In November, Montgomery City Council reviewed the feasibility study of a proposed single-family residential neighborhood called Meadow Ridge. At the Jan. 24 meeting, Marjorie Cox from Morning Cloud Investments LLC gave a presentation to the council about the possibility of entering into a public improvement district agreement with the developer for the proposed subdivision.
According to the agenda packet, the creation of a public improvement district would provide the reimbursement of infrastructure costs necessary for the development. Reimbursement items can include public utilities, roads and other infrastructure. The city website lists one existing public improvement district for Summit Business Park on FM 1097.
Cox said through the use of a public improvement district, the developers would be able to deliver lots to the homebuilders for a price that aligns with the housing market in Montgomery while still meeting city standards for water, sewer, drainage and paving infrastructure.
"With the price point and the size, [the development] fills a niche for Montgomery," she said in the presentation.
Meadow Ridge is a 28-acre site on the northwest side of Montgomery with 8.25 acres located outside city limits. According to the agenda packet, the land plan proposes 7,500-square-foot lots for a total of 100 lots.
Cox said the average home price in the subdivision will be $350,000. Potential lots would be available in March 2025.
No action was taken at the meeting for Meadow Ridge. City Administrator Gary Palmer said Cox will need to return to City Hall with a formal petition for the council to consider.
After the Meadow Ridge presentation, WGA Consulting Engineers asked the council to accept conducting an economic and utility feasibility study for another proposed development by Superior Properties. City Council authorized the study Dec. 13.
According to the agenda packet, the 15.46-acre mixed-use project would include 98 multifamily units with build-to-rent duplexes and approximately four commercial reserves.
The undeveloped tract of land is located at the northwest corner of Lone Star Parkway and FM 149. Construction would be scheduled for completion by 2025.
City Council accepted the study as it was presented.
