Magnolia Developer Building Multifamily/Commercial on 95 Acres
Red Hill Ventures plans to build commercial and multifamily units in the 95-acre Magnolia Crossing. The location will be located northeast of FM 1488 and Mill Creek.
Community Impact reports the project is moving forward on 300 multifamily units. There will also be about 100,000 square feet of commercial space. The luxury multifamily apartments will range from 700-1,200 square feet. There will be a midsize shopping complex that could include services such as food and beverage options, medical services, and child care. The center is expected to have a midsize grocery store or fitness center as its anchor. It will be surrounded by green space and walking trails.
The development company has requested annexing the property, which will allow the property and sales tax revenue to be attained by the city in return for the city providing services.
Although the town has a water moratorium, the development planning can proceed. The city cannot ensure water and wastewater services will be provided until the second quarter of 2024.
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Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.