Friendswood, TX – A sprawling 106-acre development, comprising a hotel, retail spaces, and various mixed-use buildings, has been announced for Friendswood by Tannos Development Group and Wolfgramm Capital. The ambitious project, named Friendswood City Center, was revealed during a launch party on December 7, promising to transform the city’s landscape.
Louis Tannos, President of Tannos Development Group, disclosed that the land purchase was finalized in February, setting the stage for a groundbreaking development. Friendswood City Manager Morad Kabiri acknowledged the challenges posed by the site, citing infrastructure deficiencies, drainage issues, and zoning restrictions that thwarted previous development attempts.
Key Points of the Friendswood City Center Project:
- Location: Situated at the intersection of FM 528 and Bay Area Boulevard, the development will cover a prime corner of Friendswood.
- Components: The city center will boast a luxury hotel, a 500-unit multi-family complex, 150,000 square feet of retail spaces, 200,000 square feet of medical and office buildings, mixed-use structures with 225,000 square feet of condominiums, entertainment areas, and smaller pad sites.
- Infrastructure Investment: Around $60 million has been allocated for infrastructure development, including new roads. A significant portion will fund a 52-acre park featuring a 5.2-mile trail, a fully stocked fishing lake, waterfalls, wetlands, and more. Tannos mentioned that upon completion, the park will be donated to the city.
- Economic Impact: Developers anticipate that the project will bring in $700 million to the city, aiming to retain income within Friendswood instead of it flowing to neighboring areas.
- Timeline: The groundbreaking is scheduled for January, with an estimated total build-out time of three to four years, covering both infrastructure and vertical construction.
- Future Expansion: Tannos expressed a vision for further development in the area, with plans to acquire additional commercial land and contribute to Friendswood’s ongoing growth.
City Manager Kabiri underscored the city’s acknowledgment of the growing demand for multifamily units in Friendswood. He outlined plans for 2024, including the construction of additional office buildings, restaurants, microbreweries, a hotel with a conference center, and further residential development in various locations around Friendswood. The Friendswood City Center is poised to not only address current needs but also elevate the city’s profile with quality development standards.