Developer Kicks Off $500M Mixed-Use Project

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HOUSTON-Nearly three years after buying 37 acres in the Memorial submarket, a local developer has begun to move dirt on the $500-million CityCentre. Initial phases of the 1.1-million-sf mixed-use project will be complete by summer 2008, with a 500,000-sf office building and 217-room hotel slated to be up and running by the end of next year.

With Midway Cos. as its developer, CityCentre’s master plan calls for 400,000 sf of retail, restaurants and entertainment; 500,000 sf of class A office space; 375 multifamily units, 250 urban lofts and 40 brownstones in addition to the class A office and hotel. Valencia Group of Houston is the hotel developer. The project will include a 140,000-sf Lifetime Athletic Club, an urban prototype of Lifetime Fitness Inc. headquartered in Eden Prairie, MN. Other tenants on board are Studio Movie Grill and Eddie V’s.