Construction on Shenandoah’s new mixed-use development, MetroPark Square, is underway east of I-45, with the potential of adding $700 million of taxable value to the city.
The 69-acre development will be built in three phases, each with staggered completion dates over the next three years, said Daniel Moon, Sam Moon Group vice president. Upon completion by 2020, the development will include retail, restaurant and entertainment options as well as office space, hotels and multifamily space.
“The development is expected to provide significant sales tax and property tax revenue to Shenandoah and will draw visitors from the area for dining, shopping, entertainment, lodging and business,” Mayor Ritch Wheeler said.
Previously referred to as Metro Park Village, the developer, Sam Moon Group, requested Shenandoah City Council approve the name change to MetroPark Square and add “restaurant use” to the development summary during its Dec. 14 council meeting.
“We’ve owned the 16-acre Sam Moon Center in Shenandoah since 2006 so we’ve seen the new development within The Woodlands area,” Moon said. “And with the recent ExxonMobil relocation, we decided to acquire additional land adjacent to our center to take advantage of all the growth in the area.”
Construction on Phase 1 began in November and is expected to be complete by March 2018. The phase includes 175,000 square feet of restaurant, retail and entertainment space anchored by AMC-10, which is a 10-screen movie theater that is expected to open this fall.
Moon said the Sam Moon Group is in the middle of negotiating letters of intent with several potential MetroPark Square tenants and plans to announce more tenants over the next few months.
Phase 2 will include a four-story, 325-unit high-end apartment complex and two nationally known select service hotels, Moon said. Construction is expected to begin at the end of 2017 and will wrap up by late 2018 or early 2019.
Moon said construction on the final phase could begin by late 2018 and be completed by 2020, featuring an additional 600 units of multifamily living space, a full-service hotel and an office building.
The development will also include a pavilion, fountain and outdoor event space for families and children to enjoy.
“Right now, we’re pretty focused on Shenandoah,” Moon said. “Our overall development is 75 acres so we have a lot going on, but we feel like there will be a lot of future phases and projects here. We’re going to be busy developing in Shenandoah probably for the next five to seven years.”