By Michael Sudhalter
The proposed mixed use development includes a 45-acre outlet mall, similar to those in Cypress, Texas City and San Marcos, as well as office space, 40 acres of light manufacturing and 60 acres of apartments as well as a park area/green space.
According to Mayor Pro Tem Wen Guerra, Dallas-based Street Level Investments (SLI) initially wanted the city to pay between $20-25 million for the project, but that number is being negotiated, said Guerra, who expects a 50 percent chance of the project coming to fruition.
Gordon Partners, a Houston-based developer, didn’t request any funds from the city when it built The Fountains, across U.S. Hwy. 59 from the T.I. property, in the late 1990s.
Guerra said Legacy Place and The Fountains — mostly retail and restaurants— are two different types of developments that wouldn’t affect one another.
The potential Legacy Place site is located where electronics giant Texas Instruments once had one of its largest campuses.
In 2012, TI announced it would gradually relocate its employees to a new facility in Sugar Land, with the completion of that process by the middle of 2016.
Stafford and Street Level Investments (SLI) are in the process of addressing environmental concerns from discharges of TI’s electronic chip making process that contaminated well water on the property.
The city and SLI are still working through the details of the project.
“We should be in a position to make an announcement by this summer,” said SLI managing principal Brian Murphy.
Some city council members, including Guerra, are concerned about the impact of having apartments near a large shopping center.
“Those apartments will flip four or five times, and every time they flip, the quality goes down,” Guerra said.