Onward and upward

Here is how Houston will fare after the infamous Amazon snub, says expert

Houston's moving on from one of 2018's biggest let downs. Photo by Tim Leviston/Getty Images

Who needs Amazon.com Inc.'s second headquarters? That's the sentiment of the head honcho of The Woodlands master-planned community, who believes Houston represents a "great financial opportunity."

"Houston still has a great run ahead of us," the executive, says Paul Layne, at a luncheon hosted by the Houston chapter of the Urban Land Institute (ULI). "Generally speaking, Houston is in good shape for next year."

"We have not done a fantastic job of attracting major corporations moving here, for a whole host of reasons," Layne notes. "We had hurricanes and we've had a number of issues that kind of scare people off."

"But generally speaking," he adds, "we are a low-priced, fantastic community, a great place to raise a family — probably the most friendly city in the country. Companies love that. We don't have to get the Amazons, we don't have to get the major corporations. We're doing great with internal [job] growth."

Layne is Central Region president of The Howard Hughes Corp., a Dallas-based real estate developer that owns The Woodlands, a 28,000-acre, master-planned community. Layne, a longtime commercial real estate executive in Houston, joined Howard Hughes in 2012. Aside from The Woodlands, he oversees Bridgeland, an 11,400-acre, master-planned community in Cypress, as well as developments in Maryland and Nevada.

While Houston needs to improve its education and transportation systems, it offers the ability to develop high-density real estate at a reasonable cost "with a great quality of life," Layne notes.

Speaking as part of a ULI panel at the Junior League of Houston, Layne emphasized the Houston area's healthy job growth. In October, the region added 117,800 jobs, up 3.9 percent from the same period last year, according to the U.S. Bureau of Labor Statistics.

In October, a daily average of 4,188 job openings were listed in Houston — more than any other place in Texas. That's according to a review by data-mining company Thinkum of online job postings at thousands of companies.

Among the country's 12 largest metro areas, Houston ranked first for both the number of jobs added in one year and the annual rate of job growth, the bureau reported November 23.

Those figures show the Houston area has rebounded from Hurricane Harvey and the energy slump, both of which depressed the region's job growth.

Houston was one of 238 communities that bid on the second headquarters of Amazon, the Seattle-based e-commerce giant. Houston failed to make Amazon's list of 20 finalists for what's known as Amazon HQ2. Austin and Dallas were the only Texas contenders among the 20 finalists. Amazon decided last month to split HQ2 — and its 50,000 jobs — between Northern Virginia and Long Island City, New York.

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This story originally appeared on CultureMap.

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Building Houston

 
 

Fertitta and his family have gifted $50 million to UH's medical school. Photo courtesy

As Houston’s most high-profile billionaire and owner of the posh 5-star Post Oak Hotel and Houston Rockets, Tilman J. Fertitta has become synonymous with over-the-top opulence and big-time entertainment.

But the CEO of the massive Feritta Entertainment empire’s latest move has nothing to do with penthouses or point guards, but rather a legacy, game-changing appropriation meant to aid his home state’s health.

The longtime UH board member and former chairman and his family have just pledged $50 million to the University of Houston College of Medicine. In turn, the new medical school has been christened the Tilman J. Fertitta Family College of Medicine.

The projected school, upon completion. Rendering courtesy of University of Houston

This landmark gift aims to address the state’s critical primary care physician shortage, (especially in low-income and underserved communities), as well as attract innovation-focused scholars, UH notes.

Additionally, the grant is meant to further clinical and translational research, with an emphasis on population health, behavioral health, community engagement, and the social determinants of health, according to a press release.

Here is how the Fertitta family gift will be distributed:

  • $10 million funds five endowed chairs for faculty hires who are considered national stars in their fields with a focus on health care innovation. This portion of the gift will be matched one-to-one as part of the University’s “$100 Million Challenge” for chairs and professorships, doubling the endowed principal to $20 million.
  • $10 million establishes an endowed scholarship fund to support endowed graduate research stipends/fellowships for medical students.
  • $10 million will cover start-up costs for the Fertitta Family College of Medicine to enhance research activities including facilities, equipment, program costs and graduate research stipends/fellowships.
  • $20 million will create the Fertitta Dean’s Endowed Fund to support research-enhancing activities.

No stranger to writing big checks, Fertitta donated $20 million to UH Athletics — the largest individual donation ever — in 2016 to transform UH’s basketball arena into the now high-tech Fertitta Center.

CultureMap caught up with the CEO (who just sold his Golden Nugget gaming for $1.6 billion), best-selling author, and Billion Dollar Buyer to discuss his landmark gift.

CultureMap: Congratulations on this legacy grant, which has been a long time coming. What does this gift mean to you, now that it’s finally official?

Tilman Fertitta: This was a vision of our chancellors and, you know, I’m on my third, six-year term and not been the chairman for eight years — and we started working on this, seven, eight years ago.

To be able to be in the beginning and the nucleus, and the idea, and what we wanted, and to get the approval from Austin—to watch it come to fruition, how often does somebody get to do a naming gift at the same time they had a lot to do with the creation of the school? So, it was very special in my heart.

CM: Many know you as the CEO of a hospitality empire, author, and even TV personality. But not many know of your commitment to healthcare.


TF: I think there’s one thing in this world that we definitely should always be treated equally on, and that's that’s equal health care for all. This medical school will serve the whole community.

We’re trying to recruit students who want to be primary physicians who will take care of the community that we live in. It’s just something that was very important to me in my whole family.

CM: Academia, scholarship, and research aside, this could essentially be looked at as seed capital for a fledgling operation. Is that a fair assessment?

TF: I know where you’re going with this and yes, it’s no different than business.

I have the vision to know that being in nearly the third largest city in America and a top 100 university in the United States — as University of Houston is according to U.S. News & World Report — that I know what this is going to be in 50 years. It’s no different than looking at another business that you start and you can have the vision to see how successful it'll be in the years to come.

Being on the ground floor of the University of Houston Medical School and being a part of it from its inception, and to help the seed money that will attract other money, I know that in the years to come what a special nationwide medical school this is going to be — because it’s in one of the great cities of America.

So, to be a part of it today and still be a part of it when I’m not here 50 years from now, maybe even sooner than that [laughs], you know, it’s going to be something very special to always be attached to.

CM: Other Houston medical schools here have distinctions in pivotal research or groundbreaking procedures. Is there a specific direction you’d like UH Med to take, going forward?

TF: Honestly, you know, what I’ve been saying? There’s a significant shortage of primary care physicians, not only in the country, but in the state of Texas. We ranked number 47th in the nation.

What we need in the state of Texas, as well in Houston and everywhere, is primary care physicians to take care of your everyday people—and to see them to know if you need a specialist.

I hope that this medical school looks back and we see that they’re graduating more primary care physicians than any other university in the United States and that's our goal. We’re going to be a med school of the community.

CM: You have zero problem with issuing directives, Tilman. What’s your message to the first graduating class, the one that will initially benefit from this $50 million gold mine?

TF: Go out and take care of the people.

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This article originally ran on CultureMap.

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