Mixed-Use

HOUSTON — Groundbreaking has occurred for Washington Centre, an approximately 50,000-square-foot, multi-use development located in the Washington Avenue district of Houston. The three-story project will include ground-floor retail space, with offices on the second and third floors. Approximately 45 percent of the space at Washington Centre has been pre-leased, including a law firm that will be relocating from Houston’s central business district to a full floor of the building. The project is being developed by locally based Senterra Real Estate Group. Locally based Hermes Architects is providing design services, and Gamma Construction is serving as general contractor. Completion is scheduled for early fall 2009.

THE WOODLANDS, TEXAS — Everson Development has broken ground for a three-phase, multi-use project located on 9 acres at the intersection of Research Forest and Technology Forest drives in The Woodlands. The project consists of a 45,000-square-foot professional office building, a 25,000-square-foot retail center and two, approximately 1-acre pad sites fronting Research Drive at the intersection. The office building is scheduled for completion in the spring. The Woodlands office of The J. Beard Real Estate Company is handling leasing for the project. Several leases have been signed for the retail building, including two restaurants.

ARLINGTON, TEXAS — Construction is under way for The Village at Sports Center, a two-story, 97,892-square-foot multi-use project located at 5001 South Cooper in Arlington, adjacent to the Harold Patterson Sports Center. The $17 million project is being developed by Oakhollow Group. It comprises 49,030 square feet of retail space and 48,862 square feet of office space. Completion is scheduled for September 2009. The Fort Worth, Texas, office of Key Construction is serving as general contractor. CHS Architects is providing design services.

RICHARDSON, TEXAS — The grand opening is being held today for Eastside, a mixed-use project located in Richardson. The project includes more than 80,000 square feet of retail space, more than 200,000 square feet of office space, and 435 apartments surrounding a 1-acre park containing a fountain and an amphitheater. Post Eastside, the residential component of the project that is being developed by Atlanta-based Post Properties, includes four buildings rising four stories each. They include one- and two-bedroom apartments that range from 503 to 1,436 square feet in size and rent from $835 to $1,900 per month. The first building was completed in May, the second building was completed in July and the third building is opening at the ceremony, along with the new club room, fitness center and leasing office for the community. The final building is expected to be complete in the spring. Occupancy is currently at 86 percent. New restaurant tenants at Eastside include Panera Bread, Jersey Mike’s Subs and Boudreaux’s Cajun Kitchen. Other tenants include Dr. Goad Dentistry, Massage Envy and Frost Bank. Five new stores and restaurants are expected to open in January. Eastside is being developed in partnership by Post, Dallas-based Skyrise Properties and …

DENTON, TEXAS — Dallas-based Rainier Capital Management has arranged $1.1 million in mezzanine financing for Market Square at Unicorn Lake in Denton. The 136-acre mixed-use project consists of more than 200,000 square feet of retail, restaurant, entertainment and office space, as well as Villas at Tuscan Hills, a 106-home residential component. A Homewood Suites by Hilton is also under construction at the site. Amenities include an approximately 33-acre greenbelt with Unicorn Lake as the focal point. Proceeds from the loan will be used to complete infrastructure for the final phases of the project. The project is being developed by Shelton Development. Terms of the loan were not disclosed.