Montgomery County, Texas, is one of the fastest growing counties in the United States, with a population growth of 55% in the last decade. Its existing population now stands at 455,000 and with such spectacular growth; it’s not surprising to find that commercial real estate deals are becoming more plentiful. Below, we look at the latest news making headlines in the industry.
Developer Monty Galland is in talks with the East Montgomery County Improvement District over plans to build the Grand Texas Theme Park. The company hopes to have predevelopment, planning, and engineering completed by October 2013. It is estimated that the park will eventually attract 1.8 million visitors a year. The project includes a water park, theme park, amphitheater, and paintball area and is expected to cost in the region of $118 million. Additional development plans include the addition of a restaurant and could add over $95 million to the project by 2020. Monty Galland hopes to open the park in March 2015. The land being used is located near Interstate 69 and FM 242 and is an exciting development for residents of Montgomery County.
The Houston based company, Archway Properties, are looking to showcase its three-story, two building development in Montgomery County’s premier master-planned community, The Woodlands. The development will be called the Wildwood Corporate Center and will cover almost 130,000 square feet of ground. The Woodlands has a Class A Vacancy rate of less than 3%, one of the lowest rates of free office space in the country.
Archway Properties believes that their new project will help meet the demand for high value office space and they aim to charge a competitive rental rate. Kirksey Architecture is the architect while EE Reed holds the role of general contractor. This is a clever move from the company, as office rates in The Woodlands are set to escalate rapidly in 2013 and they should have no problem achieving nearly complete occupancy. Interested parties are advised to contact the company as soon as possible before the office space is gone.
Car lovers in Montgomery County will be thrilled to learn that Ferrari is moving into The Woodlands, as the company announced plans to use a 5,000 square-foot dealership in Lake Robbins Drive. The super car company first opened offices in Houston in 1980 and a spokesman for the company believes that The Woodlands is the perfect location for the world famous sports car manufacturer. As the economy hopefully sees something of an upturn, it is likely that more car buyers will return to the luxury car market, which is all about promoting a positive self-image. It is a move that makes perfect sense on Ferrari’s part, as sales of luxury cars in Houston have soared and are expected to continue on an upward trajectory.
We expect there to be numerous multi-million dollar commercial real estate deals taking place in Montgomery County during 2013 and we promise to keep you abreast of any significant developments in this field.
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