New multifamily development on tap at Cinco Ranch February 7,2014
A new four-story multifamily development is slated to open next year within LaCenterra at Cinco Ranch. Houston-based Martin Fein Interests Ltd. will develop The Grand at LaCenterra, a 34-acre mixed-use town center development in Katy. It is slated to open the second quarter of 2015.
The luxury multifamily rental community will feature 271 units of up to three bedrooms, averaging 984 square feet. The property will include lake views, a fitness facility, a yoga/training/spinning studio, a library conference and gaming rooms as well as a pool and spa with outside cabanas and sun decks.
The apartments will feature 10-foot high ceilings, wood-style flooring, stone countertops, tile back splashes, full-sized washer and driers and stainless steel appliances. Houston-based EDI-International Inc. provided architectural services while interior design services were provided by Dallas-based Moore Design Group. Houston-based Westchase Construction Ltd., an affiliate of Martin FeinInterests, will be the general contractor. Houston-based Eagle Realty Group is providing equity financing for the development, while Birmingham, Ala.-based BBVA Compass Bank is providing the construction financing. Equity financing was arranged by Hal Holliday of CBRE Inc.
Financial details on the project were not disclosed.
LaCenterra broke ground on Phase III of the mixed-use development late last year. Phase III consists of 36,000 square feet of Class A office space and 37,000 square feet of retail. A Trader Joe’s is also being constructed at LaCenterra and scheduled to open later this year.