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HOUSTON-Following a six-month search for the perfect parcel on the west side, a local developer has acquired 12 acres in the Energy Corridor submarket for a mixed-use project. The estimated all-in development tag is $80 million.

Moody National Cos. bought the land at Interstate 10 and Texas 6 from Dallas-based Granite Properties Inc., which had developed the three-story, 50,000-sf Granite Park 10 on adjacent land. The just-acquired acreage will be built out with 175,000 sf of class-A office space, two hotels totaling 228 rooms and a 7,000-sf restaurant.

The developer plans to break ground on Moody Park 10 in about six months, beginning with the 127-room Hyatt Place and 101-room Marriott hotel. It’s not been determined when construction will begin on the 7,000-sf restaurant and 175,000 sf of office space. Brett Moody, the company’s chairman and CEO, says negotiations are underway for the restaurant space. Additionally, he wants to see a large lease on the office side before work gets underway. “We’d want to see at least 40% of the space leased before we do anything,” he says.

Moody tells GlobeSt.com that the team searched long and hard for the ideal parcel, looking from Interstate 610 to as far west as Katy before deciding on the Granite’s vacant land. He says the company was fortunate to gain the land, which was the first choice.

Moody explains that the western submarkets were the most desirable due to the Energy Corridor’s growth. “We’re of the opinion that the Energy Corridor is at the beginning of the runway and has quite a bit of room left to pick up speed,” he says. “We think there’ll be more office, retail and restaurants coming into that submarket.”

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