Levit Green: Life Science Mixed-Use District By Hines

[hindesky]

[Highrise Tower]

 

 

 

[Highrise Tower]

 

[Highrise Tower]

 

 

[Sgrt Clober]

Thanks everyone for posting about this over the past year or so. I’ve been wondering about what will happen since demolition started, but only just found this. Will be staying tuned! 10/10 reporting

[hindesky]

[Highrise Tower]

Levit Green by Hines.

 

Renderings fourthcoming 

[Montrose1100]

Quote

Houston-based Hines and the Levit family on Monday announced plans to redevelop 52 acres near the Texas Medical Center into a project called Levit Green, a mix of office space, residences, shops and research facilities targeting this region’s growing life-science sector.

The project, Hines said, could be Houston’s answer to Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco, hubs for technology and biomedical industries. Levit Green is planned near the northwest intersection of Holcombe and Texas 288 on industrial land that formerly housed the Grocers Supply Co., a longtime Houston grocery wholesaler founded by the Levit family in 1923. The Levits sold the business in 2014

 

Link

 

I think it's funny the Laredo Times showed up one site before the chronicle when I googled Levit Green, so it shall remain.

[EllenOlenska]

So...about those rendering at the top of this thread......

Edit: It is still large

Edited June 15, 2020 by EllenOlenska

[Highrise Tower]

[Montrose1100]

15 minutes ago, Highrise Tower said:

So no recycled 1 WTC? 

[CREguy13]

Wow, This is incredible news.

 

Hines Press Release from their website:

 

Hines and 2ML Real Estate Interests to Build Levit Green

Life Science-based mixed-use development will be adjacent to the Texas Medical Center

JUNE 15, 2020

(HOUSTON) – Hines, the international real estate firm, has finalized an exclusive agreement with 2ML Real Estate Interests to develop Levit Green, more than 52 acres of prime real estate adjacent to the Texas Medical Center. The thoughtfully designed masterplan will offer a curated mix of uses, including research facilities, office, residential, shopping and dining, outdoor amenities and green space at the epicenter of Houston’s biotech, corporate life sciences and medical research hub.

 

Located inside Houston’s I-610 Loop, steps from one of the city’s largest parks, myriad arts and cultural institutions and vibrant retail offerings, Levit Green will offer amenities that are increasingly rare today: unparalleled size, versatility and connectivity within the city’s urban core. The unique property is less than three miles from Houston’s Central Business District and its prominent location enjoys immediate access to State Highway 288, METRORail, METRO bus, bike trails and the planned TMC³ medical research campus.

 

A partnership between the Hines and Levit families, two names synonymous with Houston, Levit Green will go beyond a live-work-play paradigm to create an environment that fosters interaction and collaboration in and out of the laboratory. From venture capital to IPOs and M&A, investment in life sciences is reaching all-time highs. We are seeing record-breaking R&D spending creating the need for highly sophisticated lab space and cutting-edge pharmaceutical facilities.

 

“At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States. Impressive advancements in therapeutics, science and innovation are driving demand for real estate,” stated John Mooz, senior managing director at Hines. “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.”

 

An initial piece of the property was acquired by Joe Levit, founder of The Grocers Supply Co, which grew to be the largest independently owned wholesaler of grocery products in the southeast U.S. and the largest supplier of Hispanic grocery products in the country. Through the dedication of four generations of the Levit Family, Grocers Supply has enjoyed 97 years of success in serving and partnering with independent grocers to provide quality products for communities in Texas and surrounding states.

 

“We are excited to bring the shared vision of Hines and the Levit family to the community. Our family has deep roots in the neighborhood, and we believe this development will add tremendous value to the area and the Texas Medical Center,” said Max Levit, President of 2ML Real Estate.

 

 

[TheSirDingle]

Say it with me... ANOTHER ONE!

[CaptainJilliams]

With a company like Hines behind this project, I am very excited!

[Caleb]

1 hour ago, Highrise Tower said:

This literally drags Medical Center’s skyline to 288. Plus all of the fill in from the life sciences related companies that are going to locate around it. 

Edited June 15, 2020 by Caleb

[TheSirDingle]

6 minutes ago, Caleb said:

This literally drags Medical Center’s skyline to 288. Plus all of the fill in from the life sciences related companies that are going to locate around it. 

TMC might have the largest skyline in Texas in the coming years. I could see this paired with 7200 main, TMC^3, Medistar tower push it towards the top. But the pure height/mass of Downtown, and the amount of undeveloped land allows for it to stay on top. Just insane how large these places might be in a few years. 

I could see a skyline war between TMC and Downtown in the coming years. Although Downtown has a leg up since it has the potential to combine with both the Allen Parkway skyline and Midtown skyline really soon (if not a couple years). 

 

TMC has definitely set itself as one of the giants in the Texas skyline debates. But as we all know, I'm waiting for the potentially massive 5.5 mile combo of the Main St skyline. 

[Luminare]

From Houston Biz Journal that wasn't in the chron article which I think really makes sense why even in this climate they are kicking this off.

 

Quote

In late 2014, the company sold its warehouse and distribution operations as well as the Grocers Supply name to New Hampshire-based C&S Wholesale Grocers Inc. At the time, the Levit family retained its retail operations: the Fiesta Mart LLC and Gerland Corp. grocery store chains. Less than six months later, the Levit family sold Fiesta Mart to Washington, D.C.-based international private equity investment firm Acon Investments LLC and the Gerland chain to Houston-based Lewis Food Town Inc.

Now, 2ML owns a portfolio of more than 5.2 million square feet of warehouses, shopping centers, freestanding supermarkets and office buildings, per the June 15 release.

 

With all the companies and warehouses they have been selling off, 2ML must have a huge chest of dough to play around with, and I'm sure in times like these where people are scrambling for funds for projects, I'm sure Hines, in order to keep themselves moving are looking for sure bets when it comes to financing. Then you add in the fact that Hines when its behind a project...it happens, means this gives it more promise. Near guaranteed money not tied to other peoples funds + Hines = Going to be built.

 

Haven't been able to find a master plan from an initial google search. Would be nice to see the full scope.

[houstontexasjack]

Construction to start in “approximately one year.” Could be taking advantage of lower pricing, as @Luminare alluded to.

 

https://www.chron.com/business/article/Hines-Levit-partner-on-52-acre-development-near-15341272.php
 

“The Gensler architecture firm has created a master plan for the property, though individual buildings have not yet been designed. Construction of the first building is expected to begin in approximately one year.”

[Lux]

Synergism or competition with TMC3?  The references to Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco are lifted directly from the TMC3 playbook.  An amalgam of life science clusters from 288 to the TMC would be a beautiful thing, and it’s going to take massive CRE Life Sciences investments, in addition to TMC3, for Houston to rise by leaps and bounds in the U.S. Life Science cluster rankings (JLL, CBRE, etc.).  Thoughts?

Edited June 16, 2020 by Lux

[j_cuevas713]

Is this a dream? This and TMC3 😯 And the Innovation District!?!?!?!?!? I expect all of this investment in tech to bring us some big names. I’ve been hoping Google would open offices here. They provide infrastructure that TMC could partner with and use. Apple and Space X offices would be nice as well.

Edited June 16, 2020 by j_cuevas713

[X.R.]

46 minutes ago, Lux said:

Synergism or competition with TMC3?  The references to Kendall Square in Cambridge, Mass. and Mission Bay in San Francisco are lifted directly from the TMC3 playbook.  An amalgam of life science clusters from 288 to the TMC would be a beautiful thing, and it’s going to take massive CRE Life Sciences investments, in addition to TMC3, for Houston to rise by leaps and bounds in the U.S. Life Science cluster rankings (JLL, CBRE, etc.).  Thoughts?

I'm going to guess synergism. Given how much work Hines and Gensler do in the city, and that this was planned "for years," someone at TMC3 must have known about this and vice versa. And if they knew/know about it, then you can't help but think that they will work together to not...cannibalize each other's potential. 

 

This is pretty astonishing and wayyyy out of left field. Checking the forums and going around town I just kept thinking we just needed to keep the momentum going from all of the projects currently being built, and here.we.go. With Hines behind it, and given how fast Texas Tower is moving, we should bet on which project begins to open up significant spaces first, this or TMC3. Absolutely nutty.

[KinkaidAlum]

Is that a Magnolia Hotel possibly? 

 

Looks great. Great location for live + work spaces especially with the new HEB open.

[j_cuevas713]

1 hour ago, X.R. said:

I'm going to guess synergism. Given how much work Hines and Gensler do in the city, and that this was planned "for years," someone at TMC3 must have known about this and vice versa. And if they knew/know about it, then you can't help but think that they will work together to not...cannibalize each other's potential. 

 

This is pretty astonishing and wayyyy out of left field. Checking the forums and going around town I just kept thinking we just needed to keep the momentum going from all of the projects currently being built, and here.we.go. With Hines behind it, and given how fast Texas Tower is moving, we should bet on which project begins to open up significant spaces first, this or TMC3. Absolutely nutty.

Yeah this should kick start both. But we have to wait a year? 

[ZRFkris]

Wow is all I can say. 😎

[ArtNsf]

On 10/19/2019 at 5:14 AM, CrockpotandGravel said:

Originally posted by Naviguessor, December 2018  in the original thread for Grocers Supply Co. | 3131 Holcombe Blvd | Medical Center.


 

This interesting and ambitious "Confidential Master Plan" shows up on the Munoz Albin Project page on their Website. 

Thanks to research from another Haifer researching the Colombe d'Or tower.   

 

https://munozalbin.com/project/old-market-east-omaha-master-plan/

Originally posted by CaptainJilliams December 2018 in the previous thread for Grocers Supply Co. | 3131 Holcombe Blvd | Medical Center.



Not to get anybody too excited, but here's the conceptual rendering from the link Naviguessor posted above:



 

 

Well, I'm still very excited !!  LOL.  This would be by far the most forward thinking and looking and attractive development Houston has ever seen IMHO.  I only hope it will happen one day.  It wreaks of positive growth and energy and "synergy" for this new century and could actually become another huge catalyst for growth and up the stakes in the entire Houston area.  I love the extremely interesting rendering.  However, I know a lot of dreaded "valued engineering" will most likely take place before this would get off the ground, but the colors, lighting and shapes in this rendering is exactly what Space City has been screaming out and needing for decades.  Fingers and toes crossed !

[Fortune]

Great rendering, however, it was done by Munoz + Albin not Gensler so i'm sure the design will be a lot different. In my opinion Munoz + Albin designs are more "edgy" than Gensler. Cant wait to see the actual master plan designed by the architect Gensler. 

[EllenOlenska]

Yeah the original has an avenue while the new one seems to have a Woodlands-esque pond.

[pablog]

I prefer the new greener rendering.

[Moore713]

I'm all for it if the last decade has taught Houston anything, it that we  have to further diversify our economy. We can not continue to see oil and gas as a viable   anchor, going foward.  We have to actively push for our major sectors to grow  , while craving a path into new ones. Why i would like to see our space port  grow and our medical  ..

 

Hell i laughed when the spaceforce was proposed but if they really are looking for a new headquarters  in the next 10 year.  I Think we should do everything in our power to sell Houston  to them. 

[Highrise Tower]

Behind the deal: How Hines, former Fiesta Mart owner teamed up for TMC-area mixed-use project

https://www.bizjournals.com/houston/news/2020/06/16/hines-levit-family-2ml-real-estate-levit-green.html

 

Quote

 

It took more than three years for two of Houston’s biggest names to come together on a project that promises to be one of the city’s most significant mixed-use developments in years. But Houston-based Hines and 2ML Real Estate Interests, formerly known as The Grocers Supply Co. Inc., say all of the planing and negotiations wee worth it to get their proposed Levit Green project moving.

 

 “There was no question on anyone’s part when we first sat down that there will be a continued need for investments in the life sciences for years to come,” Mooz said. “The Levit family thought this would be a great opportunity to give a second life to land that has been in their family for 100 years.”

 

Mooz said Hines began speaking to the Levit family in 2017 about building the mixed-use development on the site of some Grocers Supply warehouse and distribution facilities. The site is located near the interchange of Highway 288 and Holcombe Boulevard/Old Spanish Trail.

 

“It took a considerable amount of time to form the partnership,” Mooz said. “But we started from the common position that building a 52-acre development focused on life sciences research was exactly what Houston needed to continue to build on the success of the Texas Medical Center.”

 

Mooz said 2ML Real Estate will serve as the project’s “land partner,” while Hines oversees its development.

 

Levit Green will be developed over the next several years as a master-planned community that aims to provide a full ecosystem built around life sciences research. The Houston office of San Francisco-based Gensler has been tapped to develop a master plan for the project’s development. Hines has not yet chosen an architect or engineering team for the individual builds, Mooz said.

 

Mooz declined to comment on how much the project is expected to cost, saying only that it will be a “multiyear, multicycle project.”

 

That said, the initial investment on the part of Hines and the Levit family is likely to be fairly significant. The two parcels of land owned by 2ML Real Estate in the area had an appraised value of $97.3 million as of Jan. 1, according to Harris County Appraisal District records.