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.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.