The details
The property was sold to NuCiti Capital Partners, a real estate development firm, for $9.85 million.
NuCiti Capital Partners intend to build a luxury resort hotel with 120 rooms, two resort-style pools, a conference center, a rooftop restaurant, a parking garage and a retail village with restaurants, Assistant City Manager Mark Wood said.
The concept plan, which could change as the project progresses, also has 26 casitas, which are small, detached living spaces that guests can rent.
Diving deeper
NuCiti Capital Partners plans to keep much of the green space on the property, Wood said.
“They want to work with the property, not against it,” Wood said. “It’s a beautiful piece of property with a creek running through it [and] some beautiful, mature trees.”
Colleyville officials purchased 15 acres in 2020 for $4.4 million and 22 acres for $4.1 million, Wood said.
NuCiti Capital Partners buying the 22 acres will give the city $1.45 million on top of what it spent to purchase the property in 2020. The city will discuss a specific use for this revenue as the project moves forward, Assistant City Manager Adrienne Lothery said.
Next steps
The agreement includes a 120-day feasibility period for the developer to acquire funding for the property, secure entitlements from City Council and work with the hotel partner to bring the package before council officials for approval, Wood said.
Colleyville City Council must approve the site plan package within 420 days before construction can begin on the development, he added.
NuCiti Capital Partners has shown interest in purchasing an additional 15 acres adjacent to the property, as well. This option will remain open for the developer until Dec. 31, 2028, according to city documents.
