Tannos Development is set to commence construction on a groundbreaking development in the town of Friendswood, located south and east of Houston. With a population of just 40,000 residents, Friendswood currently lacks local amenities and attractions. However, this project aims to change that.
Situated at 3801 FM 528 in Friendswood, the development will feature:
– The first hotel in the town
– A multifamily complex with 500 units
– Retail spaces spanning over 150,000 square feet for restaurants and entertainment purposes
– Medical and office buildings covering an area of approximately2000 square feet
– Mixed-use structures encompassing2250 square feet with condominiums totaling250 units.
In addition to these features,the project also includesa52-acre park which will be owned by the city.
According to Community Impact reports,the developer estimates that this project could bring about $750 million worthof new property value intothe city.Additionally,in December,the city approvedthe creationofa tax increment reinvestment zone (TIRZ)forthis site.This TIRZwillfreeze property taxesand allocate revenue generated fromnew value towardsdevelopment efforts.
This ambitious development by Tannos is expectedto have a significant impact on transformingFriendswood’s landscapeand boosting its economy.
