“This is an extremely sales tax-intensive project, ... and 43 acres of the project are probably going to be retail, only 12 [acres] multifamily,” Egan said.
Magnolia Village is a 60-acre mixed-use development proposed at FM 1488 and Spur 149 in Magnolia, Community Impact Newspaper previously reported.
Egan said the projected start date is May 2, when the construction crew will construct a joint detention pond and distribute the soil across the 60 acres; spreading the soil is cheaper than hauling the soil away.
Ninety days from April 12 is when all underground utilities will also start to be extended as well as constructing the internal public road, according to Egan. Retail building foundations and surface parking lot construction is estimated to start in the third quarter of 2022 and will take approximately a year to finish Phase 1. There are two phases for this project, and plans for Phase 2 have yet to be released.
Phase 1 will include 36 acres and incorporate three retail buildings totaling 10,000 square feet each, 12 single-tenant pad buildings along FM 1488 and 300 multifamily units on nearly 12 acres to be developed by Trammel Crow Residential, according to an April 20 press release from Gulf Coast.
Egan said Gulf Coast is offering to maintain the landscaping and irrigation long term to coordinate with the nearby area. The H-E-B-anchored Magnolia Place development is next to Magnolia Village.
“It will also help us market the shopping center to the highest and best uses, generate the best retail sales and create an overall cohesive feel between us and our adjoining properties,” Egan said.
