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In collaboration with Wellington Development Co., Stream Realty Partners signed off on its second medical office project within months of its initial medical development in Hedwig Place. The group purchased a 2.5-acre site in the Spring Valley Village Oct. 31.
The five-story medical facility will be a 125K SF Class-A building connected to a seven-story structured parking garage on the corner of Interstate 10 and Campbell Road. It has convenient access to Memorial Hermann Memorial City Medical Center and the Texas Medical Center. The project is expected to break ground early next year and be delivered by Q2 2020.
“I am proud of the significant growth and momentum that Stream’s healthcare platform has developed since its inception just over two years ago," Stream Vice President Richard Barbles said in a release. “We’ve seen tremendous demand in the area for off-campus medical office space."
Stream is actively seeking to pre-lease to medical office tenants and expects the spots to fill up fast due to the significant interest and prominent signage opportunities along the I-10 frontage road.
This move also aligns with a national trend in the healthcare sector as doctors and clinics want to be closer to residential areas and their patients.
“Our thesis was accurate — off-campus medical office space is compelling to healthcare providers in the market," Barbles said. "This is why we are moving swiftly to develop a second building for entrepreneurial physicians to provide superior care to their patients in a convenient, community setting."
Kirksey Architecture will be responsible for the design.
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