Commercial / Office / Industrial Development

Galveston's University of Texas Medical Branch is going full steam ahead with their League City Specialty Care Center.  Construction will begin in August on the $61 million facility which will encompass 110,000 SF.  Estimated clinical staffing is between 50 and 100 practitioners.  The campus will offer advanced imaging services, pediatric and adult clinics, outpatient surgery and pediatric urgent care.  Location is along I-45 just north of FM 646 on a 35-acre site.  It's expected that the Center will open to the public in February 2010. 

It’s a whopper!  Houston-based Palmer Logistics has leased 468,000 SF at Interport Distribution Center in La Porte.  It’s believed that this is the largest industrial lease done in a spec building in the Houston area.  Available in this first phase was 598,000 SF; remaining is 130,000 SF for another tenant.

Clear Lake Shores is looking to purchase additional commercial property along FM 2094 for a proposed town center project.  The city would like to take the area around the community’s entrance on FM 2094 and redevelop it into something that adds value and serves the needs of its island residents.  It’s not known whether the city will sell the acquired property after rezoning it or lease it long-term to a developer.

At FM 518 and Anders Lane, a local developer has under construction the Kemah Business Park, a 60,000 SF development on four-plus acres.  One building is 7,500 SF and has been pre-leased to a national franchise tenant.  The other building is 5,000 SF; of that, a local fabrication company has leased 2,500 SF.  The developer is in negotiations with a petroleum services company and two other companies for the additional 47,000 SF that will be available.  The finished project will include block veneers, decorative canopies and storefront entries.

NASA continues to award new contracts related to the Constellation Program including one awarded this week to Bay Area Houston’s Oceaneering Space Systems for design, development and production of the next generation space suit.  This award will bring new jobs to the area at Oceaneering and their local subcontractors, Cimarron, Honeywell and United Space Alliance.

FYI -- The Big League Dreams Sports Park exceeded original 2007 projections by almost 15%.  Projected was an overall economic impact of more than $37 million; actual figures brought the total to almost $42.3 million.  Location of the park is on the west side of I-45, just south of FM 518 in League City.

Magnolia Creek Golf Links in League City is going private.  The 27-hole course will now be known as Canongate at Magnolia Creek.

Moody Gardens Golf Course is back in full swing!  The course got a $14 million renovation that includes 500 palm trees and beautiful landscaping on the par 72 links-style course.  There’s also a new fleet of golf carts, a remodeled clubhouse and grill.  Formerly, it was the Galveston Municipal golf course.

Have you ever wondered how space exploration impacts your daily life at home and all around you? Check this out – then you’ll know!  http://www.nasa.gov/externalflash/nasacity/index.htm

Near the intersection of Red Bluff Road and Genoa-Red Bluff in Pasadena….

·         A & K Industrial bought 33 acres on Red Bluff where it will build a 40,000 SF, crane-served facility for its business.  There will be approximately 15 acres left to sell. 

·         Seventy-two acres on Genoa-Red Bluff next to the former ExxonMobil plant have been sold.  The new owner would like to lease the property. 

·         Seventy acres on Red Bluff is closing soon.  New owner would like to keep 40 acres and sell 30 in two to five-acre increments.  

Turner Industries Group has added a 65,000 SF pipe fabrication facility at its Pasadena location.  The company is one of the major fabricators in the U.S. providing specialized services to petrochemical, chemical, refining, energy, power generation, pulp and paper and other related industries.

Bay Area Business Park, underway on Bay Area Boulevard / Red Bluff Road in Pasadena, is going green.  This will be Houston’s only LEED-Guided industrial development.  Leasing opportunities start at 20,000 SF at the 140-acre development.  Delivery is expected October 2008.

Currently in design phase, an additional 450,000 to 600,000 SF will be built at Republic Distribution Center on Red Bluff Road in Pasadena.  Bayport Global Logistics recently signed a seven-year lease taking 145,810 SF of the 312,522 SF in the park’s first phase.  

NOTE:  Please feel free to pass this e-newsletter along to others who would enjoy it, and, whenever possible, remember to credit Bay Area Houston Economic Partnership for this information.

Updates on  ………

·         Bayport Cruise Terminal? It will be fully operational this fall.  A few construction details remain to be finished; the wharf and parking lot are complete.  Up to 56 cruises could sail from Bayport every year when the 96,000 SF terminal begins operations.   

·         Grand Bay at Kemah?  The current developer/owner of the property would like the city to create a Public Improvement District (PUD) that would reimburse the developer for the costs of the utility improvements.  It’s possible that this tract could be sold to yet another developer.  Word is that there may be an upscale hotel or condominiums being considered. 

·         Taylor Lake Village’s proposed mixed-use high-rise development?  Plans were unveiled last year   for twin 19-story condominiums, a 41,000 SF grocery store, plus restaurants and a retail center. It’s reported that the owner will be presenting plans to the city’s planning and zoning soon.  The site is east of the corner of NASA Parkway and Kirby Road. 

·         River Bend on Clear Creek?    A Houston developer is close to securing a hospital for the site.  The multi-family development is moving forward with a product that might include up to 700 units, although only 350 are currently planned.   A marina has been approved for the League City project.

What’s new?  Now available on the BAHEP web site is a new Real Estate page.  Helpful tools are being added every week; so, check often!  http://www.bayareahouston.com/Home/RealEstate3/

BAY AREA HOUSTON OFFICE SPACE AVAILABLE
5,000+SF CONTIGUOUS
Address	City	Building Size (SF)	Contiguous SF Available
2100 Space Park Dr.	Nassau Bay	115,878	93,630
1300 Bay Area Blvd.	Houston	35,690	35,690
16969 Texas Ave.	Webster	50,100	25,100
555 Forge River Rd.	Webster	108,578	23,214
1275 Space Park Dr.	Nassau Bay	43,222	21,611
2525 South Shore Blvd.	League City	119,249	20,767
201 Flint Ridge Rd.	Webster	45,000	19,000
4949 Fairmont Pkwy.	Pasadena	52,362	17,675
16055 Space Center Blvd.	Houston	147,000	16,178
12301 Kurland Dr.	Houston	222,400	16,000
500 N. Kobayashi	Webster	15,545	15,545
4949 Fairmont Pkwy.	Pasadena	52,362	15,180
213 W. Southmore	Pasadena	54,611	13,652
17250 El Camino Real	Houston	12,547