A new, mixed-used development, innovation center, and green space is set to bloom in the Texas Medical Center. Hines, the international real estate titan, has announced a plan to create Levit Green, which will encompass more than 52 acres of prime real estate adjacent to the Texas Medical Center.
The masterplan will include research facilities, office, residential, shopping and dining, outdoor amenities, and a green space at the epicenter of Houston’s biotech, corporate life sciences and medical research hub, according to a press release. The project marries Hines and the Levit family company, 2ML Real Estate Interests.
The development will be located less than three miles from Houston’s Central Business District, with immediate access to Highway 288, METRORail, METRO bus, bike trails and the planned TMC³ medical research campus.
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, according to a press release. The project comes as investment in life sciences is reaching all-time highs. Hines notes record-breaking R&D spending, which spurs the need for more lab space and cutting-edge pharmaceutical facilities.
“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,” said John Mooz, senior managing director at Hines, in a statement. “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.”
The initial piece of the property was acquired by Joe Levit, founder of The Grocers Supply Co, which is now the largest independently owned wholesaler of grocery products in the southeast U.S. and the largest supplier of Hispanic grocery products in the country.
“We are excited to bring the shared vision of Hines and the Levit family to the community. 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, in a statement.