Historic Real Estate Inc - The WaterLights District - Pearland, Texas, just minutes south of Downtown Houston

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The WaterLights™ District – Houston, Texas
Background Information

The WaterLights™ District
The WaterLights District is the nation’s next major economic district. WaterLights is located in Pearland, Texas, just minutes south of Downtown Houston. The development is a $700 million, 1.9 million square foot planned mixed-use lifestyle center located strategically by Texas Medical Center, the world’s largest medical and research center. WaterLights represents the future of sustainable, eco-friendly development and planning, with environmental considerations incorporated into every aspect of the development.

WaterLights will feature residential condos, brownstones, luxury apartments, office buildings, retail boutiques, a fresh market, restaurants and wine bars, three luxury hotels, a conference facility, a water wall and public park along a Grand Canal waterway. The entire community is pedestrian-friendly featuring sustainable, healthier, technologically advanced features to enhance the quality of human life. WaterLights is conveniently located by two major highways -- Hwy 288 South and Beltway 8 (also known as the Sam Houston Tollway).
WaterLights is a private-public partnership within the Spectrum Special Management District.

Presidential Parks & Gardens
The WaterLights District will include a new national destination --The Presidential Park & Gardens, featuring 43 larger-than-life statutes of all the United States Presidents in a pristine garden setting. This multi-million dollar park will serve as a major attraction for the local community and tourists alike. Presidential Park & Gardens is located in a beautiful, heavily wooded setting between the WaterLights Grand Canal and Clear Creek on the southern border of the district. Currently, the landscape architects (Clark Condon Associates) are creating the plans for the gardens and the park on behalf of the developers, Historic Real Estate Inc., and the City of Pearland, Texas.

The presidential sculptures are the creation of internationally acclaimed artist David Adickes. Adickes will start working on the Obama or McCain statue in November.
The statues will be moved to their final location between October 28, 2008 and December 15, 2008. The Grand Opening for Presidential Park & Gardens is scheduled for September, 2009. Once the park is completed and WaterLights District opens, the city of Pearland estimates that the park will attract over 2 million visitors annually. Visitors will also be drawn to the miles of walking trails.

To view a video of the first part of the Presidential Park installation please visit: http://www.youtube.com/watch?v=9J7oV7O_EeQ

Economic Factors
The unique economic climate in Houston, Texas has given rise to an ideal environment for the WaterLights District. Despite the overall softening of the global economy, WaterLights is moving forward in full force and represents an unprecedented opportunity due to the steady growth of the Texas Medical Center and the resulting demand for housing, retail, and other community amenities. In fact, over 30% of the employees from the Texas Medical Center live just south of WaterLights. This community is in great need of the multi-use facilities WaterLights will be offering. Further, demand is likely to swell as the employment in the area is projected to grow by 30,000 within the next six years.

It is noteworthy that Houston is the fourth largest city in the United States and is outperforming all others. Houston accounted for 17% of U.S. job growth over the past 12 months. Although oil plays a part in the economy, the Texas Medical Center contributes significantly to the region’s economic strength and vibrancy and is one of the driving forces behind the development of WaterLights. On a broader scale, Texas is thriving. The state created 1.2 million new jobs in the last five years (more than half of the new jobs created nationally in 2007 were in Texas) and is the home to more Fortune 500 companies than any other state.

Other driving factors include the planned Nano World Headquarters, a nanotechnology research campus to be located within WaterLights, which is being developed in concert with Rice University and Historic Real Estate Inc. Dr. Valerie Moore will serve as the Executive Director. She is a well respected leader in the industry who earned her PHD from Rice University and studied under Nobel-prize winner, Dr. Richard Smalley.

The $80 billion nanotechnology market in 2004 will reach $1 trillion by 2015 according to the National Science Foundation. Nanotechnology is destined to influence global economics and society on a scale that is comparable to the industrial and information revolutions. The Nano World Headquarters will represent one of the most significant economic developments in the 21st Century.

Sustainable “Green” Planning at WaterLights
WaterLights is a multi-faceted master development with sustainability incorporated thoughtfully into all aspects of its planning and design. The site planning and infrastructure considerations supply the greatest opportunity for sustainable buildings to be established with the LEED Gold standard as the goal for the entire campus. From the storage of rainwater for hydro power to the creative utilization of solar power and creation of wetlands, WaterLights represents an enormous leap forward in sustainable master planning.

For example, WaterLights is creating Ecological Zones with man-made wetlands at the water’s edge and at strategic points along the network of canals. The wetlands will create a preserve for native flora and provide an added feature for the public to enjoy. Another eco-friendly feature planned for WaterLights is the Storm Water Retention System. This system will retain rain water on vertical structures and be utilized as a source of hydro-power to run the fountains in an energy efficient manner. The WaterLights fountains have numerous purposes, from shielding the noise of Route 288 to ambient cooling in public gathering areas to creating dynamic (moving) water features for public enjoyment.

Solar energy will be incorporated at WaterLights for a secondary source of power when the hydro-power is insufficient (for example, when the storm water has been depleted). Moreover, it will serve as an energy efficient solution to light up the bridges at night through small solar powered photovoltaic disks to be suspended from polycarbonate fiber nets. These light generating disks will be affixed to netting between the canal bridges and at strategic points between structures and will absorb the sun’s rays in daylight, transforming the solar energy to radiate a glow at night. The light emanating from the solar disks will create a dazzling effect, reflecting off the water, and generating needed light for safety of pedestrians walking over the bridges without tapping into the power grid. Additional photovoltaic technology will be employed at rooftops and near park shelters to provide ambiance and minimum security lighting. Remote locations within the Presidential Park will have shelters equipped with photovoltaic power for exhibit lighting and pre-recorded audio teaching. Photovoltaic sun screens may also have application over exterior windows to provide shade and a surface for solar collection at the same time.

Segregation of water systems is planned throughout the development. Plans are underway to reduce potable (public) water supply lines from storm water and rainwater retention systems. Grey water from showers and residential sinks will be filtered and used where possible for irrigation or secondary waste water (flushing). Storm water will be circulated throughout the site for irrigation of plants and green spaces.

Materials selected for paving and streetscapes throughout the 60-acre initial development will be sustainable and allow for reduction in heat islands and filtration of surface water. Open cell pavers and special, permeable asphalt products will be used where appropriate.

Several types of “Green Roofs” are included in the master plan. Reflective roofing materials will be used in most residential settings. Roofs designed to retain soil, water and create rooftop gardens will be included in public and retail settings where rooftop dining, public terraces and rooftop recreation spaces are planned.
The developers of WaterLights have established a LEED Gold target for all buildings within the campus. In order to achieve this aggressive level of energy efficiency and eco-friendly design, the site plan and infrastructure must embrace as many innovative and energy efficient strategies as possible. The target of LEED Gold requires each building within the complex to achieve a minimum of 39 points under the US Green Building Council’s rating system (Version 2.2 for New Construction). Based on preliminary work by Matrix Spencer Architects, it is estimated that most buildings constructed within WaterLights can achieve 43 points, if certain design elements are adopted into each subsequent structure. Architect Steven Biegel, AIA, LEED AP, estimates that as many as 28 points can be achieved from master planning and site considerations, making it easier and more certain that subsequent buildings can be designed to meet or exceed the LEED Gold designation.

Overall, the magnitude of the WaterLights District’s commitment to sustainability, and its intricate planning around this priority, positions this master development as one of the most ambitious eco-friendly projects underway.

The Restaurant Row
WaterLights will include The Restaurant Row, a premiere zone of culinary offerings to enhance the multi-use development. In this area, an assortment of 12 restaurants are being planned, including two wine bars and a sports bar. The Restaurant Row will include restaurants ranging from very upscale fine dining to casual family restaurants. Additionally, a beautiful green area in the middle of WaterLights, the Plaza, will feature four more restaurants and two more wine bars.

WaterLights is active in soliciting community input for The Restaurant Row to help determine what mix of restaurants to include. To that end, they established The Culinary and Wine Board of Advisors to help create the correct mix of restaurants. To engage community input, the Board organized an online poll in January 2008- to date, 9,754 votes have been cast by consumers, potential tenants and real estate professionals. The Board will continue to collaborate on various projects for the area including an on-site organic garden, grease traps and recycling programs for The Restaurant Row.

Development Schedule
WaterLights District’s pad sites (fully developed sites with streets and all utilities ready for vertical construction) will be ready in Q1 2009. Phase 1 buildings will be ready by Q2 2010 and will include 93,000 square feet of retail, 125,000 square feet of restaurants, 500 hotel keys, 400 residential units including luxury apartments, brownstones, and condos, and 2,900 parking spaces.

Currently the site has been cleared and the canal digging will start in mid-October. Dirt from the canals will be used to elevate all of the pad sites. Utility and street construction will start within 30 days.

Spokesperson – David Goswick
David Goswick is the Executive Director for Houston, Texas based Historic Real Estate Inc. Historic Real Estate is a private real estate investment and development company committed to creating the best places for people to live, work, play, stay, learn and be entertained.
Historic Real Estate Inc. invests and partners with major private and public institutions to establish legacy developments that outperform the marketplace by leveraging more than 100 years of experience in place-making around the world. Its principals have been responsible for the establishment of innovative developments in seven countries, creating value of over 29 billion USD and superior livable environments for over one million people. Historic Real Estate is the developer of The WaterLights District.
Prior to establishing Historic Real Estate Inc., Mr. Goswick has been recognized with over 300 real estate marketing awards representing top developments and companies in 35 U.S. markets.