Springwoods' New Spin on Traditional Grocery
Exxon employees can now grab milk on their way out of the office...and jump through a splash pad. Springwoods Village is getting its first traditional grocery-anchored retail power center, a whopping 385k SF. And if it has its way, you'll never leave.
Regency Centers VP of investments Abe Pacetti tells us his firm will partner with Springwoods developer CDC to break ground on the Marketplace at Springwoods Village this time next year. It can build up to 50 acres of retail; Abe says it might not use them all, but it will need plenty of room for gathering areas, parks, splash pads and the like, aimed at increasing shopper “dwell time.” All 385k SF will likely be built in one phase to LEED Silver standards. The Marketplace’s location has all the benefits of being in master-planned Springwoods (including residential and employment demand) but also sits on the Grand Parkway, making it a regional play.
Abe (here at ICSC last week) says one of his favorite parts about building the Marketplace at Springwoods Village is having new Class-A product to lease. Regency owns 11 shopping centers totaling 1.8M SF in Houston, and they’re 99.1% occupied. The firm is aiming to grow its platform (it tried to purchase AmREIT, but was outbid by Edens). Regency just delivered its final phase of Southpark at Cinco Ranch, and has only one 1,200 SF space available across the entire property. Its redevelopment at the corner of Woodway and Voss opens Q1. Abe says the upgrades and addition of Whole Foods has added a vibrancy to the center's tenant mix—the property now features less service retail and more soft goods/accessories/high-end boutiques.