Houston-based Gulf Coast Commercial Group is finalizing plans for the development of Magnolia Village, a 60-acre mixed-use project at FM 1488 and Spur 149 in the Magnolia area.
The first phase, slated for completion in fall 2022, is planned to include retail, office and 300 apartment units on 36 acres. Gulf Coast Commercial is purchasing the property from Houston-based Parkside Capital. The land sale is slated to close on June 30.
“We are extremely bullish about the future of this rapidly growing and currently underserved north side pocket,” Gulf Coast Commercial Group President Tom Lile said in an announcement. “It’s one of the most dynamic suburban intersections to arise since COVID began and ideally poised for daily needs tenants ranging from restaurants and medical to service businesses and general retail.”
The company has tapped Court Richardson and Thomas Holdsworth of Houston-based Ironbridge Realty Partners to market the multi-tenant retail and restaurant spaces along FM 1488 and Spur 149.
Magnolia Village will be across Spur 149 from Magnolia Place, a proposed 120-acre project with retail and residential components by Austin-based Stratus Properties. H-E-B plans to start construction on a grocery store on that site in June.
Houston-based Identity Architects is designing the project, which is expected to break ground this fall.
To read the article published in the Houston Chronicle, click here.
