now building

New development announced to rise alongside Houston's Texas Medical Center

The Levit Green development will feature office, research, residential, retail, and dining components, along with outdoor amenities and green space. Image courtesy of Hines

Two Houston-based commercial real estate companies — Hines Interests LP and 2ML Real Estate Interests Inc. — have teamed up to develop a 52-acre life-sciences-anchored, mixed-use project adjacent to the Texas Medical Center.

The Levit Green development will feature office, research, residential, retail, and dining components, along with outdoor amenities and green space. In a June 15 release, the developers say Levit Green will sit "at the epicenter of Houston's biotech, corporate life sciences, and medical research hub."

Levit Green will be near the planned TMC³ biomedical research campus. The Hines-2ML project will be built at the northwest corner of Holcombe Boulevard and U.S. Highway 288 on an industrial site that was the headquarters of The Grocery Supply Co. Inc., the predecessor of 2ML.

Being built at a cost of $1.5 billion, the 1.5 million-square-foot, 36-acre TMC³ campus is set for completion in 2022.

"At 15.5 percent, 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," John Mooz, senior managing director of Hines, says in the release.

Privately held Hines is a real estate investor, developer, and manager whose portfolio comprises $133.3 billion in assets across 24 countries.

Because Levit Green remains in the master-planning phase, the developers aren't able to provide the project's square footage. They plan to break ground once design work for the initial buildings is finished. The developers decline to disclose a price tag for the project.

"Given the explosive growth and investment in innovation in the life science sector, there is an intense need for state-of-the-art facilities which enable the research required to bring these planned advances into being," Mooz tells InnovationMap in a statement. "As Houston is an ascending life science cluster city, which also includes the world's largest medical center, the need to create facilities that enhance research and development was, to us, obvious."

An initial parcel for Levit Green was purchased by Joe Levit, founder of The Grocers Supply Co., which grew into a major independent wholesaler of groceries in the U.S. and the largest supplier of Hispanic groceries in the U.S. The Levit family owns 2ML.

"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," Max Levit, president of 2ML, says in the release.

The Levits entered the retail sector with the purchase of the Gerland's Inc. and Fiesta Mart Inc. grocery chains. In 2014, the family sold its wholesale business and the Grocers Supply name. The following year, the company sold Gerland's and Fiesta Mart.

In conjunction with the sale of the wholesale business and the brand, The Grocers Supply Co. changed its name to 2ML Real Estate Interests. The renamed company controls a portfolio of more than 5.2 million square feet of warehouses, shopping centers, supermarkets, and office buildings. The bulk of 2ML's portfolio is in the Houston area.

Trending News

Building Houston

 
 

Calling all sports tech companies. A Galleria-area sports tech hub is opening this summer. Photo via braunenterprises.com

It's game time for a Houston-based coworking company that's working on opening a sports innovation hub this summer.

The Cannon is working on opening new hub in 53 West, a Galleria-area office building recently renovated by Braun Enterprises. The project is in partnership with Gow Media, InnovationMap's parent company, and will be co-located with the media business that runs Gow Broadcasting LLC and the SportsMap Radio Network, which includes local sports station 97.5 as well as national syndicated content.

The Cannon's founder Lawson Gow tells InnovationMap that Gow Media — founded by Lawson's father, David Gow — and Braun Enterprises were opportunistic partners for the organization.

"We've always been optimistically looking for strategic partners that we can co-locate with or team up with to create a hyper focused, niche community," Lawson Gow says. "We've spent a lot of time thinking about what that can be."

Expected to open midsummer, the new two-story space will have 23 offices and a 1,500-square-foot open space that can be used for events. All existing Cannon members will have access to the space, and potential tenants can expect a similar pricing model to The Cannon's other three Houston-area locations.

Houston makes sense for sports tech, which Gow defines as encompassing four categories of innovation — fan engagement, activity and performance, fantasy and gambling, and esports. Houston has the money, the big four sports teams, a big fan base, and corporate interest, he explains.

"Sports tech is a thing we can win at. There's no global hub for sports tech — so Houston can do that," Gow says. "We've always had that in our heads as a direction we want the city to head down, so it just makes it so opportunistic to create a space for that kind of innovation at work for the city."

53 West has been undergoing renovations recently. Photo via braunenterprises.com

Trending News