News Release
LACENTERRA AT CINCO RANCH TO BE PREMIERE HOUSTON RETAIL DESTINATION
Vista Equities and Amstar Group developing community-focused lifestyle center on the Grand Parkway
Construction underway, 2006 store openings targeted
Project to have high-end office and restaurant space
Several leases signed
HOUSTON, Texas. (Feb 14, 2006) – Vista Equities Group and Amstar Group are moving forward with LaCenterra at Cinco Ranch, Houston’s newest premiere lifestyle center. The partnership recently broke ground on the $50 million retail-oriented project, located at Cinco Ranch Boulevard and the Grand Parkway in Katy, Texas, and it expects top-tier specialty retailers to begin opening their doors by the end of the year. In total, LaCenterra will comprise 240,000 square feet of retail and office space, in addition to restaurants and outdoor community facilities, all within an inviting, pedestrian-friendly environment modeled after a vintage town center concept.
“I am thrilled by the community’s enthusiastic response to our project,” said Woody Mann, president of Vista Equities Group, the developer of the project. “I believe people are excited about LaCenterra because it will benefit a wide range of users, providing much-needed retail, office and public spaces for the fast-growing neighborhoods west of Houston.”
“In addition, Vista was fortunate to secure a quality equity partner such as Amstar in LaCenterra. They are fast, supportive and insightful, and they have played an important role in making LaCenterra a reality for Vista and this community,” Mann added.
LaCenterra is planned as a multi-building project, including a clock-tower “town hall” style facility at its entrance. The shopping, dining and office spaces will surround a large outdoor common area with a central water feature. The project will be easily accessible from the Grand Parkway, and will provide generous parking without compromising its pedestrian-friendly layout.
“Vista and Amstar know that having a diverse mix of specialty retail and restaurant tenants is key to making LaCenterra the first-class lifestyle center we want it to be,” Mann said. “I am pleased that we have several leases signed and I look forward to announcing our roster of first-class retail and restaurant tenants as construction advances.”
The project will be located on 18 acres on the western edge of metropolitan Houston. It is at the center of Cinco Ranch, a nationally recognized 7,000-acre master-planned community in Katy, a rapidly growing, upwardly mobile, affluent trade area. Population growth around LaCenterra is projected to outpace population growth in the greater Houston area by 75% from 2004 through 2008.
“Our team is excited about this project and especially our new partnership with Woody Mann and his team at Vista,” said Doug Wiley, Executive Director of Amstar Group, the equity partner in the project. “Our private equity firm seeks out partners like Vista – local experts that have a proven record of success and that understand how to assemble the right team for a project. We are always excited to invest with partners like Woody.”
“We believe in the Houston market and LaCenterra provides us the opportunity to expand our portfolio of holdings in the metropolitan area to include retail, which is a targeted asset class for Amstar,” Gabe Finke, CEO of Amstar Group, added.
LaCenterra at Cinco Ranch is part of Denver-based Amstar’s $1.5 billion private equity investment program. The firm committed approximately $700 million during 2005, and expects to place the same amount this year. Recently in Houston, Amstar developed and sold two luxury apartment communities in a partnership with a Houston-based developer. Amstar also partnered with locally based Cameron Management to acquire the historic Esperson office buildings in downtown Houston. Amstar’s pipeline in Houston also includes an industrial development project with Beltway frontage in the Northwest submarket.
For updates, plans and more information about LaCenterra at Cinco Ranch, visit the website: www.lacenterra.com.
About Vista Equities Group
Vista Equities Group is part of the Vista Companies, a Houston-based real estate services group led by Woody Mann, a Houston native and longtime local developer. Vista Equities focuses on the development of new properties and the acquisition of existing income-producing properties. Vista Equities’ sister firm, Vista Management Co., provides leasing and property management services for third party owners and Vista’s own investment partnerships. The senior development and property management team represents more than eighty-five years of experience in the Texas real estate market. For more information about Vista visit the company’s website at www.vistahouston.com.
About Amstar Group
Established in 1987, Amstar Group is one of the leading real estate private equity firms in the United States. The Denver-based company invests nationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed and sold more than $2 billion of real estate. Amstar’s current portfolio includes a mix of office, multifamily and hospitality holdings in addition to a development pipeline of industrial, multifamily and retail projects. For more information about Amstar Group visit the company’s website at www.amstargroup.com.