Texas Medical Center area: Mixed-Use Project Kicks Off

In Houston, Houston-based Winther Investment has purchased 2.1 acres at 1500 Old Spanish Trail as the site of a 280-unit apartment mid-rise. The project marks the start of a larger 21.3-acre large-scale planned multi-use development on the outskirts of the Texas Medical Center.

The land was purchased from 1500 OST LLC, an entity led by Houston real estate developer Allen Crosswell, as stated by Transwestern Real Estate Services. Transwestern continues to market the remaining 19.2 acres for residential, hospitality, retail, and life sciences projects.

Located on the south side of Old Spanish Trail at North Stadium Drive, adjacent to the Woman’s Hospital of Texas, the site previously housed a Shell Oil building that was torn down several years ago. Transwestern’s Jeff G. Peden and Scott E. Miller represented 1500 OST LLC in the sale.

Winther Investment will develop the apartments with two levels of parking and five stories of residential. 1500 OST LLC will begin site preparations such as roadwork, utilities and a formal site entrance for the development.

“We see this as a rare chance to deliver new residential options in one of the most innovation-driven neighborhoods in the city,” said Frederic Gautier-Winther, head of Winther Investment. “The energy surrounding the Houston life sciences expansion, combined with excellent access and strong fundamentals, makes this an ideal location for long-term investment.”

The site is a few blocks from the Texas Medical Center’s new life sciences research campus at TMC Helix Park. The University of Texas MD Anderson Cancer Center, Baylor College of Medicine, and UTHealth are building new facilities nearby.

“With the Texas Medical Center establishing its south campus along Old Spanish Trail, there’s a clear need for more thoughtfully designed housing, life sciences space and multi-use development,” said Crosswell.

Darryl Robinson, also a partner at 1500 OST LLC, said the project support demand from “healthcare workers, researchers, students, and families who want to live near their work, education, and care.”

Apartment building across the Houston area slowed in the first quarter with about 11,050 units under construction, down from 20,702 in the first quarter of 2024, as stated by Colliers.

“In today’s market, very few multifamily development deals of this scale are getting done, especially in urban infill locations,” said Jeff G. Peden, Executive Managing Director at Transwestern. “However, this site has unique potential and stands out for its proximity to the Texas Medical Center and long-term growth potential.”