HOUSTON — Medistar Corporation, headquartered in Houston, has announced plans to build a 33-story, 550,000-square-foot medical office tower at 6700 Main Street, on the western edge of the Texas Medical Center, company founder Monzer Hourani said.
The new tower will replace the existing SureStay Plus Hotel by Best Western, which will be demolished to clear the site. The property sits on the west side of Main Street near Southgate Boulevard, in close proximity to Texas Children’s Hospital.
“This will be a substantial medical tower, incorporating a parking garage as well as ground-floor restaurants and retail,” Hourani said.
The building will connect via a skybridge to two adjacent developments: a new 353-room InterContinental Hotel and a 35-story apartment tower called Latitude Med Center. Both of those projects are slated to open in 2018. Medistar is partnering with TRC Capital Partners on the InterContinental, while the Latitude Med Center apartments are a Greystar/Medistar joint development.
Hourani revealed the medical tower as part of the ceremony marking the topping out of a separate 375-unit Greystar residential tower at the same site.
Medistar expects the medical tower to meet growing demand generated by the Texas Medical Center, a 1,345-acre complex that is the largest medical center in the world. The campus includes 21 hospitals, multiple medical schools and more than 100,000 employees, creating strong demand for medical office space and supporting services.
Combined with the new Greystar residential tower and the InterContinental hotel, the medical tower will form one of the largest mixed-use developments currently under construction in Texas.
Although Medistar is best known for medical and healthcare-related real estate, the firm also develops broader commercial projects. Past work includes the 150-acre ParkWest Business Park in Katy.
Medistar has several additional healthcare projects in development, including PAM Rehabilitation Hospitals in Corpus Christi and Round Rock; a 60,000-square-foot medical office building in Webster; and VibraLife post-acute care facilities planned for Katy and El Paso.
Nov. 20, 2017 Realty News Report Copyright 2017