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    After HPE building, City Place developer acquires stakes in hotels, office buildings from JV partners

    Houston Business Journal

    City Place developer CDC Houston has acquired four additional assets from its joint venture partners in the master-planned community west of Interstate 45 just outside Spring.

    The subsidiary of New York City-based Coventry Development Corp. said it acquired a majority stake in two hotels — Residence Inn by Marriott Houston Springwoods Village and Courtyard by Marriott Houston Springwoods Village — and 100% stakes in office buildings City Place 1 and City Place 2.

    CDC Houston acquired all interest in the office buildings, which it previously shared with Houston-based Patrinely Group and San Antonio-based USAA Real Estate. The three companies developed CityPlace, the 60-acre urban core of the master-planned community formerly known as Springwoods Village. Since a rebranding in summer 2021, the entire 2,000-acre community bears the name City Place.

    The five-story, 149,500-square-foot City Place 1, at 1700 City Plaza Drive, houses offices of CDC Houston and Arroyo Energy Investors. Restaurant and retail tenants on the street level include Focus Optical, Common Bond Bistro & Bakery, Sushi Rebel and Bread Zeppelin.

    City Place 2, a 10-story, 326,800-square-foot building at 1701 City Plaza Drive, is the home of American Bureau of Shipping’s global headquarters as well as the Island Grill on the ground level.

    Both office buildings are LEED Silver-certified and opened in 2018 and 2019, respectively.

    USAA Real Estate sold its stake in the two hotels to CDC Houston. The hotels’ developers, Dallas-based Woodbine Development Corp. and Monroe, Louisiana-based InterMountain Management, retain minority interests in both.

    The 128-room, extended-stay Residence Inn at 22814 Holzwarth Road was completed in 2015, and the 125-key Courtyard, next door at 2272 Holzwarth Road, opened in 2016.

    The acquisitions “reflect an ongoing commitment to the long-term, mixed-use vision” for City Place, CDC Houston said in a statement.

    “It’s been an exciting ride at City Place sharing these assets with our partners, and we are grateful for their continued support and engagement in various aspects of the community,” said Warren Wilson, executive vice president of CDC Houston. “In addition to being sound, long-term investments, these acquisitions ensure an adherence to the City Place master plan throughout our evolution and maturation, as well as an ongoing commitment to quality, sustainable development.”

    Less than a year ago, in February 2022, CDC Houston assumed full ownership of Hewlett Packard Enterprise’s new global headquarters at 1701 E. Mossy Oaks Road after acquiring all interest from USAA and Patrinely.

    Despite those asset acquisitions, CDC Houston plans to continue to develop City Place with its JV partners, Andrew Giammalva, the company’s project manager, told the Houston Business Journal.

    CDC Houston continues to share ownership with USAA and Woodbine for the district’s third hotel, Houston City Place Marriott at 1200 Lake Plaza Drive. It also continues to partner with USAA and Patrinely for the 38,000-square-foot 24 Hour Fitness at 1000 Lake Plaza Drive and City Place 1a, which consists of a 1,400-seat Star Cinema Grill and 3,300 square feet of retail in the same building at 1495 Lake Plaza Drive and a two-story mixed-use office building next to it.

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