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HOUSTON — Houston-based Medistar Corp. will develop Innovation Tower, a 48-story mixed-use project that will be located within Texas Medical Center in Houston. Phase I of the project will deliver 476,500 square feet of medical and life science office space, a 1,700-space parking garage and retail and restaurant space. Phase II will include either 410 luxury residential units or additional medical and life science office space, depending on market reactions. Construction is expected to begin toward the end of the third quarter. Transwestern will handle leasing of the project.