The developer picked up the site at the intersection of Woodburyand Cambridge streets in an off-market transaction with a localprivate seller. Brett Moody, chairman and CEO of the locally baseddevelopment company, says he'd had his eye on the land to build aresidential product targeting a built-in tenant base from theentire spectrum of the medical community, from full-fledgedphysicians and nurses to residents.

The fact the parcel is situated within 100 feet of the MichaelE. DeBakey Veterans Affairs Medical Center and Baylor College ofMedicine's proposed 2.7 million sf is underwriting the project'spotential as are the proposed rents. "We've projected rents ataround $1.65 per sf, with an average unit measuring somewherearound 950 sf," Moody tells GlobeSt.com. "We want to offer a lot ofvariety from smaller studio units to larger luxury units." He addsthat Moody will manage and lease the tower.

Cambridge Tower marks one of many projects that Moody isdeveloping. It's also under way with the renovation of the 297-roomResidence Inn-Medical Center/Reliant Park at 7710 Main St.