Grapevine City Council authorized a guaranteed maximum price to pay Coury Hospitality for Phase 2 of the Grapevine TEXRail station project during its meeting Nov. 20.
The maximum price set for Phase 2 is $46,859,820, and it will allow Coury Hospitality to complete construction of the TEXRail station, the observation tower and the plaza in Historic Downtown Grapevine, according to the meeting agenda packet.
Nearly a year ago, during a Dec. 5 meeting, Grapevine City Council approved a contract with Coury Hospitality for Phase 1 of the project, which was not to exceed $30,185,180, to begin work on the parking garage that will be part of the TEXRail station.
City Council decided to divide the development into two phases, Grapevine Chief Financial Officer Greg Jordan said. The total budget for the entire development is approximately $77 million.
“We remain in budget,” Jordan said during a presentation to council members.
TEXRail commuters can begin using its services in January, and riders will have limited access to the parking garage, Jordan said. The garage will be fully accessible by April, and the station, along with the plaza and observation tower, is expected to be complete early 2020.
“We’re a little over a year out from having a really spectacular amenity,” he said. “It’ll be a game-changer.”