• 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.

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 units would definitely spike the city’s population, which currently sits just below 18,000 people.

As part of the development, portions of the original Texas Instruments buildings will be preserved and repurposed, with the developer likely to receive some historic tax credits.

The repurposing of well-known Houston buildings is something StreetLevel’s joint venture equity partner, Dallas-based Provident Realty Advisors, is familiar with. The real estate investment firm is currently part of a deal that will convert the old Texaco Building in downtown Houston into 300 rental units.

Mixed-use development is part of Houston’s retail construction trend

The addition of roughly 350,000 square feet of retail in Stafford will add to the estimated 4.53 million square feet of new retail shopping center space that will be built and opened in the greater Houston area this year.

According to Houston-based Wulfe & Co.’s annual retail survey, submarkets near State Highway 99/Grand Parkway have the most to-be-delivered retail projects. These submarkets include Stafford’s neighbor to the southwest, Sugar Land.

Email Erik Pisor

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription