A new 15-acre mixed-use development is lined up to open in Cy-Fair by early 2015, creating a space that will be utilized by local businesses, shoppers and residents.

Located on the northwest corner of FM 1960 and Hwy. 290, the site—developed by Caldwell Companies—will encompass office space, retail, dining, a hotel with conference center space and multifamily units all focused around a central park area.

"When you look at the boundaries of Cy-Fair ISD and you draw an 'X' through the perimeter of the district, FM 1960 and Hwy. 290 is almost the exact center," said Fred Caldwell, president and CEO of Caldwell Companies. "It really is a central counterpoint of the Cy-Fair community. Our goal here is to build a very compelling development."

Although several mixed-use developments are in the works for the area's larger master-planned communities such as Bridgeland, Towne Lake and Cypress Creek Lakes, Cypress Crossing will be unlike most other developments in the area.

"It's more of an urban type of development methodology," Caldwell said. "There is not this type of development currently in our area."

The closest similar developments are CityCentre, The Woodlands Town Center or Cinco Ranch—other mixed use and town center spaces around Houston.

These spaces have become more popular in the past several years as people are looking for places they can go between destinations such as where they live, work and play without necessarily having to use a car to get around, said Jeff Taebel, director of community and environmental planning for the Houston-Galveston Area Council.

"That generally includes a mixture of jobs, activities, housing and some public space element that unifies different uses," he said.

Caldwell Companies is not ready to release names of potential businesses for the upcoming Cypress Crossing development, but said it will feature a variety of upper class tenants.

"We've had a number of quality restaurants express interest that will support the environment," Caldwell said. "We'll also have retailers that will make it a prime shopping facility. We want this to be a place where people want to come on the weekend to visit a nice restaurant."

The office space component of the project is expected to be Class A, which typically represents the newest and highest quality office space.

"It will be the nicest office project on the 290 corridor and in the Cypress region," Caldwell said.

Construction is estimated to start on the project by the early part of 2014 and be completed in early 2015.