Woodland Creek Announced
PinPoint Commercial just announced its first project in The Woodlands, and it’s a doozy. The firm is breaking ground in two weeks on Woodland Creek, a 75-acre mixed-use development. (With that much acreage, one of the uses could be a football stadium.) Above, PinPoint development partner David Toone and CEO John Thompson are bracketed by ARA’s Tom Dosch and Tim Dosch, who arranged the site acquisition and are handling land sales going forward. John tells us purchasing the tract was significant in and of itself—it was five separate parcels, and the bulk was a homestead that’s been owned by the same gentleman since 1963. As urban development sprang up all around him, he refused to sell, so cattle roamed the site until two months ago.
David says they hope to retain some of that country feel as they develop the property. 23 acres will remain as green space, including private recreation/amenity areas along Panther Branch for Woodland Creek residents. PinPoint already has three tracts under contract to developers—six acres for a multifamily wrap community, 10 acres for townhomes, and nine acres for high-end single-family residential. PinPoint will develop 14.6 acres itself with office and retail. Phase 1 will include a four-story, 192k SF Class-A tiltwall office (being pre-leased by CBRE’s Cody Armbrister and Elliott Hirshfeld) and 52k SF of retail (leased by NewQuest’s Dean Lane). Powers Brown is handling design.
Phase 2 will be a six-story, 252k SF Class-A office. That leaves nine developable acres for a future phase—market demand will determine what happens to it. (David suspects it’ll go build-to-suit office, or maybe seniors housing. Maybe they could do an American Idol-style competition to decide.) At the end of the day, Woodland Creek will probably be an over $250M project (IBC provided financing). John and David tell us the development’s biggest challenge is that it’s not in The Woodlands Township or any municipality, which made utilities and streets a big to-do. Floodplain was another difficulty—the terrain slopes into the creek.
Here's one way the PinPoint team likes to celebrate closing on a new project like Woodland Creek.