posted on October 22, 2010 02:20
Coventry Development Corp. unveiled details Tuesday for a proposed 1,800-acre master-planned development south of The Woodlands to be known as Springwoods Village.
Plans for the ambitious project call for 4,500 to 5,000 homes of various sizes and formats; 8.5 million square feet of commercial development; more than 1 million square feet of retail space; and a 150-acre nature preserve.
Coventry expects to begin infrastructure work on the project during the second quarter of 2011. The process will take two years and cost $100 million.
New York-based Coventry is developing the land for Springwoods Realty Corp., which has owned much of the acreage since the 1960s.
Land for Springwoods Village is bounded by Spring Creek on the north, Interstate 45 on the east and Spring Stuebner Road on the south. The future extension of Grand Parkway is slated to run through the property.
Beginning in the second quarter of 2011, Coventry will sell land tracts to outside developers who will construct office buildings, hotels, retail centers and residences. Roughly 90 percent of the improvements will be built by outside companies, but Coventry may chose to develop the town center in-house.
Coventry, which has developed more than 1 million square feet of retail space near Houston’s Baybrook Mall, projects it will take 15 years to complete Springwoods Village.
10/5/10, Houston Business Journal, Jennifer Dawson