Michael Swisher, a Horizon principal, tells GlobeSt.com the Southpointe II construction cost is approximately $250 million. It encompasses one million sf of office; 170 single-family attached and detached residences, and approximately 200 multifamily units within the 800,000-sf Southpointe Town Center. The town center contains 500,000 sf of retail, and Horizon is joint-venturing that portion with Peoria, IL-based Cullinan Properties. Swisher says retail leasing is under way, but declines to name tenants now.
Cambria Suites is the new lifestyle brand of Silver Spring, MD-based Choice Hotels, and this will mark the brand's entry into the Greater Pittsburgh market. Swisher says the construction cost is approximately $12 million.
Cambria Suites contain a Reflect casual dining room, Refresh fitness center with pool and spa, and Refill 24/7 convenience store along with more than 1,000 sf of meeting space. "The luxury aspect of the Cambria Suites really mimics the elegance and luxury of Southpointe II," says Rod Piatt, founder and president of Horizon Properties, in a statement. "The master plan for the area calls for an influx of hotels that allows for short-term corporate lodging as well as extended lodging for visitors to the area."
Horizon is also developing a 123-room Hilton Homewood Suites in Southpointe II. Swisher puts its cost at about $10 million. It will break ground this spring and is scheduled to open in spring 2009 to coincide with the opening of Southpointe Town Center. The Cambria Suites will follow in summer 2009, Swisher says. Buffalo Lodging Associates LLC, headquartered in Buffalo, will manage both hotels under a long-term agreement with Horizon Hospitality.
The hotels and town center are the final components of Southpointe II. As GlobeSt.com previously reported, Consol Energy chose this development for its new two-building 350,000-sf headquarters, and Chicago-based USG Corp. has a 60,000-sf office building in the development. "We're out of land," Swisher says.
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