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Editor's Note: The story was updated to reflect the correct net-present-value incentive.
Manvel City Council approved the final ordinances for a planned unit development, or PUD, annexation and 380 agreement for nearly 50 acres of development at Manvel Crossing, which is located along Hwy. 6, west of Kirby Drive and east of Manvel Town Center.
The developer will be BCS Capital Group, a Houston-based commercial real estate agency.
The gist
City Council's main focus is to ensure the quality of tenants and development standards throughout Manvel Crossing.
The PUD will include some of the following:
The cost
The 380 agreement is the financial incentive between the developer and the city.
Although the 380 agreement has been approved, the full build-out cost of Manvel Crossing has not been released as the project is still in its early development phase.
The agreement outlines the incentive structure—including about $7 million in net-present-value support from the city, which will be used to cover infrastructure needs, according to the 380 agreement.
What’s next
The approved ordinances will take effect Dec. 18, according to city documents. Before then, city staff and the developer will perform a final review to correct minor formatting errors.
