Houston-based Gulf Coast Commercial Group is finalizing its development plans for Magnolia Village, a 60-acre mixed-use project that will feature residential, office, retail and restaurant uses in Magnolia, located northwest of Houston, according to local media outlets. Gulf Coast Commercial is purchasing the property from Houston-based Parkside Capital. The land sale is slated to close on June 30.
Phase I of Magnolia Village will span 36 acres and include both retail and office elements, as well as 300 multifamily units. Completion of Phase I is slated for fall 2022.
“We are extremely bullish about the future of this rapidly growing and currently underserved northside pocket,” said Tom Lile, Gulf Coast Commercial Group president, in an announcement. “It’s one of the most dynamic suburban intersections to arise since COVID began and ideally poised for daily-needs tenants ranging from restaurants and medical to service businesses and general retail.”
