Last week I wondered what about a development project mentioned in a Metro board meeting agenda:
Request Board authorization for the President & CEO to negotiate, execute and deliver agreements relating to a transit oriented joint development project at the Cypress Park & Ride facility.
Here’s the Metro press release with details:
The METRO Board of Directors today approved initial plans for a new 23-acre Cypress Park & Ride on U.S. 290 at Skinner Road, along with transit oriented development – a first for METRO at a Park & Ride facility.
The $31.8 million project, to be developed by NewQuest Properties, calls for a multi-level parking garage with 1,500 spaces and a “Town Square” area with 28,000 square feet of restaurant space and 92,000 square feet of retail space.
The four story, $17.5 million parking facility will be constructed first, and will be paid for by METRO.
NewQuest will then construct the Town Square at an estimated cost of $14.3 million.
The new Cypress Park & Ride will help ease overcrowding at METRO’s Northwest Station Park & Ride on 290 near West Road. Also, METRO expects to realize more than $100,000 per year from its share of the development’s income.
The project is the second announced by the Transit Authority this month. The first joint development of a transit property will be the $105 million development of the air space above the Texas Medical Center Transit Center.