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Wolff Companies Announces Development in The Energy Corridor; MD Anderson First Buyer in Central Park

 

 

Wolff Companies has announced its newest development in The Energy Corridor, Central Park, and its first buyer of a tract in the park, The University of Texas’ MD Anderson Cancer Center.

The 78-acre Central Park development, located on the north side of I-10 between North Eldridge Parkway and SH 6, was assembled by Wolff in late 2011 and early 2012.  MD Anderson has acquired 34.5 acres in Central Park as it looks to extend its world class cancer treatment services to the rapidly growing West Houston area.  As part of MD Anderson’s plan to develop and establish a more strategic and long-term approach to its cancer treatment operations in West Houston, the institution considered several sites, ultimately selecting Central Park due to its location, visibility, access, expandability, and physical dimensions.

“Central Park is the largest remaining parcel available for development in The Corridor, and MD Anderson’s purchase here is indicative of the area’s concentration of not only energy companies, but also the entire range of commercial and institutional property users,” said David S. Wolff, Chairman and President of Wolff Companies.  “We named this Central Park because it’s not only centrally located in The Corridor, but it’s also midway between Loop 610 and the Grand Parkway.  It has superior accessibility from all areas of great West Houston from both I-10 and the I-10 HOV/Toll lanes, which flow directly to the property.  And with the planned completion of Park Row through the property connecting Eldridge and State Highway 6, Central Park will have incomparable access.”

“Additionally, the adjacency of the property to the 14,000 acres of Addicks/Cullen Park to the north and to the extension of Terry Hershey Park to the east, as well as carefully crafted covenants, makes Central Park one of the most protected environments in the region,” added Wolff.

“MD Anderson’s commitment to the area, along with the Texas Children’s and Methodist Hospital campuses in The Texas Medical Center West Campus, continues to validate the trend that the majority of growth in the metropolitan region will be westward and that The Energy Corridor is centrally located to that growth.  These new developments and other ongoing activity there continue to fuel job growth and generate additional revenue to the city.”

Since The Energy Corridor was introduced to the market in the late 1970s, more than 300 multinational, national and local companies have located in The Corridor.  The Energy Corridor has seen a surge in activity this year with more than 2 million square feet of office space currently under construction or starting imminently, while construction on another 4.5 million square feet is expected to commence in the next 18 to 24 months.

The Corridor has more new office expansion than any other sub-market in the region, excluding only the ExxonMobil campus.  Six and a half million square feet of construction underway or scheduled for the immediate future translates into more than 21,000 new employees.  This creates a tremendous demand for high quality, high density residential units.  While Central Park is a strategic location for new corporate office it is also in a unique position to satisfy this demand, particularly with its adjacent green space.

Currently, The Energy Corridor area employs over 78,000 workers; its employment population is expected to grow to over 128,000 by 2030.

Since 1972 Wolff Companies has developed over 1,000 acres in The Corridor, including the Park 10 Regional Business Center, Westlake Center and Ten Oaks at the Texas Medical Center West Campus.

“The Energy Corridor is highly attractive to businesses, including those looking to relocate here, because it’s the ideal area to work, live and play,” said David Hightower, Executive Vice President of Wolff Companies.  “As one of the Houston area’s top three major employment centers, The Corridor has directly and positively impacted Houston’s growth and enabled our resilience during recent economic downturns.  It’s incumbent upon us to continue opening up new areas for development and to invest in the infrastructure needed to bring more businesses and jobs to the City of Houston.”

 

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