EDWARDS ENTERTAINMENT COMPLEX

In 1999, TPMC Realty developed an urban entertainment complex as part of a mixed use development located in the Greenway Plaza area of Houston.  The Edwards Entertainment Complex is comprised of a 120,000 square foot, 24-screen movie megaplex/retail center and an adjacent 2,200 space parking garage.  The 436,038 square foot Koch Energy Building (“20 Greenway”) borders the complex on the east and the closest major intersection is Weslayan Street and I-59.

Prior to developing the Edwards Entertainment Complex in 1999, TPMC Realty Corporation owned 20 Greenway.  Two limitations which challenged 20 Greenway were its lack of a dedicated parking and windows.  TPMC knew that the existing constraints at 20 Greenway provided an opportunity to go vertical with a parking structure that could serve two purposes:  (1) 20 Greenway would utilize the parking structure during the daytime hours, providing contract parking revenue, and (2) a to-be-developed theatre could utilize the parking structure at night, earning transient parking revenue.

Simultaneous to closing the sale of 20 Greenway to Koch industries, TPMC purchased the four acres of adjacent land next to the 20 Greenway.  With the land under TPMC’s control, the Company signed a 20-year lease with Edwards Theatres, now a subsidiary of Regal Entertainment.  In 1998, having secured both an agreement for parking with Koch Industries and a lease from Edwards Theatres, TPMC obtained a construction loan to build the Edwards Entertainment Complex. 

The Edwards Entertainment Complex opened its doors in October 1999 and is consistently ranks among the top ten Regal theaters nationwide.  Retail tenants include a Marble Slab Creamery and Harlow’s Restaurant, a Landry’s Restaurant Group concept.  The Edwards Entertainment Complex is directly managed by TPMC’s Houston property management team.  TPMC also employs an on-site facilities manager to manage day-to-day operations of the theatre and garage.

In January 2008, TPMC established a joint venture with a global insurance company to purchase Park Towers and Edwards.  As part of the joint venture, TPMC retained the management of the Edwards Entertainment Complex and is the decision making member of the joint venture. 


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