“We are pleased to announce that we have completed financing for the first phase of development of Magnolia Place, one of our projects in the Houston area," said William H. Armstrong III, chairman of the board and chief executive officer of Stratus, in the release. "In response to the increased demand for residential properties throughout Texas, we have increased the residential component in the new development plans for this project."
Magnolia Place will consist of four retail buildings, five retail pad sites, 194 single-family lots and 500 multifamily units, the release said. H-E-B will occupy a 95,000-square-foot grocery store on 18 acres of land adjacent to the mixed-use development.
The first phase of the development, which is under construction, includes two retail buildings, five pad sites and the infrastructure to support the development, according to the release.