Home > Uncategorized > City selling former Compaq Center to Lakewood Church

City selling former Compaq Center to Lakewood Church

Houston City Council decided this week to sell the former Compaq Center to Lakewood Church for $7.5 million as a way to reduce the city’s budget deficit.

The vote passed despite some in opposition who said the sales price was too low for the seven-acre property at 3700 Southwest Freeway.

A Lakewood spokesman said the church will use debt to fund the deal, which is expected to close within 45 days.

The congregation originally signed a 30-year lease with the city in 2002, and had an option for a second 30 years. Lakewood spent more than $80 million to renovate the site before worship services began there in July 2005.

The 16,000-seat facility was the former site of concerts, Houston Rockets home games and other entertainment events before it was converted into a church.

The mega-church, led by Pastor Joel Osteen and his wife Victoria, has more than 40,000 attendees each weekend.

Posted via web from Lester Langdon’s Real Estate Blog

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