**$1 Billion Mixed-Use Development Set to Launch in Magnolia, Texas**
Tannos Development Group and Maritia have announced plans to develop Magnolia Town Center, a major mixed-use project spanning 200 acres between FM 1774 and FM 1488 in Magnolia, Texas.
According to the Houston Business Journal, the joint venture expects to invest over $1 billion in the large-scale development.
Preliminary plans for Magnolia Town Center include:
– A nationally branded luxury hotel featuring a full-service restaurant, bar, and convention space capable of accommodating up to 1,500 people
– 250,000 square feet of retail space
– 200,000 square feet allocated for medical and office use
– 400,000 square feet of mixed-use space designed for hospitality and multifamily housing
– A 350-unit apartment complex
– A mid-rise senior living development
– Single-family residences
– Designated pad sites for additional development opportunities
– Community amenities and multilevel parking structures
Construction on the project is expected to begin in the first quarter of next year.
Magnolia, one of the fastest-growing cities in Texas, has seen a dramatic population increase in recent years. U.S. Census Bureau data shows the city grew from 2,414 residents in 2020 to an estimated 6,506 by July 2024 — a 169.5% increase in just four years.
The introduction of Magnolia Town Center is poised to support and shape the city’s continued rapid growth by providing a wide range of residential, commercial, and community offerings.
