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University of Texas System seeking national brokerage firm to sell 300-acre Houston property
The University of Texas System will select a national commercial real estate brokerage firm to assist in the sale or ground lease of approximately 305 acres of vacant land in south central Houston.
The land is currently the largest piece of undeveloped property for sale near central Houston. Located less than three miles from the Texas Medical Center—the largest medical complex in the world—the land surrounds the intersection of Buffalo Speedway and Willowbend Boulevard, just south of Loop 610, and is located in an area that is experiencing residential and commercial development.
Recognized for its thriving global economy, particularly in the health care and energy sectors, Houston is one of the nation’s largest economies. Houston is also the largest city in Texas and the fourth largest in the nation, with a population of 6.5 million people.
A Request for Proposals (RFP) for a real estate broker firm with extensive experience with the sale or ground lease of land is posted on the Texas Comptroller's ESBD website (site may not be compatible with some browsers). The deadline for proposal submissions is 2:30 p.m. (CT) Dec. 7, 2018.
The UT System expects to select a firm in December and sign a listing agreement in January. The land will officially be placed on the market afterward. Potential buyers could purchase or ground-lease all or portions of the property for a variety of uses including residential, retail, office and commercial.
The UT System Board of Regents authorized the purchase of the land in November 2015. A task force of Houston community and business leaders was convened to study and propose best uses for the land, but the project was canceled before a recommendation for use was issued. A Request for Qualifications (RFQ) was issued earlier this year at the direction of a Regents’ Task Force, chaired by Vice Chairman Jeffery Hildebrand.
The University of Texas is one of the largest public university systems in the nation with 14 institutions and an enrollment of more than 235,000 students. By selling the land, the Board of Regents’ goal is to maximize financial value to benefit UT System institutions.
About The University of Texas System
For more than 130 years, The University of Texas System has been committed to improving the lives of Texans and people all over the world through education, research and health care. With 14 institutions, an enrollment of more than 235,000 students and an operating budget of $19.5 billion (FY 2019), the UT System is one of the largest public university systems in the United States. UT institutions produce nearly 59,000 graduates annually and award more than one-third of the state’s undergraduate degrees and almost two-thirds of its health professional degrees. Collectively, UT-owned and affiliated hospitals and clinics accounted for more than 7.8 million outpatient visits and 1.6 million hospital days last year. Across UT institutions, research and development expenditures total $2.7 billion – the second highest among U.S. public higher education systems – and the UT System is regularly ranked among the top 10 most innovative universities in the world. The UT System also is one of the largest employers in Texas, with more than 21,000 faculty – including Nobel laureates and members of the National Academies – and nearly 85,000 health care professionals, researchers, student advisors and support staff.