Full-Service Hotel Planned for Houston's New CityPlace Mixed-Use Development
June 19, 2014 11:52am
HOUSTON, June 19, 2014 -- A development venture comprising Patrinely Group, CDC Houston and USAA Real Estate Company, today announced project details for the new CityPlace, formerly known as Springwoods Village Town Center. The 60 acre fully integrated, mixed-use development will provide the Houston community with a new destination of choice that integrates working, shopping and living, with over four million square feet of Class A office space located above ground floor retail, and luxury urban multifamily, and a full-service hotel.
"CityPlace is an innovative development located at the nexus of Interstate-45, Grand Parkway and the Hardy Toll Road. We anticipate that the new project will make a lasting mark and will help shape Houston for future generations," said Dean Patrinely, managing principal of Patrinely Group, the venture's managing general partner. "CDC Houston, USAA Real Estate Company and Patrinely Group are committed to making CityPlace the most accessible, premier 18-hour destination in Houston."
Designed with a diverse mix of offerings, CityPlace will complement other Springwoods Village developments including the new 10,000-person Exxon Mobil corporate campus, which now has its first occupants; the 1,500-person Southwestern Energy Company headquarters, which completes in December 2014; and the recently announced CHI St. Luke's Health medical campus.
The initial office component phase of CityPlace development will include two Class A office buildings with a combined total of 440,000 square feet of office space for single or multi-tenant users, shopping and dining. The first office building, a five-story structure, will offer a total of 147,000 square feet with flexible 28,000-square-foot floor plates. The second structure, a 10-story office building, will have nearly 295,000 square feet of leasable space and efficient floor plates that total 29,200 square feet.
Designed by Gensler and built by Harvey Builders, both buildings will be located at the eastern end of CityPlace, near the full service hotel, public plaza, and the lake and park system, just west of I-45. Each structure will have 9'6" ceilings with floor-to-ceiling glass, private elevated terrace garden areas, ground floor dining and shopping and an adjacent covered parking structure and will achieve LEED Gold certification. The first building will be delivered in the fourth quarter of 2015.
Patrinely Group has selected JLL as the exclusive office leasing agent for CityPlace. JLL's Ronnie Deyo, Chrissy Wilson and Chris Dekker will lead the leasing and marketing efforts. Transwestern Retail has been selected as the leasing agent for the retail space in CityPlace. Transwestern's Nick Hernandez, Chace Henke and Crystal Allen will lead the retail leasing efforts.
"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," said Chrissy Wilson, senior vice president of JLL.
In addition to the office, dining and shopping, Martin Fein Interests LTD. will build a 268-unit, Class A multifamily apartment community within CityPlace. The property will include retail space on the ground floor. Additionally, Woodbine Development Corporation is developing a full service hotel with expansive meeting space and amenities that will overlook the public plaza and the lake and park system, as well as a Residence Inn by Marriott, located on the western end of CityPlace.
"Patrinely's extensive development expertise and attention to detail, coupled with USAA Real Estate Company's financial sponsorship, and CDC Houston's well-designed, award winning master plan will ensure CityPlace Springwoods Village will stand as one of Houston's premier urban communities," said Ronnie Deyo, executive vice president of JLL. "It will offer the best of everything and create a meeting place that people will be drawn to naturally."
"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.
CDC Houston is the creator of the Springwoods Village community. The company has designed the development with a new model of sustainability to improve the everyday life of its tenants, residents and the greater Houston business community. While there are plans to make significant improvements at the site, there is a dedicated focus on the preservation of the area's ecosystems and the balance between nature, urbanism and diversity. Additional ongoing developments in Springwoods Village include: The Belvedere luxury apartments, the Audubon Grove and Harper Woods residential neighborhoods and a Marriott Residence Inn, slated to start construction in July 2014.
For more information about CityPlace visit www.cityplacespringwoods.com
Patrinely Group is as a national real estate development firm specializing in commercial office and residential projects throughout the United States. Since 1983, the company has completed $3 billion of some of the most respected and successful projects in the nation. Patrinely Group is currently active in Texas, Arizona, California, Colorado, Florida, New Jersey, New York, Virginia and Washington. For more information, visit www.patrinelygroup.com.
CDC Houston, Inc. (a subsidiary of Coventry Development Corporation (New York) is an experienced land developer with expertise in creating mixed-use urban communities that foster smart and responsible growth for commercial and residential vitality. Coventry has provided development services for mixed-use projects in New York, Colorado, Texas, Florida and Guam over its 45-year history. In 2001, the company launched RidgeGate, also a sustainable, mixed-use community, in Lone Tree, Colorado which consists of 3,500 acres. For more information on CDC Houston, Inc.'s latest project, Springwoods Village, please visit: www.springwoodsvillage.com and connect on Facebook and Twitter.
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, retail and hotel properties as well as investments in real estate operating companies. RealCo is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
Woodbine Development Corporation is a 40-year-old, full-service real estate company focused on development, investment/acquisition and asset management opportunities across the United States. The company specializes in hotels, resorts and golf courses; multiuse land and mixed-use developments; and real estate services provided to corporations, non-profit organizations and individuals. Woodbine has been involved with more than $2 billion in commercial real estate projects, including development, ownership and/or asset management of more than 6,500 hotel rooms, 18,000 acres of land and 126 holes of championship golf. To learn more, visit www.woodbinedevelopment.com.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $48.0 billion of real estate assets under management. For further information, visit www.jll.com.
Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 181 offices in 40 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate.
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