Developer reports housing, infrastructure progress on Coast development; Clear Choice hospital parcel conveyed

A developer representative gave a semiannual status report to the Laredo board on the Coast development project, describing land conveyances, homebuilding progress across multiple phases, infrastructure work tied to Loop 20 access, and next steps for reimbursement and accounting.

The presenter said the college parcel and a site purchased for Clear Choice (a hospital/medical development) have been conveyed to their respective owners, and the developer has transferred another parcel to an apartment developer. The presenter reported that, on the initial 50-lot pod, about 30 homes are fully built; 44 homes are under construction; 21 have been sold; and 18 are under contract. He said the first homes in the development are selling in the $400,000–$500,000 range, higher than earlier pro forma figures of about $265,000–$275,000, and that later phases will include smaller homes priced roughly $300,000–$400,000.

Why it matters: the project covers hundreds of residential lots, multiple commercial tracts and a planned hospital site that the presenter said could “be kind of a game changer for the medical industry in Laredo.” Progress on roadway and utility work tied to Loop 20 will affect when commercial uses and the hospital can open and how quickly additional tracts can be developed.

Key project and schedule details

- Conveyances and ownership: the presenter reported that the college site has been conveyed and recorded; Clear Choice purchased property "right at the end of last year" (presenter’s words); an apartment developer holds a parcel intended for multifamily.

- Residential counts and pricing: on the first 50-lot area the presenter reported about 30 homes fully built, 44 under construction, 21 sold and 18 under contract. He said initial houses are selling for about $400,000–$500,000; phase 7 lot homes were described as generally in the $400,000–$500,000 range; phase 8 homes were expected to be about $300,000–$400,000. The presenter also estimated the entire project could yield about 2,000 single-family homes and projected a 7–8 year residential buildout timeline.

- Construction status: the presenter said one phase (7c) is about 10 days behind schedule because of rain and that vertical construction is anticipated to ramp up in coming months, with one area expected to come online in October (presenter’s timeframe). He said plans to extend Champions Way to Inspiration and to connect the roadway to the elementary school are underway as final plats and bids proceed.

- Infrastructure and utilities: the presenter said the infrastructure shown on the plat is completed and that only a small connection would be needed if the hospital could open immediately. He noted access and right-of-way work on Loop 20 remain important; the presenter said TxDOT work on the loops and access roads, plus utility work by CenterPoint and AEP, are in progress and will affect timing. He estimated 24–36 months before the hospital might be operational if the partners proceed.

- Economics and reimbursement: the presenter said incremental revenue from the project is building and described a revenue split for the TIRS (presenter’s term) as 60% to the city and 40% to the developer. He said the team is preparing submission packages for reimbursement, will provide a binder and pen drive with documentation, and maintains a rolling spreadsheet showing expenditures and draws. The presenter proposed meeting with city staff in late July or early August to present the first two project submittals and asked staff to prepare an accounting of the increment held in the project bank account; he recommended placing funds in an income-producing account in the interim.

Board interaction and next steps

Board members asked for timelines for the hospital and commercial components and for an accounting of reimbursable expenditures. The presenter offered to request an update from TxDOT on the access-road schedule and to invite Clear Choice representatives (named Jacob or Victor by the presenter) to the next meeting to provide a timeline if they have one. The presenter proposed a follow-up presentation for late July or early August and said he would give city staff a pen drive containing the reimbursement packages for review.

No formal votes were taken on project approvals during the presentation. The meeting later recorded a motion to adjourn with a second and the session ended.

Ending: The developer said he would coordinate with city staff to submit the first reimbursement packages and schedule a follow-up briefing in late July or early August; he also said he would seek updated timelines from TxDOT and arrange for Clear Choice representatives to attend if they can provide additional schedule details.