Core Viewpoint - Whitestone REIT is initiating a strategic redevelopment of Lion Square in Houston's Asiatown to create a cultural hub that reflects the local Asian community's heritage and needs [1][3][4]. Group 1: Redevelopment Details - The redevelopment will enhance architectural design, curb appeal, and introduce sustainable features such as new greenery and irrigation systems [2]. - The project aims to improve walkability and connectivity, aligning with Houston's Walkable Places initiative, which promotes pedestrian-friendly environments [2]. - Lion Square, a 117,592-square-foot center, attracts over 2 million visitors annually and features retailers and restaurants catering to the Asian community [4][5]. Group 2: Strategic Importance - The redevelopment is seen as a strategic move to solidify the property's competitive standing amid significant investment activity in Asiatown [3]. - The area has high barriers to entry due to limited land availability and has seen market rents rise significantly over the past decade, driven by continuous improvements and low vacancy rates [3]. - Whitestone REIT aims to capitalize on these trends to boost revenue, underlying value, and return potential from the Lion Square redevelopment [3]. Group 3: Community Engagement - The redevelopment plan was developed with input from architects and planners familiar with Asian culture, emphasizing the importance of community engagement [4]. - The project is intended to enhance the center's appeal as a neighborhood town square and cultural hub, fostering a sense of pride within the community [4].

About Whitestone REIT HOUSTON, April 23, 2025 (GLOBE NEWSWIRE) -- Whitestone REIT (NYSE:WSR), a neighborhood- focused owner and operator of open-air shopping centers in Texas and Arizona, today announced that it has commenced a strategic redevelopment at Lion Square in Houston's Asiatown – part of the International Management District – that will transform the Sun Wing Supermarket-anchored center into a vibrant and meaningful cultural hub that pays homage to the city's expansive Asian community. Whitestone ...