Houston Mayor Lee Brown "is considering tearing down
the Compaq Center, then offering the land and cash in return
for some choice downtown property for a new arena,"
according to sources of John Williams of the HOUSTON
CHRONICLE. The sources also said yesterday that Brown has
"offered to add" $10M to the $50M the Harris County-Houston
Sports Authority said it would give Rockets Owner Les
Alexander for design and construction of a new arena. Under
Brown's proposal, the city would tear down the Compaq Center
and offer the site to Crescent Real Estate Equities, which
owns much of the surrounding property. Crescent would then
give the city a credit "worth somewhere between" $7-8M and
the city would then buy the downtown land from Crescent.
But the two sides "appear apart on a price" for the land, as
Brown believes it is worth about $14M while Crescent "has
countered with" $20M. Brown, who "received a reply from
Alexander" late yesterday, is expected to meet with Rockets
officials today "to see if they can close the deal" (HOUSTON
CHRONICLE, 8/27). A HOUSTON CHRONICLE editorial calls
Brown's "active" role in the new arena talks "good," and
states: "Now let's get on with it, without demonizing people
and issuing threats on either side, a la the fiasco that
sent the Houston Oilers packing" (HOUSTON CHRONICLE, 8/26).