Real estate company Stratus Properties has completed construction financing for the first development phase of the Magnolia Place mixed-use project in the US state of Texas.
The scheme, which will be shadow-anchored by a H-E-B grocery store in Magnolia, will comprise four retail buildings with a total area of approximately 35,000ft2.
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It will also include five retail pad sites, which will either be sold or ground leased, as well as 194 single-family lots and approximately 500 multi-family units.
Construction works for the first phase commenced earlier this month. This phase will include two retail buildings totalling around 19,000ft2, all five pad sites and necessary infrastructure to support the entire development.
Stratus CEO and chairman of the board William H Armstrong III said: “In response to the increased demand for residential properties throughout Texas, we have increased the residential component in the new development plans for this project.
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“We continue to evaluate a sale of the land for the single-family residential component, and we look forward to further enhancing the value of this property for our shareholders.”
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By GlobalDataFinancing for the first development phase was completed after Stratus subsidiary Magnolia East 149 signed a $14.8m three-year construction loan agreement with Veritex Community Bank.
The remaining estimated costs of the project are being funded by equity contributed by the firm to Magnolia East.
Earlier this year, Stratus Properties unveiled plans to build The Saint June, a 182-unit luxury garden style multi-family development within the Amarra subdivision of the Barton Creek community.
The scheme will be developed on approximately 36 acres and will feature multiple buildings with one, two and three – bedroom apartments for lease.
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Rendering of Magnolia Place project in US. Credit: Business Wire/ Stratus Properties Inc.
