Magnolia Place receives an economic boost with city approval of a development, including possible plans for a 100,000-square-foot Home Depot.
HOUSTON — A mixed-use project in Magnolia just got a big boost after the city approved an economic development agreement for 28 acres with its developer.
The Chapter 380 agreement for Magnolia Place, which the Magnolia City Council approved on Sept. 9 and has been signed by both parties, also includes the construction of a building that will be at least 100,000 square feet for a Home Depot store. However, Houston-based developer BCS Capital Group said the deal with the Atlanta-based home improvement giant has not been secured yet.
A spokesperson for The Home Depot Inc. (NYSE: HD) said in an email that the company has “nothing to share on these plans at this point.”
BCS Capital Group completed the acquisition of 53 acres for the mixed-use project from Austin-based Stratus Properties Inc. (Nasdaq: STRS) last year.
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