The details: METRO began negotiations with NewQuest in September to build and lease a park and ride facility in Fort Bend Town Center III, NewQuest’s third phase of the Fort Bend Town Center development. After deciding not to vote on a contract with NewQuest in February, METRO’s board of directors approved the contract during its May 25 meeting.
METRO will pay up to $59.8 million for the 1,750-space parking garage as well as $325,000 annual rent for the ground use.
What they’re saying: “I think it’s going to serve a huge number of people in the medical center, and I think it’s going to be a very busy center pretty soon,” Board Member Diann Lewter said.
What’s next: Construction on the garage is estimated for completion in the first quarter of 2025. METRO will be responsible for operations, maintenance and State of Good Repair of the facility, totaling $485,000 annually, in addition to taxes, according to agenda documents.