The deal would see the company receive up to $125,000 in exchange for demolishing an existing building and constructing new light industrial space with a minimum of 100,000 square feet in its place before Dec. 31, 2026.
Previously, Community Impact reported that EastGroup was exploring redevelopment of the property in January. At the time, permitting information from the Texas Department of Licensing and Regulation showed the company was eyeing a $10 million investment to redevelop the property to a new light industrial project.
EastGroup Properties Vice President David Hicks confirmed the company owns the property located at 350 Texas Ave. but declined to comment beyond its intent to redevelop the land to light industrial.
“Although we are still finalizing development details at this time, we can share that yes, we do own the 350 Texas Ave. site, and our plans are to redevelop it as a two-building light industrial, speculative development totaling approximately 130,000 square feet,” Hicks told Community Impact.
A permit submitted to the Texas Department of Licensing and Regulation indicates EastGroup may construct two warehouses at 58,415 and 70,301 square feet. The permit also shows a potential start date in April with potential completion in January 2024.
