RICHMOND – (Realty News Report) – Two suburban medical projects will break ground soon near the Grand Parkway in Fort Bend County.
The transactions are part of a significant trend that has prompted developers to start medical-related projects in Houston’s fast-growing suburbs.
The projects will be located in Grand Center at Long Meadow Farms, a 58-acre mixed-use development in west Houston.
Dynamite Investments LLC has acquired a site to develop a 6,500-SF medical office building. Ground will break by summer’s end.
In addition, a 9,000-SF medical office building will be built by another developer on a nearby tract, according to NewQuest Properties. Both locations offer direct access to the Grand Parkway/TX 99 feeder road at its junction with West Bellfort Street in Richmond.
“Land is a hot commodity everywhere. The Grand Center at Long Meadow Farms just happens to be one of the last regional land listings available for sale or lease in the Aliana submarket,” says Ashley Strickland, vice president of NewQuest Properties’ Healthcare & Wellness Division and broker for the property owner, CJ Development.
Grand Center at Long Meadow Farms has other deals in the pipeline. A multifamily developer who has 15 acres under contract, NewQuest said. Several potential buyers are jockeying for five acres to build a retail/services’ projects.
Grand Center at Long Meadow Farms’ three-mile trade area has nearly 80,000 residents with an average annual household income of $104,666. The demographics only grow higher as the circle widens.
“It’s surrounded by mature communities,” Strickland says, “and there is so much pent-up demand.”
CJ Development’s strategy includes ground-up projects. To date this year, the developer has delivered an 8,000-sf retail building anchored by a BBVA branch and a pair of two-story medical office buildings, each 23,000 sf.
“The developer had the right timing and the right place for the Grand Center at Long Meadow Farms,” Strickland says.
Medical development has also been prevalent in the north and northwestern suburbs of Houston.
Tomball Medical Project
General contractor Arch-Con Corporation has broken ground on the first phase of the Medical Center of Tomball, located northwest of Houston.
Located off of Highway 249, the project is developed by Bryant + Stacy Group in collaboration with Global Healthcare Partners.
Phase I is a three-story, 64,395-square-foot medical office building. The project is 97 percent pre-leased.
“Arch-Con’s volume share in the construction of medical office buildings, real-time information on market pricing and coming in early in the development process allowed us to collaborate with Browne McGregor on the best materials and construction methods,” said Evan Alford, senior vice president of Arch-Con’s Healthcare Division. “This was particularly important right now with construction prices and material delays a creative puzzle to sort.”
May 17, 2021 Realty News Report Copyright 2021
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File: Two Medical Projects Underway in Richmond
Photo: Courtesy NewQuest