An old bus station up for sale could transform the area between Midtown and Downtown Houston.

Patricia Ortiz/Houston Public Media

The Greyhound bus station is up for sale and some experts believe it could help redevelop the area.

The lease on the Greyhound bus station south of the Pierce Elevated Freeway ends in October 2024 and is now up for sale.

Real estate company Cushman & Wakefield announced earlier this month that they would be selling the property on behalf of Twenty Lake Holdings, a real estate investment firm. There are new developments around the site, including high-rise residential buildings, mid-rise apartment buildings, grocers, restaurants and bars.

Some experts believe it could be years before Houston sees any positive developments in the area. Jeff Peden is the executive managing director of Transwestern, another commercial real estate company. He said various companies have been trying to sell the area for years. However, he said the area could also provide a positive opportunity.

“Whatever that time period is, I think McDonald’s is closing, I think Greyhound will be closing, and hopefully work is underway to re-route I-45, if all of this happens, I think it could be a great lift for throughout the region,” Peden said.

The bus station’s listing for sale comes at a time when the Main Street McDonald’s has closed permanently and the Texas Department of Transportation plans to reroute the Pierce Elevated Freeway.

Patricia Ortiz/Houston Public Media

McDonald’s, located on Main Street, also closed permanently.

“The bus station needs to move,” Peden said. “This is a dilapidated old institution. There is no Greyhound station in other cities of the country, which is located in such a negative, alien area as this one.

In the past, the station was used by the Texas Department of Corrections as a drop-off point for inmates after serving a sentence. The procedures for the TDC have since changed, but the area around the bus station has remained just as barren.

Peden also said selling the land could be difficult due to the current funding situation.

“In this market, I don’t know how many buyers will be with such difficult funding as they are now,” Peden said. “We need to see how long it takes to get the right deal.”

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texasstandard.news contributed to this report.

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