Construction on Centro, Shenandoah’s first single-family residential development east of I-45, began Nov. 1, Palmetto MDR President and Owner Tim Crawford said.
The 13-acre, two-phase project will include 96 single-family homes and 18 detached live-work units in Phase 1, followed by commercial space in Phase 2. Construction was initially slated to begin in spring 2018, however Crawford said construction was delayed due to an delayed permit.
“We are working on the land development right now,” he said.
The project, developed by Palmetto and its sister company Palmetto MDR, is located southeast of the intersection of I-45 and Hwy. 242 adjacent to MetroPark Square—a 69-acre mixed-use development by the Sam Moon Group also under construction in Shenandoah.
“[Centro] will fit in well with MetroPark Square,” Crawford said. “[Centro] will be walkable to MetroPark Square and single-family homes are not a use that [the Sam Moon Group]is developing.”
In addition to 96 single-family homes, the 18 detached live-work units feature residential space on the top floor and a first floor that can be used as office space, light retail space or additional residential space.
“These live-work units will be sold to investors, and then we will rent and manage the units for the investors,” Crawford said. “So one investor will own both the upstairs—residential—and the downstairs—commercial, which will mostly be small office or light retail rentals.”
Crawford said he expects homeowners to begin moving into Centro in summer 2019.
“We are preselling investor units only at this time,” he said. “We will have a sales trailer in place in January but will only be selling investor units until the models are completed in the spring. Once the models are done, then we will be selling to owners and occupiers.”
While Phase 1 of Centro is underway, Crawford said the commercial phase is several years away.
“The commercial land phase is based on market demand for the commercial land sales,” Crawford said. “It will be several years on the commercial part of the project.”