For its second apartment project in Springwoods Village, a master-planned community north of Houston near Irving, Texas-based Exxon Mobil Corp.’s (NYSE: XOM) campus, Houston-based developer Martin Fein Interests Ltd. went a different route. Instead of a wood frame construction used in sister property The Belvedere, the developer went with a more expensive steel and concrete frame for The Mark at CityPlace.
“We had an exceptional opportunity to build right across the street from Exxon in Springwoods CityPlace, an urban town center, and we thought this site called for a higher end, longer lasting, more commercial construction type versus wood frame construction,” said Rebecca Luks, a vice president at Martin Fein Interests, in an email.
Luks said while this construction is more expensive than a wood frame, it can command higher rents as well. She estimates units in The Mark draw in more than 50 cents per square foot compared to units at The Belvedere. Luks wouldn’t disclose the total cost of construction. See photos from a recent tour of The Mark’s floor plans and amenities in the slideshow above.
The team behind The Mark includes Houston-based WGW Architects, Houston-based OJB Landscape Architecture and contractor Westchase Construction. Wells Fargo provided a construction loan.
The 268-unit mid-rise in CityPlace, a 60-acre mixed-use development, finished construction at the end of 2017. Units range in size from 572 square feet to 1,599 square feet, with rents ranging from $1530 to $3,968 for the largest floor plan. Currently the building is 43 percent leased.
Amenities in the building include:
A multipurpose room that includes a dining room, demonstration kitchen and TV roomOutdoor pool with a putting green, gas grills, cabanas and outdoor lounge spacePet spa Bike storage room Coffee barResident lounge with billiards, TVs and sitting areasA spa where residents can schedule massage servicesA library with more than 2,000 books, similar to The Belvedere
The library at The Mark where residents can pick up books or work remotely.
Units themselves come with washers and dryers, quartz countertops, large closets, energy-efficient windows, high ceilings and laminate flooring in living areas.
The apartments are across the street from the Exxon Mobil campus and close to the headquarters for Houston-based Southwestern Energy Corp. (NYSE: SWN). By October, new tenants at CityPlace will include the Houston-based American Bureau of Shipping and the new Marriott CityPlace hotel. A new Star Cinema Grill is expected to be complete by the second quarter of 2019. The Mark’s first-floor retail space has not yet been leased.
In addition, Palo Alto, California-based HP Inc. (NYSE: HPQ) will occupy 378,000 square feet within two built-to-suit buildings in CityPlace.