Developer acquires 192 acres in Houston’s Stafford submarket

Mixed-use development will include nearly 2,500 residential units
  • 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.

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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 ...