Tannos Development Group and Maritia are developing Magnolia Town Center, which is 200 acres between FM 1774 and FM 1488.

The Houston Business Journal reports that the joint venture estimates the overall investment in the development to be more than $1 billion.

Preliminary plans include a nationally branded luxury hotel with a full-service restaurant, bar and convention space accommodating 1,500 people; 250,000 square feet of retail space; 200,000 square feet of medical and office space; 400,000 square feet of mixed-use space for hospitality and multifamily units; a 350-unit apartment complex; a mid-rise senior living development; single-family homes; pad sites; amenities; and multilevel parking areas.

The goal is to break ground in the first quarter of next year.

Magnolia is one of the fastest-growing cities in Texas. According to the U.S. Census Bureau, its population grew from 2,414 at the time of the 2020 Census to an estimated 6,506 residents as of July 2024, a 169.5% increase in just four years.