KATY, TX-Vista Equities is planning a mixed-use medical and retail development, the Reserve at Grand Parkway, on 89 acres that it bought in August in the far western edge of Greater Houston. The dirt work for the project, which will have a $200-million build-out value, will begin in the spring.

“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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.