River Oaks/Alabama update: Weingarten now says theaters are not "high-end" enough

That's right - it's finally out. Today's Chronicle reports how Drew Alexander of Weingarten Realty Investors really feels about the shopping center and theaters. According to Alexander, Landmark would probably not be able to pay their rent when the lease came up for renewal, blaming it on market rates. An upscale highrise with sidewalk dining, however, would fit the bill perfectly. Also conceded was that the company is considering high-rise development for not only the River Oaks but also the Alabama theater site.

Alexander also mentioned that he is researching tax credits for historic preservation, as well as the possibility of selling the two sites. Even with those hopeful afterthoughts, though, it still seems that Weingarten has outgrown its theater britches, and is ultimately looking forward to building something new and exclusive.

Whatever the new use, he said, it would have to bolster the shopping center's viability as a high-end destination. With several new luxury shopping centers under development, the market is extremely competitive, he said.

We guess that's the price of doing business with Weingarten.

Photo: Flickr user: inkoluv