GID Development Announces Dynamic Phase Two Of Regent Square Development

HOUSTON, Feb. 14, 2013 /PRNewswire/ -- GID Development Group announced today details of the highly anticipated Phase Two of Regent Square, a 24-acre, 4.2 million square foot mixed-use development located in the heart of the Inner Loop off of West Dallas. Phase Two will include the Alamo Drafthouse Cinema, a sophisticated residential project featuring 160 apartments, and 15,000 square feet of restaurant spaces. Construction on Phase Two is slated to commence late 2013.

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"Phase Two represents a vibrant component of Regent Square featuring an exciting multi-family project and high-caliber tenants such as Alamo Drafthouse Cinema," said James Linsley, President of GID Development Group. "The addition of this type of entertainment destination to Regent Square supports our vision to provide the best shopping, dining, entertainment, public space and walking neighborhood in Houston."

Named "Best Theater Ever" by TIME Magazine, the Alamo Drafthouse Cinema has built a solid reputation as a movie lover's oasis not only by combining food and drink service with the movie-going experience, but also introducing unique Alamo-only programming and high-profile, star studded special events. The new site at Regent Square will make its mark as the first Alamo Drafthouse Cinema inside the loop and the cinema's third location in Houston. Featuring 35,000 square feet of space and 950 seats, Alamo Drafthouse Cinema will be a significant addition to the entertainment landscape in central Houston. The location will offer state-of-the-art projection technology, including nine screens of new releases, repertory programming and the Alamo's unique signature programming in both digital and 35mm formats. To enhance the movie going experience, a strong core of casual dining options as well as fine wines and beer from local breweries will be offered. In addition to the theater, Alamo Drafthouse Cinema will be part of outdoor events and programming hosted in Regent Square's public spaces including outdoor movies in the park.

"We are continuously energized by the strength and vitality in the Houston market and are particularly pleased to announce an inner-loop Houston location opening in such a prime site," said Neil Billingsley-Michaelsen, CEO of Triple Tap Ventures LLC, the owner and operator of the Houston Alamo Drafthouse Cinema locations. "We are extremely excited about the Regent Square development and are proud to be a part of it."

Neal Berkowitz with Newmark Grubb Knight Frank was involved in this specific transaction. Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms.

The multi-family project slated for Phase Two will offer an impressive set of residential amenities including an expansive rooftop space featuring impressive views, resort style pool and sundeck. Residents will have access to a variety of amenity features including resident club room, demonstration kitchen, game lounge, bar area, and fitness area.

The architecture planned for Phase Two seamlessly blends with the other project components and reflects the overall vision to create Houston's most visionary and ambitious walkable mixed-use district featuring residential apartments and condominiums, retail shops, restaurants, theaters and entertainment venues, office space, parks and courtyards, along with gracious tree-lined streets and sidewalks.

Construction has commenced on Phase One of the project and includes The Sovereign, a 21-story residential building featuring panoramic views of the Downtown Houston skyline, Buffalo Bayou, Memorial Park, River Oaks, and the Galleria and the largest, most sophisticated set of amenities in the market. The building will be Houston's most advanced high-rise residential product and is designed to achieve a LEED Silver Rating. Initial occupancy is slated for March 2014.

The prestigious Houston-based architectural firm Zeigler Cooper Architects designed The Sovereign. The building will blend into the surrounding neighborhood using a timeless and sophisticated mix of glass, brick and stone treatments that reference both traditional and contemporary architectural elements.  Unique among Houston high rises, The Sovereign's apartment units not only reach skyward but also extend to the ground level, creating a pedestrian friendly environment at the sidewalk and a more authentic and sophisticated streetscape.

About Regent Square

Regent Square has been designed as Houston's most visionary and ambitious walkable mixed-use district featuring residential apartments and condominiums, retail shops, restaurants, theaters and entertainment venues, office space, parks and courtyards, along with gracious tree-lined streets and sidewalks.  Regent Square will become an icon of sophisticated urban planning through its diverse combination of uses and high quality design that blends both traditional and contemporary architecture from more than ten renowned architects.  Blending seamlessly with its surrounding urban fabric, Regent Square will fulfill Houston's untapped desire for a pedestrian oriented mixed-use neighborhood catering to residents seeking an active and exciting urban atmosphere. 

About GID Development Group (www.gid.com/development)

GID Development Group was formed to develop, acquire, and advise on sophisticated "best-in-breed" mixed-use projects and premier residential urban developments in major metropolitan markets throughout the United States. Under the leadership of James Linsley, President of GID Development Group, the founding principals are a unique collection of experts in the fields of mixed-use development, finance, entitlements, design, construction, leasing, and marketing – creating a team that is experienced across all major property types and development disciplines. Prior to the founding of GID Development Group, these principals were previously involved in projects totaling more than 35 million square feet, with an aggregate development value in excess of $15 billion, including iconic developments such as Time Warner Center in New York City, The Grove in Los Angeles, and Rowes Wharf in Boston. 

Emphasis is placed on Class A large-scale mixed-use developments, premier condominium and apartment properties, and sophisticated retail, town center, and urban village projects. Properties combine high-quality design with residential, retail, restaurant, office, hotel, cultural and public space components. Projects range from downtown urban high-rise developments to multi-phase large-scale master plans. With more than 12 million square feet of mixed-use projects including over 5,000 multifamily units already in various phases of design and construction, GID is poised to have a major impact on the nation's next generation of innovative real estate development projects.

About Alamo Drafthouse Cinema (www.drafthouse.com)

Alamo Drafthouse is an entertainment brand comprised of the acclaimed cinema-eatery chain, the largest genre film festival in the United States and a collectible art gallery. Named "the best theater ever" by Time Magazine, the Alamo Drafthouse Cinema has built a reputation as a movie lover's oasis not only by combining food and drink service with the movie-going experience, but also introducing unique programming and high-profile, star studded special events. Alamo Drafthouse Founder & CEO, Tim League, created Fantastic Fest, a world renowned film festival dubbed "The Geek Telluride" by Variety. Fantastic Fest showcases eight days of offbeat cinema from independents, international filmmakers and major Hollywood studios. The Alamo Drafthouse's collectible art gallery, Mondo, offers breathtaking, original products featuring designs from world-famous artists based on licenses for popular TV and Movie properties including Star Wars, Star Trek & Universal Monsters. The Alamo Drafthouse Cinema is expanding its brand in new and exciting ways, including the launch of Drafthouse Films, a new film distribution label and plans to extend its theaters and unique programming philosophy to additional markets across the United States. More information about Alamo Drafthouse franchise opportunities are available on the official website www.drafthouse.com.

About Triple Tap Ventures LLC

Triple Tap Ventures LLC owns and operates the Houston metropolitan area Alamo Drafthouse Cinema locations as well as exclusive development rights for Houston and several other Texas cities.  Triple Tap Ventures and its principals are focused on developing, owning, and operating strong regional and national hospitality and entertainment concepts. Potential sites or real estate inquiries in the greater Houston market should be sent to Todd Moseley; [email protected], the exclusive real estate advisor for Triple Tap Ventures LLC. 

SOURCE GID Development Group