$600M Medical Campus Breaks Ground Near Houston
North Cypress Land Ventures LLC, a physician investor group, has broken ground on the first phase of Grand Cypress Medical Pavilions in Cypress, Texas. The 30-acre, multi-medical building park is estimated to cost between $500 and $600 million.
The 60,000-square-foot Grand Cypress Doctors Pavilion One is slated for completion in June 2025. The development team includes Tennessee-based companies such as CONAR Building Group, the general contractor, alongside Davis Stokes Collaborative Architects.
The developer first received an $8 million loan in 2019 from Guaranty Bank & Trust, with a maturity date extended to July 2025, according to Harris County records. A year later, the same lender originated another $19.1 million for the project initially dubbed Cypress Health and Wellness Campus.
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At full build-out, Grand Cypress Medical Pavilions will provide a wide array of services such as health education, patient care, wellness and cancer prevention. The project was designed to include four or five buildings and will come online over the course of five years. Phase Two would feature a wellness center, while a women’s or cancer center could be part of Phase Three.
An aging population and the demand for new supply are among the main factors that make the medical outpatient sector still attractive for investors, as well as high occupancy and long-term tenancy.
A preleased first phase
The first phase of the development is a multi-disciplinary facility that will also feature an endoscopy surgery center set to encompass 12,000 square feet. The three-story building has been preleased almost entirely, anchor tenants including Keller Surgical Specialists, GastroDoxs and USPI/Memorial Hermann Hospital Systems.
The project is taking shape at the northeast corner of Grand Parkway and Highway 290, some 34 miles northwest of downtown Houston. Other medical providers in the surrounding area include North Cypress Physicians Center, Memorial Hermann Cypress Hospital and Centrum Health, among others.
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