Best known as a hub for valve manufacturing companies, the Houston submarket of Stafford maybe be flowing in a new direction.With the idea to create an urban center for the city, Dallas-based StreetLevel Investments recently purchased 192 acres near Interstate 69 that included the former Texas Instruments campus.The firm plans to utilize the land for a $500 million mixed-use development that will feature a mix of "destination" retail space, residential units, office space and several hotels; along with green and entertainment space. The first phase is slated to open by summer 2017.The estimated 2,400 residential units proposed are likely to be rentals, as Stafford's single-family market accounts for a minimal number of annual resales.Spanning a recent 12-month period, only 290 homes sold in the city, according to data from Better Homes and Gardens Gary Greene. This sales total equates to less than 25 sales a month.The addition and lease-up of 2,400 multifamily ...
- Stafford has at least 15 business parks and minimal annual home sales.
- The former Texas Instruments buildings will be repurposed under the planned development.
- The 2,400 residential units proposed would be significant to a city with a population around 18,000.