The property is located just south of Reliant Stadium, on the other side of the 610 Loop and right by the Chuck Davis Chevrolet dealership.
Rodeo officials purchased 48 acres of the 92-acre property for $42.8 million. This is land that's already been used by the rodeo in the last few years through an agreement with the property owner. It was being used as about 3,800 parking spots.
Leroy Shafer, chief operating officer of the Houston Livestock Show & Rodeo, says the purchase will allow the organization to make improvements and provide closer parking for exhibitors, contractors and supply trucks. He says the best part about the property is the direct access to the foot bridge and to 610.
"It's strategically important from the standpoint that we don't know what kind of growth we're going to have in the future, 15 years from now, we don't know what Reliant Park and we may need so it's good from that standpoint," Shafer said. "Even if we end up selling this as an investment, we'll control what can be put there and that's very important when it's our front door."
Shafer says the board has been negotiating with the seller for about two and half years. He says the seller is offering charitable considerations.
The deal is expected to be completed by the end of the year.