MOB Proposed for the Heights
Local developer 927 Stude, led by Chris Dray, is gearing up development of an MOB in the Heights. It’s the first medical development in the area in eight years, and is part of continued gentrification in the neighborhood.
Chris (an EVP at NewQuest) tells us the Heights has already gone through the restaurant phase of revitalization—there are 63 in the area—and its housing and population are impressive. There are more than 10,000 kids in the Heights, and seven schools within a mile of Studewood and Omar, where Chris’ team will build 15k SF of Class-A medical space. But there aren’t many services for these residents—Chris has lived in the Heights for decades (and is very active there as a landlord, developer and investment sales rep) and has to drive at least six miles to go to the doctor or take his two sons to the orthodontist.
One of the problems is the lack of new development in the Heights: healthcare professionals haven't had many options. Thus, Chris believes this project—dubbed Heights Central and rendered here—will do well. Memorial Hermann and Methodist have also recently recognized the unmet demand and are planning buildings, but they’re south of I-10. The Heights is a very close-knit neighborhood; residents want to support locals who are part of and very involved in the community, they want to walk as much as possible and they do NOT want to cross the freeway.
Transwestern VP Ashley Cassel is handling leasing. She and Chris (snapped with Insgroup SVP Philip Wise at Bisnow's construction and development event earlier this year) say the biggest challenge to the project so far has been educating potential tenants about the area. Most haven’t been to the Heights in years and don’t realize how strong the demographics are or how affluent some of its residents are; homes are selling for up to $3M. (You read that right.) Ashley says it also took some ingenuity to find a parking ratio that’d support medical clients. It’s sharing parking with The Glass Wall, the dinner restaurant next door that Chris partly owns. Heights Central is expected to deliver in Q4 ’16.
