The 2,000-acre City Place development in the booming Houston suburb of Spring is still expanding.
Houston-based Fein Communities wants to add a 326-unit apartment complex, called Echo Lake, to City Place, the Houston Business Journal reported.
Fein acquired the 21-acre site, at 2002 Spring Stuebner Road, in December. The seller was CDC Houston, a subsidiary of New York-based Coventry Development Corporation, which is one of the developers of City Place.
Echo Lake overlooks a planned manmade lake, which will be a private amenity for residents. Residents will also have access to City Place’s 150-acre nature preserve through a network of trails. Across the street is the the Market retail center, which houses restaurants, such as Torchy’s Tacos and Tarka Indian Kitchen, plus a Kroger grocery store.
Floor plans will range from 560 to 1,800 square feet, and 40 percent of the units will be one-, two- and three-bedroom townhomes with garages, the outlet said. Fein hopes to start construction by the end of the year, but a timeline for the project has yet to be established.
Echo Lake and nearby businesses are poised to benefit from major employers like ExxonMobil and Hewlett Packard Enterprise being in the area.
“Echo Lake will have a value rental price point to accommodate the range of corporate employees living in and around City Place,” Fein’s Rebecca Luks told the outlet.
While pricing has not been disclosed, the average apartment rent in the Spring-Tomball submarket was $1,400 at the end of 2023, according to MRI Software.
Fein has developed three other communities in City Place — the Belvedere, the Mark and the Canopy. However, the firm has since sold the Belvedere and the Canopy, while still managing the Canopy.