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

The developer plans to break ground on Moody Park 10 in aboutsix months, beginning with the 127-room Hyatt Place and 101-roomMarriott hotel. It's not been determined when construction willbegin on the 7,000-sf restaurant and 175,000 sf of office space.Brett Moody, the company's chairman and CEO, says negotiations areunderway for the restaurant space. Additionally, he wants to see alarge lease on the office side before work gets underway. "We'dwant to see at least 40% of the space leased before we doanything," he says.

Moody tells GlobeSt.com that the team searched long and hard forthe ideal parcel, looking from Interstate 610 to as far west asKaty before deciding on the Granite's vacant land. He says thecompany was fortunate to gain the land, which was the firstchoice.