Energy Corridor Vacancy Rate at 13% in 3rd Quarter, New Office Buildings Being Planned
With BP North America leasing 300,000+ sq. ft. at Three Eldridge Place in the Energy Corridor, some developers are developing plans to construct new Class A office buildings in the Energy Corridor including Lincoln Property Company. Lincoln owns Energy Crossing, which is located at Highway 6 and I-10. Their plans are to construct a 240,000 sq. ft. Class A office building next to the existing 190,000 sq. ft. building. Lincoln intends to break ground when they secure a major tenant.
Universal Health Services Expands to Cinco Ranch
At the December Katy Area EDC General Assembly Meeting, Universal Health Services, a part of West Oaks Hospital, announced their expansion into the Cinco Ranch area to provide mental health and substance abuse counseling and services. UHS employees Cassie Richter and Lisa Castro discussed the new facility and services on December 13. UHS has leased 6,000+ sq. ft. at 2900 Commercial Center Blvd. They currently have about 20 employees and will be expanding their employment levels. Katy Area EDC provided building location assistance to UHS early in the building evaluation process.
Whole Foods Anchored Retail Center Inked for Grand Lakes Marketplace
At the December EDC General Assembly meeting, John Clinkscales of Fidelis Realty Partners previewed the new Whole Foods-anchored retail center at Grand Lakes Marketplace, which is located at the southeast corner of the Grand Pkwy. and Fry Rd. Clinkscales noted that Whole Foods has been secured to lease 38,000 sq. ft. and Stein Mart has leased 30,000 sq. ft. as well.
Willow Fork Drainage District Bond Approved by Voters
The $29 million Willow Fork Drainage District Park Plan Bond Issue was approved by Katy area voters by a narrow margin of votes. This project will provide drainage improvements and will enable the construction of sports fields, a 1,000+ seat amphitheatre at LaCenterra, new hike and bike trails, and a new public park near Cinco Ranch High School that will include a disc golf course, trail, and lake. Katy Area EDC supported this bond issue by resolution.
County Assistance District in Fort Bend County Approved by Voters
With modifications to the Texas County Assistance District legislation (SB 521) approved by the legislature earlier this year, Fort Bend County Commissioners Court brought a County Assistance District plan to the voters with five proposed districts. Four of the districts were approved by voters, which includes one approved district located in the Katy Area. The Katy Area district includes LaCenterra.
All of the approved districts will collect a sales tax at a rate of one percent. The funding generated can be used within the boundaries of the district to fund maintenance and improvement of highways and county roads, law enforcement, and other infrastructure. Katy Area EDC supported state modifications to SB 521 earlier this year.
Grand Parkway/I-10 Flyover Open
The Grand Parkway (TX 99) I-10 flyover is now open and providing enhanced mobility to Katy area residents. The new flyover opened in December and is the first phase of the TXDOT project. The southbound flyover (I-10 to Grand Parkway) is also complete. Construction is also under way on Segment E of the Grand Parkway from I-10 to US 290.
Hospital Hospitality House Project Moving Forward
Katy Area EDC has joined with Cinco Charities, and local Katy area foundations to design and build a Hospital Hospitality House in our community. The new 25,000 sq. ft. facility will be located in close proximity to one of our major hospitals, and will provide free housing, peace, and comfort to patients who are receiving treatment for serious and life-threatening conditions in the Katy area. KAEDC members PBK Architects, Rooms-To-Go, and Rosenberger Construction are supporting the project with contributions of professional services and discounted furnishings. In addition to major funding provided by a local foundation, the group recently hosted a 100 Hole Golf Marathon event at Willow Fork Country Club that raised in excess of $60,000, the most ever raised for a Cinco Charities event.
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