THE WOODLANDS
PROGRESS REPORT AND BREAK GROUND TARGET DATE
There has been exciting progress on XSpace The Woodlands™, and the executive group would like to share a status update directly from the General Partnership. The project is on track to break ground in Q4 2024. The team's output and execution, which happen in the background, support this project’s trajectory as a big success.
Permit
July 19, 2024, marked the project permits submitted to Montgomery County. We expect 75 days until official approval is received and we commence breaking ground.
Design & Construction
The team has produced 100% designs, and the construction contractors are returning final offers for the JV Partnership to decide which contractor will win the bid.
Moreover, considering the recent storm and power issues in the community, XSpace The Woodlands will be equipped with a backup generator for additional security.
Financing
The project has a finalized debt finance package from a highly reputable group from Dallas and a final equity contribution from a Family Office based in Houston.
Break Ground Target: October 2024
This target date is based on the permit approval period of ~75 days from July 19.
The project team, in close collaboration with Howard Hughes, expects all elements of the deal to come together quickly (presuming contingent requirements are met), and we anticipate the sales of XSpace The Woodlands will set new records for the area.
