201-unit multifamily development breaks ground north of Springwoods Village
Houston-based real estate investment firm Allen Harrison Co. has broken ground on a four-story multifamily development in Spring, north of Springwoods Village.
Dosch Marshall Real Estate Principal Tom Dosch confirmed via email that Allen Harrison purchased a 5.3-acre parcel of land from Dallas-based Ojala Holdings. Terms of the sale were not disclosed.
The parcel is located at the intersection of Grogans Mill Road and Sawdust Road, off Interstate 45 south of The Woodlands.
Dosch said Becky Hand, senior associate at Houston-based Dosch Marshall Real Estate, represented Ojala and brought Allen Harrison representatives to the site. There was no buyer-side broker.
Construction on the 201-unit project, dubbed The Mill, began May 13, Dosch said. Allen Harrison plans to deliver the first units in May 2020.
Houston-based architecture firm W Partnership Inc. was tapped to design the project, and Allen Harrison’s in-house general contractor, AHC Construction, will oversee construction. Hancock Whitney provided the construction loan.
Currently, Allen Harrison is not disclosing what rent in the new development will be or what amenities residents can expect.
Master-planned community Springwoods Village is the culmination of nearly 50 years of planning, following CDC Houston’s acquisition of roughly 2,000 acres in north Houston in the ’60s. CDC Houston is a local subsidiary of New York-based Coventry Development Corp.
The community began to take off in 2015, when Irving, Texas-based Exxon Mobil Corp. (NYSE: XOM) consolidated a number of its offices in the area into a 385-acre corporate campus within Springwoods Village. Since then, several other large corporate users — including Houston-based American Bureau of Shipping, California-based Hewlett Packard Inc.(NYSE: HPQ), California-based Hewlett Packard Enterprise (NYSE: HPE) and Houston-based Southwestern Energy Corp.(NYSE: SWN) — have relocated or plan to relocate their corporate headquarters or main Houston campuses to the development. The consolidation of so many jobs created a surge in residential demand in the area that was dubbed the “Exxon Effect.”
June 4, 2019
Jeff Jeffrey
Houston Business Journal
