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New Retail Space Approved Near Costco in College Station

Exciting plans for new retail space and plaza area in College Station.

News Summary

The College Station City Council has approved the sale of 13 acres of land near Costco for $4.5 million, paving the way for new retail stores, restaurants, and a plaza area. This development aims to transform the local economy by creating a vibrant commercial hub, with plans for 11 acres dedicated to retail space and parking, along with enticing dining options. With a feasibility period for the buyer, the community can look forward to an exciting transformation in the area.

Exciting Developments in College Station: New Retail Space Coming Near Costco!

In a big move that’s bound to spice things up in the local economy, the College Station City Council has officially given the green light to sell a sizable chunk of land near Costco. The approval for the sale, covering approximately 13 acres, comes at a price tag of around $4.5 million. Can you say “Wow!”? This prime piece of real estate is located at the intersection of Corporate Parkway and Texas 6 and is part of a larger, previously owned 28-acre site.

What’s Cooking in the Plans?

So, what does this all mean for the community? Well, hold onto your hats because the plans are not just sitting in a filing cabinet somewhere. The city is eyeing the land for some exciting development aimed at bringing in new retail stores, restaurants, and a charming plaza area. Think of it as a new gathering spot for both locals and visitors!

Since the grand opening of the nearby Costco in August 2022, which has already attracted loads of shoppers, the decision to develop this area came as no surprise. Large grocery brands like Costco seem to pull in customers like bees to honey, paving the way for more retail growth. Townspeople can look forward to a vibrant commercial hub right in their backyard.

A Peek Into the Sale Process

The approval of this sale is just part of a two-phase plan. The “Phase 1” deal involves selling the 13 acres that were approved recently. The remaining 15 acres, or “Phase 2,” is on the horizon for future sale, estimated to go for about $5.4 million. Exciting, right?

The city really did their homework on how to sell this land. They had three sale options laid out: public auction, broker sales, and sealed bids. Ultimately, they entered into a broker agreement with Oldham Goodman back in May 2024, establishing commission rates that vary depending on whether there’s a buyer’s agent involved.

Who’s Winning the Bid?

The sale attracted three competing offers, all priced at $8 per square foot for different sections of the property. The winning proposal was submitted by The Corinth Group, Inc., which offered not just a competitive price but also shared a creative site layout and showcased their experience with similar projects in the past. That’s smart business!

Making the Most of the 13 Acres

Out of the 13 acres that are up for grabs, a whopping 11 acres are set aside for retail space and parking, which is a major win for shoppers. The remaining 2 acres will see the creation of a lovely plaza area featuring a “town square” and covered pavilions, making it an inviting space for community events and relaxation.

The developers are looking to fill that plaza with four enticing restaurants and two retail spaces. Imagine grabbing a bite to eat and then strolling around a lively plaza with friends and family. This is community spirit at its finest!

Parking and Planning Ahead

As the plans develop, City Council members are also proactively discussing parking needs and potential tenant options. It looks like they’re not just waiting for the new businesses to come; they’re planning for the future based on what the retail spaces will be used for. This thoughtful approach is refreshing!

And here’s some fantastic news: the buyer has a handy 180-day feasibility period to determine whether the property fits their plans before proceeding to close the deal 60 days after. With all this activity, College Station is definitely on the verge of an exciting transformation.

So, stay tuned, folks! This retail development promises to bring a breath of fresh air to the area that’s currently lacking a commercial hub on the south side. College Station is gearing up for a buzz of new businesses and we can’t wait to see what’s next!