Reported $1B Mixed-Use Development Planned Near Houston Medical Center
“At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States," Hines Senior Managing Director John Mooz said.
Two real estate developers have disclosed plans to for a mixed use project on 52 acres of land next to the Texas Medical Center in Houston.
Hines, the international real estate firm, and 2ML Real Estate Interests, said they have reached an exclusive agreement to develop a project they will call Levit Green.
The firms did not disclose the cost of the development. The Houston Chronicle estimated the price tag at $1 billion and said other developments going on in the area would double that amount of investment. They said their master plan includes research facilities, office, residential, shopping, dining, outdoor amenities and green space.
The location in Houston’s biotech, corporate life sciences and medical research hub is inside the Interstate 610 Loop, near a large park, arts and cultural institutions and a retail area. The property is less than three miles from Houston’s Central Business District, with access to State Highway 288, METRORail, METRO bus, bike trails.
“At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States. Impressive advancements in therapeutics, science and innovation are driving demand for real estate,” Hines Senior Managing Director John Mooz said in a statement announcing the deal. “With multimodal connectivity and proximity to TMC, we believe Levit Green will create a new and needed destination for Houston’s rapidly growing life sciences cluster.”
Founded in 1957 and still privately owned, Hines reports it has $133 billion in assets under management and works in more than 200 cities across 24 countries.
2ML Real Estate Interests was formerly called The Grocers Supply Co., founded in 1923 by Joe Levit. His sons grew the company to what they called the largest independently owned wholesaler of grocery products in the southeast and the largest supplier of Hispanic grocery products in the country. The company entered the retail business by acquiring both Gerland’s Inc. and Fiesta Mart Inc., two locally owned independent supermarket chains. In December 2014, the company sold its wholesale business and the name “Grocers Supply.” The next year, the company sold Gerland’s and Fiesta and changed its name to 2ML Real Estate Interests, Inc. 2ML reports a portfolio of over 5,200,000 square feet of warehouses, shopping centers, freestanding supermarkets and office buildings.
“We are excited to bring the shared vision of Hines and the Levit family to the community,” 2ML President Max Levit said. “Our family has deep roots in the neighborhood, and we believe this development will add tremendous value to the area and the Texas Medical Center.”