314554Read more at {Source}

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