News Flash Home
The original item was published from 9/7/2016 4:18:47 PM to 9/22/2016 12:00:01 AM.

News Flash

Economic Development

Posted on: September 7, 2016

[ARCHIVED] City Council approves Junction at Deer Park retail development with Cencor Realty Services

On September 6, City Council approved an agreement with Cencor Realty Services as agents for the partnership developing The Junction at Deer Park retail development project, a new shopping center located at Spencer Highway and East Boulevard in Deer Park, which currently includes an 83,000 square-foot H-E-B.
The project is anticipated to generate nearly $40 million in both ad valorem (property) taxes and sales tax over a 15-year period, encourage economic development for the City and generate a substantial number of jobs.
According to Mayor Jerry Mouton, the agreement – a Chapter 380 Economic Development Program Agreement– provides for an additional approximately 300,000 square feet of mixed use/retail spaces and/or restaurants. The project will likely be built in phases over a number of years.
“This development is projected to generate significant value and resources for the City, as well as sales and use taxes for the City, our Crime Control and Fire Control special purpose districts, and the Community Development Corporation (Type B),” Mouton said. “The approval of this agreement will have a huge impact on our City’s future, stimulating job creation and commercial activity.”
As a part of the agreement, the City agreed to make 380 program grant reimbursement payments to Cencor contingent upon public infrastructure improvements made throughout the construction process, the specified number of jobs being created and the increased property and sales tax being generated from this project.
The Junction at Deer Park is Cencor’s second retail project at the intersection of Spencer Highway and East Boulevard. Cencor also developed Deer Park Station, a retail center anchored by Walmart.
JoBeth Prochaska, Cencor Houston’s Senior Vice President - Development and Asset Management, praised the city of Deer Park for its support of quality retail development.
“Thanks to Deer Park’s invaluable support through this 380 agreement, we are able to proceed with the expansion of The Junction at Deer Park,” she said. “This strong location offers Cencor and H-E-B the benefit of a fast-growing market with strong incomes and job and population growth. The Junction at Deer Park will bring an array of services, shops, restaurants and major retailers to join the project’s grocery anchor, H-E-B. As a statewide firm, we’ve found that most successful retail markets are those where municipalities like Deer Park understand the importance of city support for quality retail development.”
For more information, see the full presentation from Cencor Realty Services at http://www.deerparktx.gov/DocumentCenter/View/2985.

Additional Info...
Facebook Twitter Email

Other News in Economic Development