A future Starbucks and a new Chipotle are among the latest announcements of new retail and restaurant businesses coming to the City Place development this spring.
The Starbucks is currently under construction and is expected to open in early summer, said CDC Houston development associate Andrew Giammalva.
Chipotle is the newest restaurant to open in City Place, first opening last fall. Other restaurants that opened last year include Bread Zeppelin, Sushi Rebel and Common Bond Bakery.
The company behind the development of City Place and the new global headquarters of Hewlett Packard Enterprise also announced that it had acquired full ownership of the building ahead of its opening later this month.
The campus, at 1701 East Mossy Oaks Rd., was developed by the U.S. Office Development Program, co-managed by USAA Real Estate and Patrinely Group, and CDC Houston, the developer behind City Place, and a CDC Houston-managed company acquired the Interest from members of the US Office Development Program for an undisclosed amount.
“Achieving this milestone on campus is a testament to the strength and capabilities of our partnership with Patrinely Group and USAA Real Estate, which has proven itself time and time again in its ability to thoughtfully and efficiently deliver high-end projects at scale in a location that has become one of Houston’s premier corporate campus hubs,” CDC Chairman Robert Asselbergs said in a statement. “We are delighted with this purchase, which not only strengthens the JV, but also reinforces our long-term commitment to the increasingly dynamic City Place.”
HPE’s campus is comprised of two five-story buildings connected by bridges at all levels, totaling approximately 440,000 leasable square feet, as well as a landscaped rooftop terrace overlooking a central courtyard.
CDC Houston executive vice president Warren Wilson said the CDC told USAA Real Estate and Patrinely that the company would buy their stake instead of selling to a third party.
“For us it’s in the middle of City Place, it’s now a global headquarters, so we just thought it would be a good investment for us, and we did it and we’re very happy about it,” said Wilson said. “It’s been a great relationship.”
The joint venture between the three began in 2016, Wilson said, with a role in the development and property management of several other City Place businesses, including Star Cinema Grill and the Marriott Hotel.
There are other developments in the works at City Place, but Wilson said he couldn’t speak to them yet.
Wilson said there will definitely be more commercial and residential development in City Place. A plot north of the plaza of City Place is expected to accommodate offices and restaurants, including plans for a formal restaurant with table service.
“We’ve done our best for casual dining, but I think we need a little more time to sit down,” Wilson said. “The virus for the past two years has slowed retail sales down a bit.”
CDC is also beginning its expansion on the residential side of the development, with land clearing plans for new residential buildings beginning in about 60 days, Wilson said.
paul.wedding@hcnonline.com
