For more retail coverage, click GlobeSt.com/RETAIL.
MISSOURI CITY, TX-A local developer is planning to build a 120,000-sf, mixed-use development in the 10,500-acre, master-planned community of Sienna Plantation. A fourth-quarter groundbreaking is scheduled for an $8-million first phase.
Scott Weaver, principal of Weaver, Davis & Jacob Realty Group LLC, will launch the Crossing at Sienna Ranch with 15,000 sf to 20,000 sf of office condominiums and 15,000 sf of retail space. The development will sit on 20 acres at the corner of Sienna Ranch Road and Sienna Parkway.
Weaver, Davis & Jacob Realty Group acquired the acreage from Sienna Plantation's master developer, Johnson Development Co. According to Weaver, land is selling for $7 per sf to $11 per sf.
Weaver expects demand for space in the Crossing at Sienna Ranch to be strong, especially since it is the first office condo project in Sienna Plantation. "I get calls daily from retailers and doctors and other professionals asking about space for lease," he tellsGlobeSt.com. "This project will be perfect for lawyers, CPAs--anyone who is officing out of their home right now."
The retail first phase will take up 1.5 acres and be anchored by a bank. Weaver says he is in the process of finalizing a deal with the bank. The retail space, leasing for $22 per sf, will be ready to occupy by spring 2006.
Weaver, who is a resident in Sienna Plantation, plans to develop three to four office condo buildings on another 1.5 acres. The price for the condo space hasn't been set, but similar condo projects are getting $75 per sf for shell space, he says.
"This is a very affluent area," Weaver says. "As the community grows, the need for retail and other services grows as well." He says the project's architect has yet to be determined, but the general contractor will be Arrowmont Constructors of Houston.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
