Jersey Village Signs Off On Massive Mixed-Use Project With Highway 290 Frontage
While most of the major highways in Houston flaunt major retail anchors that spur economic activity, one thoroughfare has been skipped over by investors.
Jersey Village is ready to take advantage of the improved mobility and accessibility as construction on Highway 290 has crept north to Highway 6.
Dubbed Village Center, the 43-acre mixed-use, eco-friendly development will feature offices, an upscale hotel, a high-end multifamily project, retail, restaurants and an educational component, according to the project's marketing material.
"[Jersey Village] felt out of the loop," Collaborate founding principal Saul Valentin said.
Collaborate will serve as lead developer of Village Center, which is expected to serve as the commercial epicenter to the northwest corridor of Houston, Valentin said. While the corridor has been growing, it lacked a major mixed-use destination with Highway 290 frontage that could rival the other Houston communities. The project will be at Highway 290 and Jones Road near Beltway 8, and sections will be delivered in 2020.
Houston-based developer Collaborate has been working with the city of Jersey Village for more than a year to devise a plan to transform the largest site in the city. Jersey Village purchased 23.3 acres in August using $5.25M in city reserves, according to Community Impact.
The parties entered into a 380 agreement May 18, and the city created a 274-acre Tax Increment Reinvestment Zone in 2017 to spur developer interest in the area. Collaborate will purchase the 43-acre site from the city, Valentin said.
"We had an opportunity to work with a city that wanted us there," Valentin said. "We were able to answer the needs of the community. We are going to have a long-term relationship and be embedded into the community."
While most mixed-use projects focus on live, work and play, a large footprint of Village Center will address education, Valentin said. Collaborate is in talks with several institutions. The project will also serve as a business incubator to support entrepreneurship and small business. Jersey Village plans to relocate its City Hall to the development, and the project will be community-centric and host festivals, live music and other events.
The office component will follow a trend in the suburb of mid-rise boutique office product, Valentin said.
"There is a need for people to have office spaces in their local community that will rival those that we are used to Downtown," Valentin said.
Houston-based Greatland Co. will handle leasing and property management. Houston-based Page is leading design, while California-based SWA Group is leading urban planning and landscape architecture. Equinox Hospitality will be responsible for the hospitality and multifamily components.