"We'll physically break ground on infrastructure for the site at that time, with infrastructure completed by October of 2008," says Brett Mann, partner in Houston-based Vista Equities Group. The development partnership includes affiliate, Vista Private Equity Group LLP.
Much of the early work will focus on street and utility installation at Grand Parkway and Kingsland Boulevard. The partnership also plans to sell and lease parcels to end users. To date, Mann says 28 acres has been sold to a medical services' provider and another 20 acres are under contract to a developer of medical space.
Mann tells GlobeSt.com that the remaining land, predominately earmarked for retail and restaurants, could hold up to 400,000 sf as pad sites or small retail buildings. "It's so early in the game that we really haven't started marketing any of those parcels," he says, adding the development plan includes ground leases and for-sale tracts.
Development financing was arranged by Marc Dunmire, senior vice president of Amegy Bank in Houston. In addition to the senior debt financing, an Amreit-sponsored fund provided mezzanine financing for the 89-acre acquisition. Kerry R. Gilbert & Associates Inc. of Katy provided land-planning services.
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