Some development is delayed because of the economy
By HELEN ERIKSEN CHRONICLE CORRESPONDENT
Dec. 10, 2008, 8:14AM

Earlier this year, WoodCreek Development purchased 85 acres near Katy Mills mall to build a retail and office development dubbed Katy Main Street.

Given that the economic slump has affected other projects, developers say they are moving forward cautiously with plans to build the mixed-use center on the southwest corner of Interstate 10 at Pin Oak Road.

“I’d be remiss in saying the economic downturn didn’t affect the entire country,” said Robert Anthony, the firm’s director of land acquisitions, speaking to members of the Katy Area Economic Development Council during a Dec. 9 general assembly meeting.

“But as a partnership and as a company, we are as well-positioned as possible to move forward,” he said.

Anthony said he is excited about the project, which is still in the development and design phase. He said construction could run through 2009 and the company has begun signing tenants.

The project is being developed through a joint venture with BPI Realty Services, a commercial real estate firm that specializes in developing large retail centers, he said.

Plans call for 400,000 square feet of retail, restaurants, and banks plus a full-service hotel, convention facilities and a water amenity, Anthony said. Almost 500,000 square feet of Class “A” office space is included, he said.

“This project is intended to have all of the features that would be expected of a project of this magnitude as well as features that would be helpful to the city of Katy and the residents of Katy,” Anthony said.

“This project will definitely enhance the quality of place in the city of Katy and the Katy area,” said Lance LaCour, council president and chief executive officer.

Anthony said WoodCreek’s vision is to incorporate the “Main Street” theme emulating what Vista Equities Group developer Woody Mann has achieved with the Cinco Ranch area LaCenterra project.

Anthony said elements will be incorporated in the design to make the site environmentally and pedestrian friendly, as well as to include some type of water feature and landscaping to make it esthetically appealing.

“We want to give it a focal point, so you’ll know that you have arrived at Katy Main Street,” he said.

WoodCreek Development founder and chief executive officer Troy Maxwell, who has worked in the Houston area since 1995, is involved in multiple industrial, retail and residential ventures, Anthony said.

Completion of some area projects has been delayed due to the volatility of the financial markets, LaCour said, but numerous other projects continue on schedule.

LaCour said the $30 million Rooms To Go distribution and retail center being built in Waller County is moving forward, but completion has been deferred to 2010.

“That is still very good news for us,” LaCour said.

KBR, a global engineering, construction and services company, said last month plans to build a 910,000-square-foot west Houston campus have been delayed until unstable financial market conditions improve.

LaCour said many other Katy-area projects are on track including British Petroleum, Energy Crossing, Methodist Hospital, Texas Children’s Hospital, Reserve at I-10, Best Western, Hilton Garden Inn and Marriott Residence Inn.

LaCour rallied members reiterating a slogan coined by the council that “economic development is a marathon not a sprint.” He said long-term commitments are required to continue to succeed.

“Many of the projects that we are talking about are here because of our sustained economic activity,” LaCour said.