HOUSTON – The parcel once proposed by University of Texas leaders as the home for a major data science institute has been placed on the market.
JLL has been engaged by The University of Texas System to market roughly 216 acres located just south of Loop 610, near the Astrodome.
The property sits less than three miles from the Texas Medical Center.
“Potential uses for the site include life science companies, large pharmaceutical and biotech laboratories, advanced medical manufacturing, public or private educational institutions, government agencies and religious organizations,” JLL said. “The site would also be suitable for high-density single-family housing, multifamily developments and senior living communities.”
The JLL Capital Markets team representing the seller is led by Davis Adams and Rusty Tamlyn and includes Scott Galloway, Colby Mueck and Chris Curry.
“It is extremely rare to find a large, contiguous development site in a premier infill location in any major U.S. market,” Adams said. “The site is ready for immediate development and benefits from its proximity to billions of dollars of infrastructure at the Texas Medical Center.”
The university purchased the land several years ago.
Retired Admiral William T. McRaven, the former chancellor of The University of Texas System and a nationally known military leader, originally envisioned converting roughly 300 acres into a data science institute that would draw on the expertise of the nearby Texas Medical Center, regional universities and Houston’s corporate sector.
In multiple transactions, The University of Texas paid approximately $215 million for about 300 acres near the intersection of Buffalo Speedway and West Bellfort, close to Willowbend Boulevard and Highway 90.
The plan met strong opposition from a range of stakeholders, including the University of Houston, Texas Governor Greg Abbott, State Senator John Whitmire and others.
McRaven, who led the Navy SEAL operation that killed Osama bin Laden, resigned from his post at the university in 2018.
Because of its proximity to the Medical Center, the area has drawn growing interest from residential developers in recent years.
Near the UT property, Pulte Homes announced the Avondale project: 145 homes on 11 acres, with multistory residences priced around the $300,000s. Construction was expected to begin this fall, with model homes opening in the first quarter of 2020.
The gated Pulte community will include two- and three-story homes ranging from about 1,490 to 2,618 square feet. Developer Frank Liu of Lovett Homes has also been active in the area.
The Texas Medical Center employs more than 100,000 people, and over 10,000 of its employees hold Ph.D. degrees or are medical doctors.
Aug. 27, 2019 Realty News Report © 2019
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