Houston Business Journal – June 19, 2014
A trio of investors has quietly been working on plans for a 60-acre mixed-use development in a prime spot in north Houston. Now, they’ve released the details.
The development, formerly known as Springwoods Village Town Center, will include millions of square feet of office and retail space, as well as two hotels and a luxury multifamily complex.
The project, now called CityPlace, is being developed by Houston-based Patrinely Group, CDC Houston and San Antonio-based USAA Real Estate Co. for an undisclosed amount. It will be located at the nexus of Interstate 45, the Grand Parkway and the Hardy Toll Road near Exxon Mobil Corp.’s (NYSE: XOM) 385-acre corporate campus, where construction is nearing completion.
“CityPlace is the heart and soul of Springwoods Village and an important next step in the growth of the community and will provide amenities to those already living and working in Springwoods Village,” Keith Simon, executive vice president and director of development of CDC Houston, said in a statement. CDC Houston Inc., a subsidiary of New York-based Coventry Development Corp., is developing the 1,800-acre Springwoods Village master-planned community.
The first phase of the project will include the construction of two Class A office buildings with a combined total of 440,000 square feet of space and ground-floor retail. The first building will be delivered in the fourth quarter of 2015. San Francisco-based Gensler is the architect, and Houston-based Harvey Builders is the general contractor.
The development will eventually include more than 4 million square feet of Class A office space.
In addition to office, dining and shopping, Houston-based Martin Fein Interests LTD will build a 268-unit, Class A multifamily apartment community in CityPlace. The property will include retail space on the ground floor.
Two hotels are also included in the plans. Dallas-based Woodbine Development Corp. is developing a yet-to-be-named full-service hotel as well as a Residence Inn by Marriott.
“CityPlace’s location, at the new intersection of I-45, Grand Parkway and the Hardy Toll Road, offers unparalleled access for corporations seeking to operate in a highly accessible, self-contained, state-of-the-art environment that connects nature and urbanism and is only 15 minutes from George Bush Intercontinental Airport,” Chrissy Wilson, senior vice president of JLL, said in a statement.
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