Another grocer has been tapped for its potential to attract foot traffic in a mixed-use property. Diversified real estate company Stratus Properties Inc. has completed construction financing for the first phase of development of Magnolia Place, an H-E-B shadow-anchored, mixed-use project in Magnolia, Texas.
“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,” said William H. Armstrong III, chairman of the board and CEO of Austin, Texas-based Stratus. “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.”
Magnolia Place is currently planned to consist of four retail buildings totaling approximately 35,000 square feet, five retail pad sites to be sold or ground leased, 194 single-family lots and approximately 500 multifamily units. Earlier this month, construction began on the first phase of development, which is expected to consist of two retail buildings totaling approximately 19,000 square feet, all five pad sites, and the road, utility and drainage infrastructure necessary to support the entire development. H-E-B recently began construction on its 95,000-square-foot grocery store on an adjoining 18-acre site owned by the grocer.