Mab

HEB- 288 and N. MacGregor Drive

56 posts in this topic

On 9/19/2016 at 2:49 PM, JLWM8609 said:

There were apartments there.

Looks like through old directories, they were the Bayou DeVille Apartments, and the Houston Town & Country Apartments were on the other side of the bayou (I know I've wondered about them before). That or I've got the two mixed up.

Share this post


Link to post
Share on other sites

http://houston.novusagenda.com/agendapublic/CoverSheet.aspx?ItemID=10253&MeetingID=213

 

The Housing and Community Development Department recommends approval of an ordinance authorizing a Purchase and Sale Agreement between the City (Purchaser) and Houston Community College (HCC) (Seller) for the purchase of 9.177 acres land located on the northeast corner of Highway 288 and North MacGregor Way (Property) to be used for the development of a grocery store in a low-to-moderate income service area. The purchase of the Property is subject to approval from the U.S. Department of Housing and Urban Development (HUD) to use loan funds provided under Section 108 of the Housing and  Community Development Act of 1974 (Section 108) and Economic Development Initiative Grant (EDI) Funds to fund the acquisition. These Section 108 and EDI Funds may be used for an Area Benefit Activity such as providing a quality grocery store to a low-to-moderate income neighborhood. The purchase of the Property is also subject to environmental clearance, receipt of the Authority to Use Grant Funds (AUGF) from HUD, and any other necessary environmental approvals.



 

The purchase price is $13,850,000, plus an additional closing cost of $12,000.  Furthermore, $11,000,000 to be paid to HCC at closing and $2,850,000 to be escrowed and paid to HCC no later than 18 months after the closing date. The EDI funds will not be contributed as grant funds. Instead, the City expects both the Section 108 and the EDI funds to be fully repaid.

 

In the coming months, the City Council will be asked to approve a lease and development agreement for the Property with Houston Housing Finance Corporation (HHFC), which will become effective when the City closes on the acquisition of the Property from HCC and will contain an option for HHFC to purchase the Property.  HHFC will in turn enter into a sublease with HEB for the design and construction of a 72,000 square-foot grocery store on the Property at an estimated development cost of $20 million, which will be funded by HEB and its investors. The grocery store will create approximately 250 jobs for the community.  The purchase option may be exercised by HHFC approximately 12 months after the City acquires the Property from HCC, at which time the sublease between HHFC and HEB will become a long-term lease.

 

Upon the receipt of the Certificate of Occupancy, at which point the development will achieve the HUD national objective (Area Benefit Activity) for use of the funds, HHFC may sell the Property, provided the City will receive at closing the remaining balance on the full amount of $13,862,000.00 invested from the Section 108 and EDI Funds.

2 people like this

Share this post


Link to post
Share on other sites

Posted (edited)

Well I missed that post above! 

I wrote Boykins's office last week asking for an update since I thought this development was imperative after the demolition of the Kroger on OST. No response of course. But there is another article about this out yesterday:

 

https://www.houstonpublicmedia.org/articles/news/2017/03/08/191023/city-of-houston-will-purchase-13-8-million-property-for-h-e-b-to-build-a-grocery-store/

 

 

Edited by corbs315
2 people like this

Share this post


Link to post
Share on other sites

I'm glad about this. It'll be less than a mile from me. I wonder what they'll do with the HEB on Scott and OST. I doubt they'll keep it as is since two HEBs would be so close to each other. Maybe they'll turn it into a Joe V.'s? 

Share this post


Link to post
Share on other sites

I wonder what their plan is for it

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now