Tannos Development Group is targeting a southeast Houston suburb for a large mixed-use development.
Tannos, in partnership with Wolfgramm Capital, will soon start construction on publicly funded infrastructure for Friendswood City Center, a $750 million mixed-use project spanning 106 acres along FM 528. It is set to become the largest mixed-use development in Friendswood, the Houston Business Journal reported.
The 54-acre district is slated for 150,000 square feet of retail space, 200,000 square feet of medical and office space and a 500-unit apartment complex. A 150-room boutique hotel with a restaurant and 5,000-square-foot convention center are also planned.
The other half of the project will comprise a 52-acre public park that will be donated to the city of Friendswood. It’s set to include 4.2 miles of trails, a fishing lake with a pier, parking and public restrooms.
The infrastructure work includes an extension of Blackhawk Boulevard to connect FM 528 with West Bay Area Boulevard.
All 12 commercial parcels in the development are “spoken for” by other developers, Louis Tannos, owner and president of Tannos Development Group, told the outlet. The names of the other developers weren’t reported.
“We formulated partnerships with other developers rather than take eight years to do this by myself,” Tannos told the outlet. “That way, I can build it all at one time, and all the vertical value goes up instead of causing chaos and piecemealing the whole thing.”
Tannos and Wolfgramm, operating as Madison Development Corporation, purchased the 106-acre property from Clear Creek Community Church in February. The project is expected to take three years to complete.
Funding for the development’s infrastructure will stem from tax increment reinvestment zone bonds and public improvement district bonds. A planned unit development designation was secured through cooperation with the city, Tannos said.