Although land for the site was purchased in late 2013, developers are continuing to work to secure the first tenant for the estimated $50 million mixed-use Peck Station development, which could break ground as early as mid- to late 2016.
The 34.5-acre tract, which is located north of FM 2920 between Snook Lane and FM 2978 in Tomball, is proposed to feature a hotel, upscale multifamily units, retail space, restaurants and commercial offices at build-out by 2020, said Jerry Hayley, co-president of development firm 2978 Panormus LP.
Hayley, who is also president of White Oak Developers Inc. in Conroe, and his business partner Damon Palermo, president of Woodlands-based Palermo Corporate Real Estate Advisors, teamed up to launch 2978 Panormus LP. Peck Station is the company’s first project.
“When you start to see some of the construction activity, it turns the project from an idea into more of a reality, so the interest seems to ramp up,” said Kelly Violette, Tomball Economic Development Corporation executive director.
However, Peck Station has experienced some delays since late 2014. A hotel and an apartment developer under contract with the project backed out due to the oil price decline, Hayley said. There has also been uncertainty regarding oil and gas company Halliburton’s proposed billion-dollar acquisition of nearby Baker Hughes in the coming months, he said.
“We’re not panicking—we know it’s a good site and market,” Hayley said. “There’s a lot going on, and we’re in a situation to be patient.”
Hayley and Violette said Peck Station and the surrounding 55-acre vacant tract for sale, which is marketed by the J. Beard Real Estate Company, could become a destination for residents and visitors. The area could house a lifestyle or entertainment center similar to Vintage Park at Louetta Road and Hwy. 249, Violette said.
“We think [the 55-acre tract is] going to have some big-box retail and some entertainment, whether it’s a movie theater or something of that nature,” Hayley said. “We see ourselves as the first domino to begin development out there.”
The TEDC continues to maintain contact with hotel and apartment officials in a bid to secure potential tenants, Violette said.
Although land for the site was purchased in late 2013, developers are continuing to work to secure the first tenant for the estimated $50 million mixed-use Peck Station development, which could break ground as early as mid- to late 2016.
The 34.5-acre tract, which is located north of FM 2920 between Snook Lane and FM 2978 in Tomball, is proposed to feature a hotel, upscale multifamily units, retail space, restaurants and commercial offices at build-out by 2020, said Jerry Hayley, co-president of development firm 2978 Panormus LP.
Hayley, who is also president of White Oak Developers Inc. in Conroe, and his business partner Damon Palermo, president of Woodlands-based Palermo Corporate Real Estate Advisors, teamed up to launch 2978 Panormus LP. Peck Station is the company’s first project.
“When you start to see some of the construction activity, it turns the project from an idea into more of a reality, so the interest seems to ramp up,” said Kelly Violette, Tomball Economic Development Corporation executive director.
However, Peck Station has experienced some delays since late 2014. A hotel and an apartment developer under contract with the project backed out due to the oil price decline, Hayley said. There has also been uncertainty regarding oil and gas company Halliburton’s proposed billion-dollar acquisition of nearby Baker Hughes in the coming months, he said.
“We’re not panicking—we know it’s a good site and market,” Hayley said. “There’s a lot going on, and we’re in a situation to be patient.”
Hayley and Violette said Peck Station and the surrounding 55-acre vacant tract for sale, which is marketed by the J. Beard Real Estate Company, could become a destination for residents and visitors. The area could house a lifestyle or entertainment center similar to Vintage Park at Louetta Road and Hwy. 249, Violette said.
“We think [the 55-acre tract is] going to have some big-box retail and some entertainment, whether it’s a movie theater or something of that nature,” Hayley said. “We see ourselves as the first domino to begin development out there.”
The TEDC continues to maintain contact with hotel and apartment officials in a bid to secure potential tenants, Violette said.
