Landmark Party Boy property hits the market for $10.5M

An inflatable pumpkin on top of the Party Boy party goods store along I-10 at Studemont ushers in October near downtown Tuesday, Oct. 1, 2013, in Houston. An inflatable pumpkin on top of the Party Boy party goods store along I-10 at Studemont ushers in October near downtown Tuesday, Oct. 1, 2013, in Houston. Photo: Johnny Hanson, Houston Chronicle Photo: Johnny Hanson, Houston Chronicle Image 1 of / 18 Caption Close Landmark Party Boy property hits the market for $10.5M 1 / 18 Back to Gallery

This October may be the last year the view south of I-10 across from the Heights is a giant orange pumpkin.

The property housing Party Boy at 1515 Studemont, where an inflatable pumpkin is displayed atop the building each Halloween, is up for sale.

The owner of the store, a go-to spot for spooky costumes and all manner of party supplies, is asking $10.5 million for the site, according to listing broker Jeff Trevino.

"It's an icon and 300,000 cars drive past it every day," said Trevino of Endurance Properties. "It has stayed high and dry through all of our high-water events."

The store's operations are housed in a two-story, 20,000-square-foot warehouse building and an adjacent 7,000-square-foot structure. The site is about 70,000 square feet -- or 1.6 acres.

SUBSCRIBE: Are you Looped In? Download this podcast all about Houston real estate

This area just west of downtown has been booming. Party Boy has become surrounded by new developments and construction.

"It is probably one of the last high-profile corners in that corridor that is open and ready to change hands," Trevino said.

One of the largest projects in the area is Lower Heights District, a 24-acre former industrial site just west of Party Boy. The property will eventually have hundreds of luxury apartments and shops, and plans are in the works for a cinema and dining concept and office buildings, developer Gulf Coast Commercial Group said earlier this year. The Houston company that bought the site in 2015 for $40 million.

The property is owned by Wright Investments, according to Harris County Appraisal District, which values the land at $2.3 million.

RELATED: How architect Michael Hsu is reshaping the traditional Houston strip center

A high-rise apartment building would be a natural to replace the Party Boy, Trevino said. But that market is slow right now.

"Somebody that could take the buildings and repurpose them," he said. "A medical user? There's just so many possibilities."

Apart from the real estate, Trevino said the owners aren't sure if they're going to sell the business.

But for this year, at least, Halloween customers need not worry.

"They've already bought product for that and are ready for it," Trevino said.

NEWS WHEN YOU NEED IT: Text CHRON to 77453 to receive breaking news alerts by text message | Sign up for breaking news alerts delivered to your email here.