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One of the last undeveloped land parcels in the Texas Medical Center has been sold.
Former Houston Rockets player Hakeem Olajuwon and investor John Ballis sold the site at 1990 Old Spanish Trail, according to Transwestern Commercial Services. Americus OST is planning a mixed-use medical development.
“The new owner is looking to create a mixed-use development that would complement the highly respected healthcare, educational and research institutions that are adjacent to the site,” said TCS Vice President Robby Winston, who is providing advisory services for the property.
“As one of the last undeveloped parcels in the Texas Medical Center, this site presents the unique opportunity to bring additional supportive capacity to this rapidly growing innovation district. Our property will enhance those larger master plans taking shape.”
Texas Medical Center is headed to new heights. The University of Texas South Campus Research Facilities, the Baylor/CommonSpirit Health campus and TMC3 master-planned development have major expansion plans for the healthcare ecosystem.
Medistar Corp. is developing Medistar Grand, a 326-unit multifamily project, and the Innovation Tower, a 48-story, 1.6M SF mixed-use development in the Texas Medical Center. Also, Wood Partners broke ground on a residential development called Alta Med Main earlier this year.
"We are very excited about the opportunity to work with The Texas Medical Center and member organizations in developing this property in keeping with the master plan of the TMC3,” Americus OST principal Andrew Schatte said in the release.
John Ballis Jr. represented both the buyer and the seller. The property is in a qualified opportunity zone.
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