Hines is partnering with 2ML Real Estate Interests to develop the properties, the site of warehouses and other facilities for Grocers Supply Co., which the Levit family founded 97 years ago.
“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, which spun off from Grocers Supply after selling the brand and wholesale business in 2014.
The plan for the new project calls for research facilities, office space, residential, shopping and dining, and green space, according to the announcement, positioning itself near the forthcoming TMC3 research campus.
“At 15.5%, 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 the announcement. “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.”
A development timeline was not shared in the announcement.
