PinPoint to Break Ground on $250 M-U Development Site in Houston
- Apr 15, 2014
Ground will be broken next week on Woodland Creek, a new 75-acre mixed-use development in The Woodlands, Texas, the developer, PinPoint Commercial, of Houston, announced Monday.
The project, at 1823 Sawdust Road, reportedly will be valued at more than $250 million at completion.
Occupancies planned for Woodland Creek include apartments, townhomes and single-family residences; mid-rise offices; and retail. Some residential components should begin construction by the third quarter, according to the developer, while the other components are currently in the design and pre-marketing phase.
On the commercial side, initially there will be two spec office buildings totaling 444,000 square feet, along with about 52,000 square feet of retail space, a PinPoint spokesperson told Commercial Property Executive.
Atlanta-based ARA Land Services provided brokerage services for the land acquisitions, and International Bank of Commerce, of Laredo, Texas, provided construction financing for the site and infrastructure improvements. No further information was disclosed about the construction financing.
Woodland Creek is expected to benefit from two even larger projects just to the south: Exxon Mobil’s new 385-acre headquarters campus and the 1,800-acre Springwoods Village development, both of which are near the intersection of I-45 and the Hardy Toll Road.
With about 20-low-rise buildings, the Exxon Mobil HQ will consolidate employees (ultimately up to 10,000 of them) from Fairfax County, Va., with those from more than two dozen locations in Greater Houston. The first employees started moving in last month, and the moves will continue through mid-2015.
Springwoods Village was begun in 2011 by Coventry Development and after an estimated 20-year buildout reportedly will include up to 5,000 housing units (single-family homes, apartments and townhomes), about 8.5 million square feet of office space, more than 1 million square feet of retail and up to 600 hotel rooms.