Universal City’s Economic Development Corp., or EDC, approved a letter of intent, or LOI, that sets the preliminary terms and mutual understanding regarding the proposed acquisition and property development of 302 Pat Booker Road on Dec. 11.
What we know
The EDC acquired the 0.359-acre property, which is currently zoned for retail, in 2022. The property is located within the city’s Aviation District, an area that the city is working to redevelop to encourage more retail and restaurant development.
"Development and use of this property would be one more step in achieving the goal of the Aviation District Masterplan," Michael Cassata, Universal City's development services and economic development director, said in an email to Community Impact.
Diamond Hands Capital is looking to acquire the property to design, construct and operate a shipping container plaza that would have retail, restaurant and community gathering spaces designed to serve as a destination for residents, visitors and military personnel stationed at JBSA-Randolph, according to agenda documents.
A financial incentive is incorporated into the LOI, with the EDC reimbursing the developer for a portion or all of the purchase price, excluding closing costs. This reimbursement would take place two years after the plaza opens, agenda documents state.
Next steps
A planned unit development, or PUD, will be considered by the city’s planning and zoning commission and City Council as part of the zoning entitlement process. Diamond Hands Capital may also request the consideration of a tax abatement agreement with City Council.
Cassata said there is no specific timeline, but their goal is to have the PUD considered within the next four months or sometime in the spring.
