In Houston commercial real estate news we often look for the next blockbuster mega deals that will be a major catalyst in an area for the next opportunity or boom.
Shell Oil Company has placed 21 acres of land located south of the Texas Medical Center and adjacent to the proposed site of the Texas Medical Center 3 (TMC3) Innovation development proposed in Houston. The site consists of existing office building, parking garage, and warehouses. The property is expected to generate multiple offers and sell this year and developed into a mixed use concept.
Many developers are converging on the Texas Medical Center to build projects capitalizing on the largest and most advanced medical treatment and research campus in the world. Many projects are outside of medical development but are necessary to support growth and infastructure of the Medical Center that is the core of Houston's economic growth. Projects include multifamily apartment development, retail development, hotels, convention and meeting space many of which are luxury scale projects.
In 2015 Mike Wong and his associates worked with a hotel developer to acquire land in the Texas Medical Center, design, and develop a boutique hotel catering to the growing demand from international medical tourism. The project is scheduled to break ground in 2016 and be the first hotel specifically catering to this new trend. Mike has also worked with a local developer and investors on the development of a midrise condo project under construction in 2016 in the Texas Medical Center.
With local attractions like NRG Stadium which is the home of the NFL's Houston Texans, and NRG Park which hosts the Houston Livestock Show and Rodeo and other international events like the annual OTC Offshore Technology Conference, and NFL Superbowl in 2017, and Rice University, the area is a booming hotspot thriving and in need of strategic real estate development projects.
Houston's Texas Medical Center is an ideal location to seek investment and development opportunities in 2016 and for the next several years. As large tracts of land are sold and developed, land is beccoming more scarce and expensive for the submarket area. Prices continue to rise in 2016 despite any economic uncertainty as international and domestic investment and development capital pour into this market.
Mike and his team's strategic analysis of the Texas Medical Center market were able to identify signifcant key opportunity development projects for their clients from hotels, multifamily apartments, retail, and condo development projects over the last year. For investment and development opportunties in the Houston market and Texas Medical Center contact Mike Wong and his team to explore options. As market experts and experienced consultants we can guide you from conceptual ideas to completed projects.
TMC3 is a proposed $1.5 billion campus project on 28 acres with corporate offices, retail, hotel, movie theater, housing, and shared research space. Located between Old Spanish Trail and South Braeswood Blvd. The proposed project design and renderings are by architecture firm Gensler.
MIKE WONG 713.935.5800 KW COMMERCIAL
KELLER WILLIAMS REALTY SOUTHWEST
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