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Developers propose $296 million Fulshear Town Square; council raises financing and park-preservation questions
Summary
Developers presented a two-site proposal (Town Square and Village) near HEB totaling about $296 million, including a proposal to relocate Francis Smart Park to preserve large trees and a Sustainability Partners financing structure that would have the city lease assets under a 99-year arrangement. Council asked staff to vet fiscal impacts and the park reversion/landowner constraints before any action.
Developers outlined a proposed Fulshear Town Square and Fulshear Village project on March 17, describing a mixed-use Town Center, hotel, Norris conference center, indoor sports complex, and about a dozen restaurants, plus a 300-unit market-rate apartment complex on Main Street.
The presenting team, led by Joe Vatia of Town Square Development Advisors, estimated the total project cost near $296,000,000 and said the city's portion of assets under one proposed structure would be roughly $66,000,000. Vatia said the plan would relocate Francis Smart Park from its current 0.8 acres to about 1.2 acres to preserve six very large, mature trees and improve public access.
Why it matters: The proposal would materially change downtown land use and create new revenue sources, but it raises financing, oversight and land-rights questions. Developers described a financing option through an…
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