A Houston-based hospitality developer plans to add retail, multifamily and a grocery component to the dense medical center submarket.
Moody National Cos.is buildingan 182-key Residence Inn hotelat 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.
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, saidBrett 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 theHampton InnHouston hotel at 11333 Katy Freeway for $8 million in cash in April, andspent around $1.8 millionto 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 witha luxury shopping experiencelike the River Oaks District or Highland Village.
Co-Op At The Med Center: Multifamily At 7710 South Main St.
in Texas Medical Center
Posted
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.
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.