posted on April 01, 2010 22:07
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.
March 31st, 2010 | Houston Business Journal