HOUSTON – (Realty News Report) – Hines and 2ML Real Estate Interests will develop Levit Green, a 52-acre site adjacent to the Texas Medical Center, in a transformative mixed-use development that will open the door for economic expansion in the life-sciences.
The property, near the northwest corner of Highway 288 and Holcombe Boulevard, had been used by the Grocer’s Supply Co. for warehousing and logistics for decades.
The master plan, designed by Gensler, depicts research facilities, office, residential, shopping and dining, outdoor amenities and green space rendered to reflect the site’s location at the epicenter of Houston’s biotech, corporate life sciences and medical research hub.
Named Levit Green, the $1 billion project is less than three miles from Houston’s Central Business District the planned TMC3 medical research campus and MetroRail.
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. Record-breaking R&D spending creating the need for highly sophisticated lab space and cutting-edge pharmaceutical facilities, Hines said.
“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.
“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.
The site is near the old Nabisco factory, which was redeveloped for innovation space by the Medical Center.
Hines recently developed a 1.7 million SF distribution facility for Grocers Supply at Hines’ Pinto Business Park near Interstate 45 in North Houston.
2ML Real Estate Interests, Inc. 2ML has a portfolio of over 5.2 million SF of warehouses, shopping centers, freestanding supermarkets and office buildings.
Hines, founded in 1957 by Mr. Gerald D. Hines, has a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management and 165 developments currently underway around the world.
June 16, 2020 Realty News Report Copyright 2020