The Houston ReportPotential Development Could Spur More Economic Activity in The Woodlands
Published Nov 18, 2022 by Brina Morales
Two new hotels and more shopping could be headed to The Woodlands as the area continues to see growth.
The Woodlands Mall wants to expand with a minimum of 80,000 square feet of new retail space in an open-air, mixed-use commercial area that would also include a full-service hotel with at least 200 rooms, a select-service hotel with at least 125 rooms and a multi-level parking garage. The mixed-use project would be located south of Macy’s near the movie theater and be developed in two phases. The total area encompasses 15 acres.
The Woodlands Township recently entered into an economic development agreement with The Woodlands Township Economic Development Zone and The Woodlands Mall Associates, LLC. The project would be in an economic development zone, which spurs economic growth and job creation.
According to documents from The Woodlands Township, depending on the scale of the project, it is estimated to generate anywhere from $180 to $275 million, based over a 30-year term. The range is based on whether the developer decides to build a smaller or larger parking garage. The township would receive more than 70% of the generated revenue and the mall would receive the remainder. The agreement also calls for the reimbursement of the parking garage costs up to $80 million.
The developers have not announced when construction on the project would begin. The Woodlands Mall will decide if and when they will move forward with the plan.
The Woodlands area has recently seen more economic development wins. Cellipont Bioservices recently broke ground on its new headquarters and manufacturing facility in the Research Forest area after announcing earlier this year it was moving from California to Texas. SI Group Inc. also announced earlier this year that it’s moving its global headquarters from New York State to the Hughes Landing complex.
The Woodlands area has seen substantial population growth over the past decade. From 2011 to 2021, Montgomery County’s population grew more than 37% to 648,886 people.
Learn more about Montgomery County's rapid growth, business developments and future plans during the Partnership's Future of the Houston Region event on Dec. 13.
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