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Houston expert: The Astrodome should be reimagined for the future of the energy industry

A Houston real estate expert suggests that the icon that is the Astrodome should be restored to be used for energy conferences and other business needs. Photo courtesy of the city of Houston

Over the past several years, there's been a continuous conversation about the iconic Astrodome and what should be done with it. Dubbed the "Eighth Wonder of the World," Houstonians certainly don't want to see the Astrodome go, as it is a landmark deeply embedded into the hearts and minds of our beloved city.

Ideas have been thrown around, yet none of them seem to stick. The $105 million county-approved plan to renovate and build a multi-story parking garage that was approved under Judge Ed Emmett's court in 2018 has been placed on hold until further notice.

For the betterment of business

Houston is famously known as the world capital of the international energy industry, petroleum exploration, space exploration, medical communities and vast port systems across the Gulf. Our city hosts the annual Offshore Technology Conference, one of the largest oil and gas trade shows in the world, which features the industry's latest technology, products, networking opportunities, and more.

On average, more than 59,000 people attend OTC annually, with more than 15,000 attendees visiting from outside the U.S. In addition, Houston is also headquarters to more than 500 oil and gas exploration and production companies and has 10 refineries producing over 2.6 million barrels of crude oil daily.

Houston is a prime location to become a candidate for a new commodity exchange center housed inside the Astrodome. The current New York Mercantile Exchange, a commodity futures exchange owned and operated by CME Group of Chicago, is located in Manhattan, New York City. There are additional offices located in Boston, Washington, Atlanta, San Francisco, Dubai, London, and Tokyo. Surprisingly, Houston is not on that list. The NYMEX division handles billions of dollars' worth of futures and options contracts for energy products such as oil and natural gas.

Renovating and repurposing

Scalability is important to consider when discussing the repurposing of the Astrodome. Oil and gas is the only industry that could support the Astrodome's expenses and generate a profit. Other options such as turning it into a parking garage or a hike and bike trail would not be sufficient. Moving something as significant as the oil and gas futures exchange to Houston would provide NRG with the necessary monthly residual income to sustain the beloved Astrodome.

Another viable option would be to host the annual Offshore Technology Conference at the Astrodome. Oil and gas companies would set-up year-round exhibits on the floor of the Astrodome for convenience, providing an opportunity to showcase their equipment and product to potential clients.

To further capitalize on this concept, the Astrodome would offer corporate suite rentals for oil and gas companies to lease in order to provide a meeting space for people flying in and out of town. While the equipment and product would be on the floor for people to look at, NRG could bring in additional rental income from the suites.

To maintain the iconic nature of the building, signage would hang on the outside of the Astrodome, featuring the top oil and gas company's logos and placing a pump jack on top of it to emulate an oil rig.

The beauty of all of this is the simplicity of it. The hard part is done. Houston has become the oil and gas capital of the world over the last 100 years. The easy part is ahead; filling the Astrodome with oil and gas companies that want to do business.

Your move, Houston.

The first step toward making an endeavor like this possible is simply suggesting that it is. There's no need to fix what's already working in New York. We can use the same business model, bring it down to our great city, put the Astrodome back to good use, and truly become the petrochemical exchange capital of the world.

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Frank Blackwood is the senior director of Lee & Associates - Houston.

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Building Houston

 
 

The second cohort of The Ion Smart and Resilient Cities Accelerator hosted a day full of thought leadership and startup pitches. Photo by Shobeir Ansari, Getty Images

In light of COVID-19, it is more relevant than ever to discuss and support startups with sustainability and resiliency in mind. At the Ion Smart and Resilient Cities Cohort 2 Demo Day, a virtual audience was reminded of that.

"So, 2020 has certainly been a year of unprecedented uncertainty and change for Houston, for Texas, for our country, and for our world," says Christine Galib, director of the accelerator. "The past few months in particular have been especially difficult as the global pandemic and civil unrest continue to spotlight systemic and structural scars on the face of humanity."

The virtual event was streamed on July 1 and hosted several thought leaders and presenters before concluding with pitches from four of the cohort companies.

"Through it all, and in a virtual world, Cohort 2 startups, the mentors, and our Ion team have been the change we wish to see in the world," Galib continues. "For these startups, failure is simply not an option — and neither is going at it alone."

Earlier this year, Galib announced the second cohort would be focused on solutions for Houston's air quality, water purification, and other cleantech needs. The program, backed by Intel, Microsoft, and TX/RX, launched on Earth Day and commenced shortly after. Cohort 3 is expected later this year.

Here are the four companies that pitched and the problems they are trying to solve.

Re:3D

re:3D was founded just down the street from NASA's Johnson Space Center to address the need for a mid-market 3D printing solution. The Houston-based startup also wanted to create their 3D printer that operates on recycled plastics in order to prevent excess waste.

"Where some see trash, we see opportunity," Charlotte Craff, community liaison at Re:3D says in her presentation.

Re:3D's clients can get their hands on their own Gigabot for less than $10,000, and the printer uses pellets and flakes from recycled plastics —not filament — to print new designs. Clients are also supported by the company with design software and training.

"We can help the city of Houston help meet its climate action and resilient city goals by transforming the way people think about recycling," Craff says about Re:3D's future partnerships with the city.

Water Lens

While two-thirds of the world is covered in water, only 0.7 percent is drinkable. And of that fresh water, 92 percent of it is used in agricultural and industrial settings. This is how Keith Cole, CEO and founder of Water Lens, set the scene for his presentation.

Water Lens, which is based in Houston with a lab located in Austin, wants to solve the problem of cities and countries running out of fresh, drinkable water by equipping huge water-using companies with a water testing tool.

"We've developed a system to let anyone test any water literally anywhere in the world," Cole says, citing clients like ExxonMobil, Shell, and Halliburton.

S2G Energy

S2G Energy, based in Mexico, is focused on optimizing energy management in order to digitize, empower, and unlock potential for cost-saving efforts and technology.

In his pitch, Geronimo Martinez, founder of S2G Energy, points out that restaurants, commercial buildings, and other adjacent industries can save money by implementing energy management solutions that come out of S2G Energy's expertise. In Mexico, Martinez says, clients include the top two restaurant chains that — especially during COVID-19 — need optimization and cost saving now more than ever.

Eigen Control

A refinery's distillation columns are expensive — their fuel use accounts for 50 of operating costs, says Dean Guma, co-founder and CEO of Houston-based Eigen Control.

Guma explains in his pitch how Eigen Control's technology can plug into existing sensors, model networks based on data, and employ the startup's artificial intelligent technology to reduce carbon emissions and save money on operating costs.

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