The Woodlands Mall is Expanding
Hi friends, I wanted to share some news with you today. The Woodlands Mall is expanding!! The proposed redevelopment project would create new dining, retail space, hospitality venues and a multi-level parking facility, all located on the south side of The Woodlands Mall area.
The Woodlands Mall, is premier fashion center in North Houston situated in one of the most dynamic communities in the country. Here you can explore a distinguished collection of exciting stores and inspiring restaurants just 30 minutes north of Houston in The Woodlands, TX. Eat at some of the Houston area's favorite restaurants and food options, and explore the wide variety of stores. The Woodlands Mall offers a premier shopping experience and has something for everyone to enjoy.
The proposed redevelopment project would create new dining, retail space, hospitality venues and a multi-level parking facility, all located on the south side of The Woodlands Mall area. After discussions over several months, the Township Board and the EDZ Board voted to amend the existing project and financing plans for the EDZ to account for the redevelopment project, contributing economic development funds derived from 1% retail sales tax and 1% hotel occupancy tax from new revenue generated from the project.
Words from Township Chairman of the Board - Gordy Bunch
“In a time when malls are struggling, we appreciate The Woodlands Mall owners wanting to continue to enhance its viability as a great place for our residents and visitors,” said Township Chairman of the Board Gordy Bunch. “This is a long-term revitalization plan for our town. The total project net revenue to The Woodlands Township over a 30-year period could range from $131.3 million to $197.7 million if this development occurs. This would provide an average of up to $6,590,000 in additional sales and hotel tax revenues per year that can be used to lower property taxes for residents and businesses, while incurring $0.00 of debt or capital commitments from The Woodlands Township. This is a win-win scenario for all parties ensuring our community remains the #1 place to visit, work, play and pray for decades to come.”
How will this affect the residents?
The Township’s commitment does not impact any existing sales tax or hotel tax revenues from throughout The Woodlands, as revenues to fund the redevelopment project will be derived only from new sales tax and hotel tax revenues generated in the area of the proposed new construction. Funding from The Woodlands Township and the EDZ would only be realized if the project gets built. There is no upfront money provided in the terms of the Agreement. “We’re pleased this project includes the addition of new hotel rooms to be able to create the ability to serve larger convention groups,” said Bruce Rieser, Chairman of Visit The Woodlands, the organization that promotes The Woodlands for conventions and leisure travel. “In addition, the proposed project also includes specialty types of retail and great dining experiences, all of which generate positive sales tax that helps keep a low property tax rate for our residents.”
What will they be adding?
The Woodlands Mall has indicated the development will be accomplished in a two-phase approach. Phase I includes a minimum of 45,000 square feet of new retail space, a new hotel and a parking garage with at least 1,200 spaces. Phase II includes a minimum of 35,000 square feet of new retail space and a second hotel.
Above are mock up pictures of the additional retail, parking, and dining they will be adding to The Woodlands Mall area. As you can see, they are planning on making some pretty big changes. What do you think about the additions?
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