An artist's rendering of the new College Station development, showcasing potential retail and dining spaces.
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Sponsor Our ArticlesThe College Station City Council has unanimously approved the sale of 13 acres near Costco for a new commercial development valued at $4.5 million. Plans include retail spaces, restaurants, and a plaza, promising to enliven the local economy and attract more visitors. The development will take place in phases, with a significant focus on enhancing foot traffic and community engagement in the area. Local businesses express mixed feelings, hoping for collaboration while bracing for increased competition. Overall, the project marks a vibrant shift for College Station’s commercial landscape.
In a move that has residents buzzing, the College Station City Council recently greenlit the sale of around 13 acres of land located strategically near Costco, paving the way for an exciting commercial development. The council voted unanimously, signaling a clear thumbs up for the plan that carries a $4.5 million price tag.
So, what can folks expect to see sprouting up in the area? The approved plans include the construction of retail spaces, a variety of restaurants, and even a lively plaza area. According to the chief development officer, Michael Ostrowski, there’s a solid possibility that the new space will accommodate four restaurants and two sizable retail buildings. That’s sure to spice up the local scene!
This newly sold land is nestled within a larger 28-acre parcel owned by the city, right at the bustling intersection of Corporate Parkway and State Highway 6. This strategic location will not only attract shoppers but is also expected to enhance visitor traffic to the area. It’s like putting a cherry on top of an already thriving market!
The sale will happen in two phases, with the first phase focusing on the front 13 acres that have just been approved for development. The future or second phase will see the remaining 15 acres go on the market later down the line, leaving plenty of room for growth.
A broker contract with Oldham Goodwin has been in place since May 2024, facilitating the sale process. As part of the deal, a 4% commission is set for the inclusion of a buyer’s agent, making things smooth and straightforward. The developer, Corinth Group, Inc., was selected for their attractive purchase price, thoughtful proposed layout, and relevant expertise—key factors that contributed to sealing the deal.
Excitement is brewing over the specifics of the development. The initial 11 acres of land will cater to retail operations and parking, while the remaining 2 acres will proudly display the plaza area. Envision a lovely town square complete with covered pavilions where families can gather, events can be held, and community spirit can thrive.
Before everything becomes official, there will be a 180-day feasibility period for the buyer to assess the property. This will ensure that all the I’s are dotted and the T’s crossed before the deal officially closes 60 days after this assessment period. It’s all about making sure this development goes off without a hitch!
Many local shop owners are optimistic about the prospect of collaboration with the new arrivals—seeing it not as competition but rather as a chance to create a lively retail environment that benefits everyone. After all, the city has historically argued that large grocery stores like Costco tend to spark increased development in their surroundings due to the influx of visitors they bring.
In short, the next chapter for this part of College Station is shaping up to be exciting, vibrant, and full of potential. Keep an eye out for further updates as this project unfolds!
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