Magnolia to Lift Development Moratorium
In what has to be good news for commercial developers, Magnolia plans to lift its building moratorium in a few months. The moratorium was put in place in December of 2022 due to an anticipated water shortage if the pace of development continued at the same speed it was going. The Houston-area city restricted new water hookups, halting large-scale residential and commercial projects.
Community Impact reports that several infrastructure additions and maintenance projects—costing $30.2 million—including new wells, tanks and booster pumps—are nearing completion, and the city will begin operating with a lifted development moratorium as early as September.
The city expects to see a spike in development once the moratorium is lifted. The city’s planning department is reviewing a 200-acre mixed-use development, Magnolia Town Center, which is being proposed by Tannos Development Group. The estimated total value of the development at full build-out is set to be close to $1 billion.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout