Victoria To Get New $31 Million Shopping Center in 2022
Victorians may not feel they have to drive out of town for major shopping trips in the future as plans have now been finalized for a $31 million dollar shopping center to begin construction soon.
This past Tuesday, Nov. 3rd, Victoria City Council approved an agreement to relocate an exit ramp to provide access to 38 acres of undeveloped land adjacent to Home Depot, which will pave the way for a new $31 million shopping center that is projected to generate about $700,000 in local tax revenue per year upon its completion on
Houston-based Property Commerce, which owns the land and has built 142 shopping centers in its history, along with the City of Victoria agreed to contract with TxDOT to relocate the John Stockbauer exit ramp off Zac Lentz Parkway, which currently bypasses the site of the proposed shopping center.
“The developer has owned this property for quite some time, and the lack of access was the biggest obstacle to development,” said Assistant City Manager Mike Etienne. “The City’s investment and TxDOT’s support in relocating the ramp will essentially make this property developable," offered the civic alert from the City which you can read here.
The Victoria Sales Tax Development Corporation will pay $816,087.19 toward the relocation of the exit ramp. As part of the agreement, Property Commerce must begin construction by September 2021, and the tenants must meet established sales targets within a five-year timeframe.
"Victoria’s 2035 Comprehensive Plan calls for the City to encourage economic development utilizing a variety of tools at its disposal, including Chapter 380 economic development agreements such as this one," the City offers.
The shopping center is projected to generate approximately $77,000 in property tax revenue and $622,000 in combined sales tax revenue for the City.
Expected to have about 10 retail spaces totaling approximately 150,000 square feet, with room for future expansion, construction of the shopping center, and the new ramp are scheduled for completion in early 2022.
The shopping center is expected to open later in the summer of 2022!
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