Development is well underway at Springwoods Village's CityPlace—an incoming mixed-use development. Plans for the project include more than 4 million square feet of office space, a full-service hotel, multifamily residences and a variety of retail and restaurant options.
Formerly known as Springwoods Village Town Center, CityPlace is a joint venture between Springwoods Village developer Coventry Development Corporation, Patrinely Group and USAA Real Estate Company.
"CityPlace is an innovative development located at the nexus of Interstate-45, [The] Grand Parkway and the Hardy Toll Road," said Dean Patrinely, managing principal of Patrinely Group. "We anticipate that the new project will make a lasting mark and will help shape Houston for future generations."
The development is located on the eastern side of Springwoods Village and will not be completed for several years, said Robert Fields, president and CEO of Patrinely Group.
Fields said CityPlace could house as many 13 commercial office buildings along with retail and restaurants as part of the first phase of development.
"We are currently planning a mix of retail and restaurants on the ground floor of most of the buildings," he said. "However, some of the retail [and] restaurants will likely be in freestanding buildings."
Tenants have already shown interest in the first two planned buildings—a five-story, 147,000-square foot building and a 10-story, 295,000-square-foot building. Although tenants being targeted include a broad spectrum of industries, he said there has been a "heavy emphasis" on tenants within the energy and financial industries.
"We're delighted with the tenant interest to date," Fields said. "We're currently in negotiations with a number of tenants."
The first office building could be completed by the fourth quarter of 2015.
In addition to the office and retail development, CityPlace will house a multifamily development and a full-service hotel. Martin Fein Interests plans to construct a 268-unit apartment community within the development that will house retail space on the ground floor as well. Woodbine Development Corporation plans to develop a full-service hotel with meeting space that will overlook the development's public plaza.
Fields said the public plaza could be completed in 2015 or 2016, while the hotel is expected to be completed in two to three years. Details on the hotel could be announced soon, he said. Woodbine is also developing a Residence Inn by Marriott on the western end of CityPlace.
Although CityPlace makes up much of the development within the 1,800-acre Springwoods Village, it is one of many projects underway within the master-planned community. CHI St. Luke's broke ground June 11 on the first phase of its 23-acre medical campus, which is planned for completion by the end of 2015. ExxonMobil's nearby 386-acre campus is also on track to be completed by then, along with Segments F-1, F-2 and G of the Grand Parkway and multiple residential developments.
"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," said Keith Simon, executive vice president and director of development of CDC Houston.
For more information on Springwoods Village, visit www.springwoodsvillage.com.