Porter Hedges real estate team represented the Reserve at Shadow Creek Ranch and NewQuest Crosswell in its negotiation with HealthSouth Corp. (“HealthSouth”) on the plan to build a rehabilitation hospital in Pearland, Texas.
Construction is scheduled to begin in the fourth quarter of 2016 on a 5.46-acre tract of land located on the Reserve at Shadow Creek Ranch which was developed by NewQuest Crosswell in 2014. The 200-acre mixed-use development is slated to include office space, a multifamily project and medical facilities.
The approximately 49,000-square-foot, 40-bed inpatient hospital is expected to be completed in the fourth quarter of 2017 and will provide comprehensive, physical rehabilitation to patients who have experienced stroke, trauma, brain injury, complex orthopedic conditions as well as other major illnesses or injuries.
As a division of Houston-based NewQuest Properties, NewQuest Crosswell is a privately held real estate investment firm owned and operated by a close-knit core of seasoned professionals, who have been responsible for developing more than two million square feet of commercial property valued at more than $500 million. Its services include single- and multi-tenant build-to-suit retail, office and industrial development as well as commercial property repositioning, raw land acquisitions and entitlements, bridge lending and other real property financial services.
Birmingham, Alabama-based HealthSouth currently operates 23 inpatient rehabilitation hospitals throughout Texas and is one of the nation's largest providers of post-acute healthcare services, offering both facility-based and home-based post-acute services in 34 states and Puerto Rico.
The Porter Hedges team was led by George Craft with assistance from David Martin and Vernita Runfeldt.
For additional information, see the Houston Business Journal article and HealthSouth press release.