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$1B Mixed-Use Facility Planned for Houston

Monday, June 22, 2020

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Plans for a $1 billion mixed-used facility have officially begun in Houston, where international real estate firm Hines has finalized an agreement with 2ML Real Estate Interests to develop the property.

Officially dubbed “Levit Green,” the 52-acre parcel sits next to the Texas Medical Center and is slated to offer a mix of research facilities, offices and residential spaces, along with shopping, dining, outdoor amenities and green space.

The Plan

The property sits a few miles from Houston’s Central Business District and is also close to parks and arts and cultural institutions as well as major transit options.

Courtesy of Hines

Plans for a $1 billion mixed-used facility have officially begun in Houston, where international real estate firm Hines has finalized an agreement with 2ML Real Estate Interests to develop the property.

According to Hines it’s that proximity combined with the focus on the research field that made the project appealing.

“At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States,” said John Mooz, Senior Managing Director at Hines.

“Impressive advancements in therapeutics, science and innovation are driving demand for real estate. With multimodal connectivity and proximity to TMC, we believe Levit Green will create a new and needed destination for Houston’s rapidly growing life sciences cluster.”

The initial piece of property was acquired by Joe Levit (founder of The Grocers Supply Co). The Levits sold that business in 2014 but retained the property and changed its name to 2ML.

The $1 billion price tag was not officially disclosed but is estimated for the project, according to the Houston Chronicle, as Texas A&M is planning to build a $550 million complex in the Texas Medical Center.

Architects from Gensler and Walter P. Moore have created a plan for the property, though there are no specs for individual buildings at this time.

Construction of the first building is expected to begin within the year and Mooz noted that they are in the process of identifying financial partners.

   

Tagged categories: Good Technical Practice; Mixed-Use Facility; NA; North America; Research and development; Upcoming projects

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