Source: Houston Business Journal
The Signorelli Co., a developer based in The Woodlands, has revealed its plans for a new multifamily project in a mixed-use development northeast of Houston.
The Pointe at Valley Ranch Town Center’s first phase will break ground early next year. It will be the first multifamily component within Valley Ranch Town Center, a 240-acre mixed-use development at the intersection of the Grand Parkway and Interstate 69/U.S. Highway 59.
Meeks + Partners Architects and Brown & Gay Engineers are working on the project. The Pointe will have 550 units, including 330 within the first phase. Amenities will include an on-site dog park, lakefront views and attached garages, among other things.
“The Pointe borders a 100-acre nature preserve and overlooks a 10-acre lake,” Reed Wynne, vice president of Signorelli’s multifamily division, said in a Sept. 25 press release. “Throughout the project there is generous open space, areas to enjoy the outdoors and natural beauty of the park and lakes, including outdoor fire pits and a lakefront resort-style pool. We are focused on providing a quality of life fit for a vacation versus the typical ‘shelter’ approach seen in so many apartment projects built today.”
Residents also will be able to walk to amenities within Valley Ranch Town Center, such as movies, concerts, shops and restaurants. More than 1 million square feet of retail and entertainment development is underway within Valley Ranch Town Center, one of the largest retail centers north of Houston. Tenants include Kroger Marketplace, Sam’s Club, Academy Sports + Outdoors, Hobby Lobby, Party City, Burlington, TJ Maxx, PetSmart, Ross and Rack Room Shoes. A 40,000-square-foot Cinemark movie theater is expected to open late 2017 or early 2018.
Valley Ranch Town Center is part of the 1,400-acre Valley Ranch master-planned community that Signorelli is developing. The Pointe will be the first of six multifamily projects planned for the overall community, per the release. Back in 2015, Signorelli was in the early stages of planning two multifamily projects for Valley Ranch.
Signorelli hired Wynne over the summer to oversee the newly created multifamily division. Wynne previously spent the past six years as a development partner with The Finger Cos., a longtime luxury apartment developer in Houston.
Historically, Signorelli had outsourced its apartment projects to third-party developers in Texas and Oklahoma. However, growing demand for apartments in northeast Houston necessitated the creation of a multifamily division, Danny Signorelli, president and CEO of The Signorelli Co., said in an August press release.
“Our business model is based on the synergies of mixed-use development,” he said in the Sept. 25 release. “With The Pointe, we are solving for demand, but more importantly, creating a better place to live for our residents, which can only be achieved by blending the excitement of retail, shopping, dining, and the walkability and outdoor benefits that is difficult to replicate on smaller sites.”
Meanwhile, other components of the overall Valley Ranch community include a 186-acre medical district called Vivacity. CHI St. Luke’s Health recently signed on as Signorelli’s first health care partner for Vivacity.
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