HOUSTON, TX (November 2, 2018) – Stream Realty Partners (Stream) today announced the firm will develop its second medical office project in Houston at 1001 Katy Freeway in partnership with Wellington Development Company. As a joint venture between Stream and Wellington, they closed on the roughly 2.5-acre site located in the prominent Spring Valley Village area on October 31, 2018.
The state-of-the-art, five-story medical facility will be a 125,000 square foot Class A building with a connected, seven-story structured parking garage located on the hard corner of Interstate 10 and Campbell Road, just minutes from Memorial Hermann Memorial City and the Texas Medical Center with convenient frontage access along the 1-10 feeder.
“I’m proud of the significant growth and momentum that Stream’s healthcare platform has developed since its inception just over two years ago. To break ground on our second medical office development within a year of our first, Hedwig Place, is remarkable,” said Richard Barbles, Vice President at Stream. “We’ve seen tremendous demand in the area for off-campus medical office space, and we are excited to bring our project to the wonderful Spring Valley Village community.”
The project is actively pre-leasing to medical office tenants and has prominent signage opportunities along the 1-10 corridor. Due to the significant interest from tenants, Stream is confident pre-leasing will take place relatively quickly.
Barbles said, “Our thesis was accurate – off-campus medical office space is compelling to healthcare providers in the market. 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. This is a prominent national trend in the healthcare space which has been gaining traction over the past few years. We will continue developing medical office in line with this trend in other markets where we identify the appropriate demand.”
Stream has engaged Kirksey Architecture to design the building. The project will break ground first quarter 2019 and will be ready for occupancy by second quarter 2020.