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THE WOODLANDS, TX-The Woodlands Operating Co. LP has picked four developers to roll out five multifamily projects, totaling 400 units, for its town center project. The developers have committed to a timeline that sets final delivery for all units by mid-2004.

The Woodlands Town Center is designed with retail, multifamily and office projects as well as a hotel and convention center, elements that are all being crafted by a multitude of developers. “We have been negotiating with some of the most experienced and innovative developers in the Houston area,” Eric Wojner, vice president of commercial for the Woodlands Operating Co. LP, said in a prepared statement.

The town center is the focal point of a 1.25-mile waterway. The residential component, Wojner said, “will keep the Waterway area vibrant 24 hours a day, seven days a week.” That built-in demand is considered “crucial to the dynamics” of the waterway, which carries as much significance as a transit system as it does for project aesthetics.

Wojner tells GlobeSt.com that developers from all across Texas were approached as the team looked for projects that were compatible with the vision for the area. About 20 acres have been set aside to develop 650 to 700 units.

Houston-based Threshold Interests has broken ground on Waterway Lofts, 36 “for sale” units in a seven-story design on about an acre. The price tags will run from mid-$200,000 for 1,800 sf to $700,000 plus for 2,400 sf. Situated at the intersection of Six Pines Drive and Waterway Avenue, it will deliver in late 2003. About half of the units have been spoken for, according to insiders.

Come January 2003, Hahnfeld, Witmer, Davis of Houston will break ground on 29 “for sale” townhomes. The project area encompasses about two acres and is due south of the lofts. The developer has built single-family homes in the Woodlands. The project, to be completed by summer 2003, will be priced in the low $300,000 range and have designs ranging from 2,000 sf to 3,000 sf.

Houston’s James Badger Interests LLC will start work in summer 2003 on 50 “for sale” units, similar to its Museum District project. The two-acre site at Six Pines Drive and the Waterway is directly across from the Cynthia Woods Mitchell Pavilion.

Morgan Residential Inc. of Houston also breaks ground in the summer. Its 260 units will go up on a 3.4-acre tract along Waterway Avenue. In the winter, the developer will start 30 townhomes on 1.7 acres at Timberloch Place and the proposed Riva Row off Six Pines Drive. Morgan will deliver the “for lease” projects practically simultaneously in summer 2004.

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