Co-Op At The Med Center: Multifamily At 7710 South Main St.

[Urbannizer]

Hotel in the TMC to be demolished for a mixed-use project. Anyone have access to the article?

 

http://www.bizjournals.com/houston/news/2016/09/14/exclusive-developer-to-demolish-tmc-hotel-for.html

[nmillsma]

A Houston-based hospitality developer plans to add retail, multifamily and a grocery component to the dense medical center submarket.

Moody National Cos. is building an 182-key Residence Inn hotel at an empty plot of land at 7807 Kirby Dr. that is just a one-minute walk away from another Residence Inn it also owns at 7710 S. Main St.

Enlarge

Brett Moody, founder, CEO and chairman of the board at Houston-based Moody National Cos.

COURTESY KATHERINE RUSSELL

Moody National will demolish the Residence Inn on South Main once the new Residence Inn on Kirby Drive delivers, said Brett Moody, founder, CEO and chairman of Moody National. A mixed-use development will likely go on that plot of land, he said.

The new Residence Inn will break ground in the next six months, and should deliver 18 months later.

"We'll probably do a mixed-use development," Moody said, when asked what's next for the Residence Inn on South Main. "It’s up in the air, (but) we’ve been approached by a couple of grocery stores and multifamily developers. It would make a great site for mixed-use with a multifamily product there."

Moody didn't disclose which grocery and multifamily users have shown interest.

The Residence Inn on Kirby Drive has been nearly a decade in the making, though. Back in 2007, Moody National Cos. was under license to develop a Hilton Garden Inn in the Texas Medical Center. The Hilton Garden Inn would have been built at 7807 Kirby Drive, Moody said, and the Residence Inn on S. Main St. would've eventually been demolished for a new development.

But when the Recession hit, the development company shelved its plans for the Hilton Garden Inn. Now, nearly 10 years later, Moody said it makes more sense to demolish the older Residence Inn and carry that hotel's clientele and business across the street to the Kirby plot, rather than introduce a new hotel flag to the market.

"We realized it would be really easy to carry that business across the street," Moody said.

Moody also has several commercial projects underway throughout Houston.

The company bought the Hampton Inn Houston hotel at 11333 Katy Freeway for $8 million in cash in April, and spent around $1.8 million to update the hotel's exterior, guest rooms and public areas.

Moody National also acquired the Le Renaissance apartment complex at 970 Bunker Hill Road. Eventually, the company will replace the complex with a luxury shopping experience like the River Oaks District or Highland Village.

[lockmat]

 it's against forum policy to post an entire article.

[OkieEric]

I swear I've read some terrible reviews on that existing Residence Inn - or maybe it's Moody Manor? - but glad to see it will be gone.  It is certainly nowhere dense enough for the value of that land.  Also glad for some confirmation that the new tower is going in

 

Interesting to see a possible grocery store mentioned since one (Kroger) is literally right next door

[brian0123]

This is awesome news. I've said it on here before and will say it again, S Main is going to be a prime corridor over the upcoming years. Tons of large plots of land minutes from TMC and NRG. If UT builds their campus, this corridor will be in the epicenter of young medical professionals and students who actually need to live nearby. The lack of good hotels in this area is also mind boggling.