Dallas-based StreetLevel Investments and JV partner Provident Realty Advisors closed on 192 acres in Stafford that will be developed into mixed-use with more than 350k SF of retail and restaurants, 2,400 residential units, Class-A office, two hotels, a health club, a food court and a park.
The purchase includes the entire former Texas Instruments campus, which closed in 2012 to relocate to Sugar Land, according to the Houston Business Journal. Some of the original Texas Instruments campus will be repurposed for the new development. The price tag: $500M.
The project is a first for the city. The concept is imagined as the hub of southwest Houston, connecting several neighborhoods in a walkable urban center. The heart of the development will be the central park, a community gathering and event space activated with live music, patio dining, community events and a farmers market.
The retail will include upscale brick-and-mortar as well as pop-up shops. The central food hall will feature artisan chefs and local fare.
Construction is slated to begin later this year and Phase 1 should open in summer 2017. StreetLevel has tapped Houston-based Gensler and TBG as project consultants. Edge Realty Partners, a related entity to StreetLevel, is handling leasing. [HBJ]
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