Tannos Development is set to begin construction on a groundbreaking development in Friendswood, Texas. The project, located at 3801 FM 528, will bring much-needed amenities and attractions to the town of just over 40,000 residents.
The development will feature a variety of offerings including the first hotel in Friendswood, a large multifamily complex with 500 units, and over 350 square feet of retail space for restaurants and entertainment. Additionally, there will be medical and office buildings totaling approximately 200 square feet as well as mixed-use structures featuring condominiums.
One standout feature of this project is the planned creation of a sprawling park spanning over fifty acres that will be owned by the city. According to Community Impact reports,the developer estimates that this ambitious project could potentially add $750 million worthof new property value to Friendswood.
In December,the city approved plans for a tax increment reinvestment zone (TIRZ) whichwill freeze property tax values while using revenue from new developments topromote growth within the area. With Tannos Development leading this excitingproject,Friendswood can look forwardto an influxof valuable resourcesand opportunities for its community members.
