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HOUSTON-Vantage Cos. will break ground in the fall on a 10-building office/warehouse development on 11.2 acres in southeast Houston. The 150,000-sf spec project, estimated at $5 million, will be the first new product to go up in years in Hobby Business Park.

Steve Jaggard, president of the Houston division, tells GlobeSt.com that the as-yet unnamed project will come out of the ground in one phase on just-bought land at the intersection of Telephone Road and Major Avenue in the 100-acre, mixed-use business park. The existing inventory not only is older, but predominately heavy industrial, he says.

Jaggard says he’s been looking for “niche opportunities” in the region to build its mainstay product, office/warehouse. In looking to the southeast, Jaggard gets new development territory in a neighborhood absent of new product unlike the city’s largest industrial hub, the northwest, where Vantage has built about two million sf. As the southeast project takes root, the developer is wrapping up first-phase construction a 104,000-sf spec building in Deer Park on the city’s northeast side.

Vantage’s newest project, being designed in house, will have 10,000-sf to 25,000-sf buildings. Clay Construction & Development is in line to be the general contractor. Delivery is planned for summer 2005.

The per sf rate has yet to be set, but Jaggard says talks have begun with several prospective tenants. Based on market conditions, he estimates lease-up will take 12 to 18 months after the buildings deliver.

Vantage bought the land from San Francisco-based Catellus Development Corp.’s Dallas division. John Ferruzzo, Joel Michael and Chris Caudill of NAI Houston represented Catellus.

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