Two Land Sales Lead Off $50M-Plus MXD Plan

PEARLAND, TX-Land acquisitions by Houston’s Memorial Hermann Healthcare System and Kelsey-Seybold Clinic are heralding the official launch of the mixed-use, 155-acre Reserve at Shadow Creek Ranch. The two projects will anchor a retail, medical office, multifamily and restaurant development that hold more than one million sf and will carry an all-in price tag in excess of $50 million.

Mark P. Carroll, vice president with Houston-based Crosswell Greenwood Commercial Development LLC, says Reserve at Shadow Creek Ranch’s development was contingent upon Memorial Hermann’s and Kelsey-Seybold’s closings. Kelsey-Seybold will construct a two-building, 120,000-sf office complex on its 10-acre site. Memorial Hermann’s planners haven’t yet said what is planned for 12 acres that it acquired. The development sites are located at the intersection of Texas 288 and FM 518. No ground-breaking dates have been said although Carroll says both could get under way by early 2009.

Carroll tells GlobeSt.com that Crosswell Greenwood will sell up to 75% of the acreage and control the remainder. “We’re talking to multifamily developers, assisted living folks, medical office developers and retail users,” he says. “With frontage on 288, I suspect we’ll see a lot of pad transactions and restaurant-type use.” He says the quoted rates for land and leases are in the process of being determined.

Carroll points out that there is infrastructure work to do before any vertical development can start. While utilities are in place, some roadwork is on the boards. Medical Center and Discovery Bay drives will be extended to tie in with Texas 288. The work is scheduled for a Q1 2009 completion.

Carroll says the road extension will generate even more interest in the project, but Crosswell Greenwood isn’t waiting. “We’re already having conversations and trading letters of intent with a variety of developers,” he says.