Healthpeak Properties, Inc. has begun development of a new, 116,500-square-foot medical office development at 7500 Fannin Street in Houston. Construction began in late May, and the building is slated for delivery in December 2021. The building is on the campus of The Woman’s Hospital of Texas, less than a mile south of the Texas Medical Center. 7500 Fannin is currently 36 percent pre-leased with the largest commitment from Houston Women’s Care Associates, a 14-provider practice that is expanding its current on-campus footprint. “This project has been on deck at The Woman’s Hospital of Texas campus for many years, and it’s exciting to be a part of this HCA Houston Healthcare campus expansion,” said Tom Hulme, vice president of development and leasing for Healthpeak. “This will give the campus’ larger practice groups some much-needed room for expansion, as well as allow new providers to join alongside the region’s leading hospital serving Houston’s women and pediatric population.” The development consists of a five-story, Class A medical office building and is being constructed along with a new parking garage. 7500 Fannin will be front and center on the campus and is a part of a larger master-planned expansion that includes a new, redesigned hospital entrance that will provide access points from Old Spanish Trail and Fannin Street. The expanded clinic space, the addition of a new parking garage and the modified campus infrastructure will give patients and visitors better circulation and ease of access at the campus. Transwestern, which has been engaged to provide leasing services for 7500 Fannin, is a long-time healthcare real estate services provider for Healthpeak and currently leases 34 of its assets in Texas and Colorado. This includes 7400 Fannin, which is adjacent to the new development and is currently 94 percent occupied.

High above Hermann Park, a dramatic transformation is underway at The Parklane, a 35-story residential high-rise in Houston’s Museum District. Located at 1701 Hermann Drive, the iconic building was at one time the tallest high-rise residential tower in the city. Today, it is being completely reimagined with modernized residences and first-class amenities. Upon completion, The Parklane will debut 195 modern residences available exclusively for purchase, with prices starting from the $300s. “We built The Parklane in 1983 and were one of the first to introduce high-rise residential living to Houston’s thriving Museum District,” said Nadim Zabaneh, vice president of Houston-Based Tema Development, Inc. “We came to realize there was a niche in the market with a price range conducive to all buyer types, including first-time homebuyers, real estate investors, second homeowners and empty nesters. This drove our decision to convert rental residences into condominiums. Already some of our residents have jumped at the chance to purchase their units.” Tema Development, Inc. has engaged Mirador Group as the architect, interior designer and landscape architect for the project. The Houston-based architecture and interior design firm has a track record for condominium buildings. Click to read more at www.rejournals.com.

JLL Capital Markets closed the sale and arranged acquisition financing for Rayford Village, a 19,950-square-foot, fully leased retail center in the north Houston-area suburb of Spring, Texas. JLL marketed the properties on behalf of the seller, BNS Rayford Partners, LP, represented by Adam Soffar and Rob Naggar. Additionally, working on behalf of the new owner, JLL placed the 10-year, fixed-rate acquisition loan with First Community Credit Union. Rayford Village comprises two adjacent buildings that are home to a variety of national and local retailers, including Cole Veterinary Services, SK Salon, Goodwill, Pizza Hut, Papa John’s, DC Cleaners and Nail Bar. Situated on 2.7 acres at 2725 and 2757 Rayford Rd, the property’s surrounding retail is one of the fastest-growing residential areas in Houston. Click to read more at www.rejournals.com.

In many ways, the City of Seabrook had prepared for a disaster of this level. Even before Hurricane Ike slammed into Galveston Bay in 2008, the city had developed a plan in case the inevitable occurred. But the COVID-19 storm that started brewing in early 2020, hit in an entirely new way. “It was certainly like a tidal wave that hit the shore so fast. We saw it coming, we started to prepare and it hit. We just went into emergency mode” says Paul Chavez, Director of the Seabrook Economic Development Corporation. “It’s unprecedented because the whole world is experiencing something like Ike. Everybody is affected by it.” He says that in early February, the city started reaching out to citizens and businesses trying to prepare them for what lay ahead. “A lot of hard decisions had to be made, but we knew that for the safety of everybody, we had to make these decisions and enforce them,” Chavez says.” Click to read more at www.rednews.com.