Houston Rodeo lassos $42M chunk of Astroworld land

HOUSTON – The Houston Livestock Show and Rodeo has inked a deal to acquire about half of the long-vacant Astroworld property south of the 610 Loop adjacent to Reliant Park. The purchase price was $20.50 per sf, totaling $42.8 million.

Rodeo Houston will acquire 48 acres of the 92-acre tract of land owned by Fort Worth-based MHB Asset LP, also known as the Mallick Group.

The Mallick Group acquired the site in May 2010. Astroworld closed in 2005.

The land represents a long-term investment for the rodeo but will most likely be used immediately for additional parking for the 2013 show.