HOUSTON--(BUSINESS WIRE)--Coventry Development Corporation announced today the development of Springwoods Village (www.springwoodsvillage.com), a new, nature-inspired residential and commercial community for North Houston. Designed for sustainability, the community will serve a population of 40,000 to 45,000 workers and residents while providing housing options and amenities such as shopping, dining, schools, civic facilities and outdoor recreation within walkable distances.
“As one of the most powerful cities for commerce in the United States, Houston’s population and resulting commute times continue to grow,” said Keith Simon, Senior Vice President, Coventry Development Corporation. “Houstonians, both long-time and newcomers, are demanding a new kind of community such as Springwoods Village: a sustainable, greener, smarter way of suburban life where work, family, and nature co-exist in close proximity rather than via commute.”
Market Conditions and Economic Impact
According to a research study compiled by CDS Market Research regarding market conditions for the development of Springwoods Village, the North Houston region has been - and will continue to be - a high-growth area. Specifically:
- The population grew by 38% between 1990 and 2000, and by 39% between 2000 and 2009.
- The population in the market area is projected to continue that pace and grow by another 105,000 over the next five years.
- This equates to more than 6,800 new households per year.
Further, an economic impact report conducted by The Perryman Group cited Springwoods Village will also provide significant benefits locally and statewide through construction and development, as well as ongoing annual impacts associated with the commercial and industrial operations within the complex.
Estimated gains related to construction and development includes:
- $9.7 billion in gross product and 117,415 person-years of employment for the state;
- $6.9 billion in total output (gross product) and 83,192 person-years of employment for Harris County; and
- $2.5 billion in output and 29,920 person-years of employment in the City of Houston.
Estimated annual ongoing operations impacts includes:
- $7.5 billion in gross product and 86,500 permanent jobs in Texas;
- $5.9 billion in gross product and 67,327 permanent jobs in Harris County; and
- $1.9 billion in gross product and 22.401 permanent jobs in the City of Houston.
Springwoods Village will be located approximately 30 miles north of downtown Houston just south of The Woodlands and located at the intersection of I-45 and The Hardy Toll Road in north Harris County. The 1,800 acre site will be connected to the Spring Creek Greenway and is less than 10 miles from Bush International Airport. The Grand Parkway and a new Springwoods Village interchange are planned on the southern edge of the property to provide access to communities and destinations either west or east of the site.
To preserve the land’s natural integrity, a careful balance will be created between developed acreage and protected natural habitats. Spring Creek flows through the community and creates a two-mile long natural open space border that will be integrated with Houston's premier regional Spring Creek Greenway.
A 150-acre ecologically-rich nature preserve featuring a forest habitat, wetlands and a pond will be connected to the 33-mile Spring Creek Greenway as a public amenity. The preserve will contribute to the beauty of the greenway and offer the Springwoods Village community environmental education, recreational hard and soft trail access and a boat launch onto Spring Creek for kayaks and canoes.
Diverse Home and Mixed-Use Offerings
Springwoods Village will offer a range of homes, from luxury rentals and urban-style compact housing in the $100,000 - $400,000 price range, to single-family dwellings with yards priced at $200,000 and above. This walkable community will also be home to workplaces, shopping, dining, parks and other natural gathering places. Further, as the community grows, land will be donated to provide essential community services. Schools, civic and recreation facilities, libraries, and emergency services will be integrated in a timely manner.
The community is being planned as a sustainable habitat where work/life activities are conducted in close proximity to each other and highway commuting is therefore limited. A new two-mile thoroughfare, the Springwoods Village Parkway Interchange, is planned to be built by Harris County Improvement District #18 and will be accessible from I-45 offering ease of access to the property’s commercial and residential destinations from the Grand Parkway. The other major thoroughfares through the community are Holzwarth Road (north-south connection from FM 1960 to The Woodlands) and Mossy Oaks Road (east-west connection).
Additionally, a multitude of options for other means of transportation are currently under evaluation including mass transit, van pools, cycling paths, bike-sharing programs and pedestrian-friendly streets.
Construction of Springwoods Village is targeted to begin in the second quarter of 2011. Over the next several years, 4,500 – 5,000 homes are expected to be built in addition to 8.5 million square feet of commercial office space and 1.2 million square feet of retail space. The entire development of the community is planned to take 15-20 years for completion.
About Coventry Development Corporation
Coventry Development Corporation is an experienced land developer with expertise in creating mixed-use urban communities that foster smart and responsible growth for commercial and residential vitality. Coventry has provided development services for mixed-use projects in New York, Colorado, Texas and Guam over its 45-year history. In 2001, the company launched RidgeGate, also a sustainable, mixed use community, in Lone Tree, Colorado which consists of 3,500 acres. For more information on Coventry’s latest project, Springwoods Village, please visit: www.springwoodsvillage.com.