Construction on Cypress Preserve Park, a 210-acre master-planned development at Cypress Creek, is underway along the I-45 and FM 1960 corridor. The land is being developed for industrial, retail and hospitality projects, including 1–1.5 million square feet of commercial buildings.
The area is being developed by Randal Hendricks, which manages more than 80 real estate projects and owns more than 4,000 acres in the greater Houston area. Colliers International is brokering the development.
The development area is characterized by Colliers as "a competitive business environment with easy access to major markets and a growing and skilled workforce," in a press release. The development area features a population of more than 700,000 along a 10-mile radius and a total household expenditure of $140 billion.
"The north side of Houston is in high growth and demand," said Michelle Soderberg, vice president of The Woodlands office of Colliers International.
Infrastructure is being handled in two phases, with Phase 1 dealing with roads and utilities on FM 1960 and Phase 2 being developed off of I-45.
"The developers are more than halfway through with the street from [FM] 1960 going north," Soderberg said.
She said there is only one industrial component close to The Woodlands. Office space with multiple stories and high-rise buildings are planned for higher end retail properties.
Proximity to the Grand Parkway, Beltway 8, Hwy. 59 and the George Bush Intercontinental Airport as well as quick access to the ExxonMobil campus, Springwoods Village and The Woodlands are major advantages for the location, according to Colliers International.