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Developer says Pecan District plan will be amended to reflect post‑pandemic office market; comprehensive update expected by fall
Summary
Presidium told the TIRZ board it will pursue a PUD amendment for the Pecan District after concluding that the original entitlements relied too heavily on speculative office; the developer said it plans to decouple office from other asset classes and expects to present a more detailed, finance-backed plan by the fall TIRZ meeting.
Michael Piano, a representative of Presidium, updated the Tax Reinvestment Zone No. 1 board on the status of the Pecan District and described why the developer intends to pursue an amendment to the original planned-unit district (PUD).
Piano said the initial entitlements relied on a financing model that assumed a larger speculative office component than the current market supports. "We didn't quite get the entitlements right, and we need to redo them," he told the board, adding that Presidium will be "open book" and intends to present a revised plan that preserves the PUD’s vision while creating a financeable phasing strategy.
Piano described the problems as both economic and structural: the national and regional office markets have shifted post‑pandemic, producing higher vacancies and more cautious lending for new office product. He said that in the current climate, office is likely to be a later-phase use and that the near-term market is more supportive of residential with supporting retail, open space and boutique office options rather than the large integrated office blocks originally contemplated.
He said Presidium has brought on a land planner and engineers to revisit the road framework and infrastructure phasing that will allow more flexible asset classes and requested time to complete the PUD amendment filing. Piano told the board he expects to have a more comprehensive and finance-backed presentation ready by the fall TIRZ update.
Board members pressed Piano on timing and market assumptions; Piano responded that the developer is conducting infrastructure studies and working on a draft plan with their engineer and that elected officials and city staff should expect a fuller package in a few months. The board did not take formal action; staff advised that any zoning or PUD changes will need to follow staff review and the city’s planning-and-zoning and city council processes before affecting TIRZ terms.
