CDC Houston's Phase I Plan for Houston Springwoods Village Town Center Includes Full-Service Hotel

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. August 07, 2013

HOUSTON - August 7, 2013 - CDC Houston, Inc., a subsidiary of Coventry Development Corporation, New York, announced today that the phase one development of Springwoods Village Town Center will include a full-service hotel, luxury apartments, office space and retail shops. Located adjacent to the ExxonMobil Springwoods Village campus, Town Center will be on Town Lake and will include a public plaza on the lakefront to make it a focal point for the Springwoods Village community and the region.

Springwoods Village is a $10-billion, 1,800-acre, mixed-use community situated along the west side of Interstate 45 between Springwoods Village Parkway and Grand Parkway. The Texas Department of Transportation broke ground recently on the portions of the Grand Parkway that run between U.S. Highway 59 and U.S. Highway 290. The groundbreaking ceremony was held at Springwoods Village and the project is scheduled to be completed in 2015.

Town Center has been planned as a fully integrated mixed-use environment that embraces sustainability and greener living; preserving its natural ecosystems; building energy-smart new homes; and reducing dependence on the car by providing a walkable mix of retail, dining, offices, and public amenities.

Phase One of Town Center will include approximately 250 luxury apartment homes; a full-service hotel; office space in a variety of configurations; and up to 100,000 square feet of retail space. Construction is scheduled to begin in early 2014. Development partners include Fein, Woodbine Development Corporation and the Patrinely Group LLC.

Town Center will feature Town Lake and a tree-lined plaza, with a water feature as its centerpiece. Situated within walking distance to Spring Creek Greenway bike and walking trails, Town Center will provide residents workers and visitors an inviting destination to live, gather, dine, shop and play by integrating community, commerce and nature.

"Town Center will be the heart and soul of Springwoods Village because it will be where people go to eat, play, meet and relax," said Keith Simon, executive vice president of CDC. "We will create a space that invites people to enjoy the beautiful Town Lake and plaza, whether they are taking a lunch break, dining out for dinner or shopping."

Patrinely Group, LLC, a national leader in build-to-suit corporate headquarters and regional office buildings, will develop a series of Class A office buildings in a joint venture with USAA Real Estate Company and CDC Houston. For three decades, Patrinely and USAA have partnered to develop innovative, successful projects for their clients. With more than $12 billion in assets under management, USAA Real Estate is a subsidiary of USAA, a leading financial services company serving military families since 1922.

All of the office buildings that front Lake Plaza Drive and Main Street will incorporate retail into the ground floors and will potentially total more than one million square feet of space. Buildings will range from a mid-rise structure fronting the north edge of the plaza designed to accommodate smaller office tenants to buildings between 100,000 and 300,000 square feet for larger requirements ranging from regional office moves to headquarters relocations.

Fein will build a high-end apartment property with approximately 250 units along Lake Plaza Drive. The property will include retail space on the ground floor. Construction is expected to begin early in 2014. Fein currently is building another apartment property in Springwoods Village, the 342-unit Belvedere on Holzwarth Road.

Woodbine Development, known for its extensive hospitality and mixed-use projects, will develop a full-service hotel with significant meeting/event space on the Town Lake, along the southern edge of the Town Center plaza. The hotel brand will be announced late in 2013.