HOUSTON-An increase in construction activity has prompted Stream Realty Partners to boost the its construction management and development division. To that end, Clif Kennedy, who joined Stream Realty in 2010, has been promoted to senior project manager. Kennedy is being joined in management by Scott Thetford, who was hired from Hoar Construction to become senior project manager.
Also joining the team is Faith McDaniel as construction administrator. Kennedy and Thetford tell GlobeSt.com that's all the hires – at least, for the moment. "Right now, we're not planning any new hires, but that could change," Kennedy says. "We like to run our team pretty lean; we're all active in development projects on the office and industrial sides."
Stream has just completed projects including renovations at 3010 Briarpark, the Bellvue at 2323 S. Shepherd and the 3120 Southwest Freeway Building. Meanwhile, the company is underway on other projects including the BBVA Compass Plaza in the Galleria submarket and Sierra Pines II in The Woodlands. "We'll continue to see more activity through the end of 2013 and well into 2014," Thetford says, adding that there is more equity and debt available to place in construction projects. "Because of the growth of Houston, we're seeing an influx of capital coming into the city," he observes. And while construction costs – and labor – are holding steady right now, Thetford predicts that prices could increase while labor becomes more scarce as construction continues.
Kennedy says the goal of the company is to grow the construction side of the business – as demand for office and industrial space considers accelerating in Houston, Stream's construction division is keeping pace. "With our added capacity, we're looking to pursue opportunities on more of a direct basis with clients," Kennedy says. One such example is a partnership with Teadit North America, a company that develops, manufactures and distributes fluid sealants. This summer, Stream will launch construction on a 100,000-square-foot build-to-suit office/warehouse for Teadit, which will be located in Pasadena, TX. ennedy says Stream is also seeking out likely land sites in the north and northwest submarkets for future construction comments.
Kennedy says other buildings and tenant buildouts are planned this year as well. "Houston is growing," he points out. "Our list of jobs is growing, and our capacity is growing. We're growing our team, so we can handle more jobs now."
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