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CREguy13

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Posts posted by CREguy13

  1. 2 hours ago, freundb said:

    Excited Ric Flair GIF

     

    I hope this all happens. Let's make those future mixed use/retail buildings taller too. 

    Oh I'd feel pretty good about this.  I have no knowledge of the development, but it is Hines and they're kicking this off at beginning of a multi-year development cycle with a lead tenant for the first building.  Guarantee they secure a great hotel flag, especially now with the Thompson a few blocks away.

    • Like 3
  2. 5 hours ago, cityliving said:

    Usually when an empty lot sits undeveloped for more than two years means that the company who purchased the property may be having issues getting financing for their proposed projects.

    Fortunately, this will not be the case for site.  Skanska is going to build something amazing here, but with that, comes proper master planning and understanding the best overall use/market size for what will be a transformative project for Montrose.  Then factor in the Kroger site next door and its a lot to consider, all while engaging numerous community stakeholders.  

    • Like 5
    • Thanks 1
  3. Separate from this thread, I'm excited to see how TMC3, Levit Green, etc. directly impacts nearby housing with all of these high-paying jobs being created in the area.  The clear beneficiary imo is the Museum District with it's immediate access to Hermann Park, adjacent to one of the nations best cluster of art/cultural institutions, and a growing number of great restaurants.  It seems more land has been trading in the area as of late, so perhaps developers are positioning for an influx in demand.  I could see this becoming a much more dense and affluent area in the next several years.  Feed me more Boone Manors.

    • Like 9
  4. On 2/11/2022 at 9:52 AM, JBTX said:

    The building was sold last year, so I suspect something must be underway.

    https://realtynewsreport.com/downtown-houston-tower-sold-for-20-6-million/

    Looks like the new buyer also owns 500 Jefferson next door.  Would be awesome if there was a plan to convert both towers to residential.  Imagine what that does to this area of downtown after they decommission the Pierce elevated and downtown seamlessly connects to this active corner of midtown.

    • Like 7
  5. 2 hours ago, Lux said:

    I'm not too familiar with Pegasus Park, but after quick research I couldn't help but chuckle that it was in the same conversation as TMC3.  I'm all for collaboration if it helps bring more capital to Houston, but I genuinely don't think Austin and Dallas are remotely close to the potential that exists here.  Although I'm happy to admit my ignorance when it comes to their medical and biotech scenes.

    • Like 8
  6. If you're supportive of the Ion, you'll dislike and be semi-annoyed by the comments in this episode.  If you're anti-Ion and what's happening in this area, you'll like this episode.  My opinion, but figured I'd save some 18:07

    • Like 6
  7. Hines breaks ground on 53-acre Levit Green life sciences district near TMC

       
    jeff-jeffrey-1*90xx1000-1333-0-0.png
    By Jeff Jeffrey  –  Reporter, Houston Business Journal
    Oct 5, 2021
     

    Houston-based Hines has broken ground on a 53-acre development that promises to put Houston on the map as a life sciences hub on par with San Francisco, San Diego and the famed Life Sciences Corridor in Boston.

    Hines, with financial support from investment management firm Harrison Street and 2MLN Real Estate Interests, have begun construction work on Levit Green. The development will be near the interchange of Highway 288 and Holcombe Boulevard/Old Spanish Trail, just east of the Texas Medical Center.

    The first phase of the project focuses on a five-story, 270,000-square-foot building that is custom-designed to house life sciences research and development projects.

    The first building of the mixed-use development is scheduled to be delivered in the fourth quarter of 2022, with initial occupancy planned for December 2022.

     

    “Breaking ground at Levit Green marks a pivotal moment for Houston as a burgeoning life science cluster,” said John Mooz, senior managing director at Hines. “Our carefully built team of national life science leasing, design and capital experts has put a tremendous amount of thought and effort into Building I’s planning and design. We are confident that our team will deliver one of the highest-quality commercial laboratory assets in the world. We are excited to begin the first of several top-tier projects at Levit Green that are important to the life sciences sector.”

    Levit Green 1, as the first building is known, will be the first of nine buildings planned for the site under Hines’ master plan for Levit Green.

    The first building will be equipped with 100% redundant emergency power, enhanced structural vibration attenuation, augmented mechanical systems, 33-foot structural bay depths and floorplates exceeding 56,000 square feet. Additionally, the building's amenities will include a 5,800-square-foot fitness center and outdoor garden, 7,000-square-foot conference center, 3,500 square feet of café and restaurant space, and ample on-site parking. The ground floor will also have more than 25,000 square feet of lab incubator space, which will provide entrepreneurs and early-stage life science companies with laboratory and office space.

     

    Chicago-based JLL (NYSE: JLL) has been tapped to oversee leasing for building one.

    Hines has declined to comment on the cost of the first phase of development.

    The master plan for Levit Green includes several lakes in the heart of the district, with each building designed to embrace the planned waterfronts.

    For example, the restaurant and cafe space in the first building will connect to outside dining space, where researchers and technicians can gather for a cup of coffee or a glass of wine as they kick around ideas next to the water.

     

    Hines began the initial talks in 2016 with 2ML Real Estate Interests, formerly known as The Grocers Supply Co. Inc., to acquire the site of some Grocers Supply warehouse and distribution facilities for Levit Green. In fact, Levit Green takes its name from the family behind 2ML Real Estate Interests.

    But after Hines took over the property, much of the work has focused on ensuring the design was right.

    Hines tapped St. Louis-based architecture, engineering and planning firm HOK, which has extensive experience designing properties for scientific research firms.

    For nearly two years, Hines sent teams to life sciences clusters across the country to see what kinds of facilities and amenities competing cities offered, Mooz said in February. The developer also drew on the company’s experience designing and building “complicated” laboratory environments around the world, which include a research center for the U.S. Food and Drug Administration, petrochemical labs and research facilities for clinical clients, among others.

    The Levit Green project comes at a time when the life sciences sector has been one of the few bright spots in an otherwise lagging commercial real estate market nationally.

    In Houston, where the office market has stumbled along for years amid vacancy rates in excess of 20%, a number of developers have been making plays in the life sciences space to find opportunities.

    Houston-based Medistar Corp. is developing a 30-story high-rise, dubbed Horizon Tower, near the Texas Medical Center in partnership with Texas A&M University.

    The 485,000-square-foot, 17-story office project is being built atop a 13-story parking structure at 6929 Main St. and will be part of the Texas A&M Innovation Plaza. It's slated to deliver in early 2023.

    Cushman & Wakefield was hired to provide agency leasing services for Horizon Tower.

    Additionally, the Texas Medical Center recently announced that construction of its 37-acre TMC3 medical research campus is well underway.

    As of Aug. 31, nearly 118 million pounds of concrete had been poured at the TMC3 site, according to figures from Houston-based Vaughn Construction, the general contractor selected for the TMC3 project. Construction has also started on the roughly 271,000-square-foot communal hub of TMC3, called the TMC3 Collaborative Building.

    • Like 8
  8. 3 hours ago, Montrose1100 said:

    I wouldn't get too excited. The same firm did Market Square Tower. Won't be nearly as romantic as the render. Also won't be as terrible as anything Randal Davis.

    My only push back here is the total project cost is significantly higher and these condos appear to be priced at $3m+.  I would expect the materials and overall design to remain very high-end if these prices stay relatively the same and they're able to secure their pre-sales goal.

    • Like 4
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