The 97-acre site is Chicago-based Logistics Property Co.’s first development in the Houston area, said Robert Wheless, senior vice president of the south region. When built out, CityPark will provide 1.7 million square feet of space to warehouse and distribution tenants.
“We think we are bringing value to the city, and we hope Missouri City finds us attractive enough to eventually incentivize tenants coming to our site,” Wheless said.
Seven buildings will be constructed in four phases. The first three buildings are part of Phase 1, beginning construction in the first quarter of 2019, with completion slated by January 2020.
The other four will be built in three phases as the market demands, Wheless said.
“We have to introduce a new space in a judicious manner so it can be reasonably leased,” he said. “Our competitors have been careful in this area about building and absorbing, so tenants coming in will have good options. We want to be part of that mix.”
Along with the development is a new road. Missouri City City Council voted in December to execute a Chapter 380 agreement with Logistics Property to pay for the future City Park Drive, running through both Fort Bend and Harris counties, that will connect Cravens Road to Sam Houston Parkway.
Under Texas law, a Chapter 380 agreement authorizes municipalities to offer loans and grants of city funds to promote economic development.
The proposed road will provide access to nearby undeveloped tracts, Public Works Director Shashi Kumar said. FedEx, Ben E. Keith Co. and Best Buy also access that area.
“The project provides a corridor for development, but also to reduce truck traffic that uses Gessner Road,” Kumar said. “It is a benefit for the city and the developer.”
The council also discussed possibly closing off Cravens at Hwy. 90A, which crosses Union Pacific rail lines, where train/vehicle collisions have occurred in recent years, according to the council and news reports.
The city estimates road construction to cost about $3 million. In addition to Logistics Property funds, Fort Bend committed $970,000 for its section of the road under its mobility bond package, according to city documents.