The full story
The city center, which is being developed by Tannos Development Group, is set to be built at the corner of FM 528 and Bay Area Boulevard, and will bring with it a mix of residential, retail, office space and the city's first hotel.
At a launch party for the development in December, officials said they expected the groundbreaking to take place in January, but that was moved to February shortly after.
Officials now expect it to happen in April, but were unable to provide a specific date, Kyndahl O'Quinn, executive assistant at Tannos, said in an email.
“We are just wanting to be prepared,” O’Quinn said. “We are waiting on a couple of things that we have ordered for this event, and trying to make sure that the mayor is able to make it.”
What else?
Tannos and the city of Friendswood reached a series of agreements in December and January, some of which laid out plans for the city to tackle the infrastructure needs of the area to help facilitate the development.
City officials said they expect the infrastructure to cost about $53 million—a total that doesn’t include $16 million expected for interest and financing. That cost will be paid using funds gained from a tax increment reinvestment zone established at the site in December. The TIRZ will freeze property tax revenue for the city, and any revenue gained from increased value in the coming years will help pay for the infrastructure.
Both Tannos founder Louis Tannos, as well as city officials, have said they are optimistic the development will bring much needed amenities to the city.
