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HOUSTON-Clay Development & Construction Inc. has acquired 192 acres on the city’s north side to develop Kennedy Greens Business Park. The all-in cost for the land and infrastructure is $20 million.

Clay Development bought the land at Aldine Bender Road and John F. Kennedy Boulevard from Headway Estates Ltd. of Houston. The buyer immediately jumped into site work for the park’s first spec building. The 100,000-sf manufacturing building should be completed by the end of the second quarter.

Robert Clay, owner of locally based Clay Development, says the project is coming out as spec due to demand. “It’s impossible to find a 100,000-sf building that’s ready to go,” he says. “We get calls and e-mails for that all the time and it just doesn’t exist.”

Clay tells GlobeSt.com that Kennedy Greens Business Park will contain office, warehouse, manufacturing and distribution buildings, measuring 50,000 sf or larger. He says the development will be a mix of spec, design-build and build-to-suit projects. Based on a 35% coverage formula, the land could support roughly three million sf.

The land acquisition was brokered by Mark Lehman, vice president of Grubb & Ellis in Houston, one of a series of buys that Clay Development is engineering. Clay says 650 acres in various parcels throughout Houston are under contract.

“Kennedy Greens is one tract out of four that we’re going to have,” Clay says, explaining that it’s a good time for land investment. He adds that Houston seems to be immune to the economic troubles plaguing much of the nation. “There are more deals going on around here than I’ve ever seen,” he says. “There seems to be an exuberance here that’s driving all of this.”

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